Hamilton's Paradox

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The book explores the complexities of fiscal discipline in federations, examining how varying degrees of tax autonomy and government control affect financial stability. It highlights the challenges faced by central governments in committing to non-bailout policies for subnational entities, particularly in nations like Brazil and Germany, where neither market discipline nor centralized control is fully achievable. Through a blend of theoretical insights, quantitative analysis, and case studies, it sheds light on the diverse experiences of countries regarding subnational fiscal management.