Fiscal Transfers and Fiscal Sustainability
研究了美国和德国州政府是否在考虑财政转移支付的情况下追求可持续财政政策，发现转移支付与债务正相关，且排除转移支付后财政可持续性不成立。
We examine whether the U.S. and German state governments pursue sustainable fiscal policies taking into account fiscal transfers. Using panel data techniques we investigate whether the debt‐to‐GDP ratio had a positive influence on the primary surplus ( Bohn model ). We show that including/excluding fiscal transfers changes the results. If fiscal transfers are not included in the primary surplus, the test results do not indicate that the U.S. and German state governments pursued sustainable fiscal policies. Our results also suggest that fiscal transfers were positively related to debt. These findings indicate that intergovernmental transfers have implicitly subsidized debts.