THE EMPIRICS OF THE MUNICIPAL FISCAL ADJUSTMENT
综述了使用向量误差修正模型分析市政财政调整动态的文献，比较了不同国家和地区的财政调整模式，发现跨期预算约束的满足、预算成分的波动性以及政府间转移支付作为调整工具的重要性是共同点，而自有收入在美国的主导作用则是最显著差异。
Abstract We summarize the literature that uses the vector error‐correction model approach to analyze the dynamics of the municipal fiscal adjustment. The international comparison between samples collected from entire countries and specific regions reveals interesting similarities, but also remarkable differences. The main similarities are the fulfillment of the intertemporal budget constraint, the volatility of the budgetary components, and the importance of the intergovernmental transfers as an adjustment instrument. The most remarkable difference is the preponderant role of the own revenues in the USA, probably reflecting the larger fiscal autonomy of US municipalities. In most cases, the large municipalities seem to be more dependent on grants than their small counterparts, although this pattern is broken in Japan. Finally, partial evidence supporting the existence of moral hazard problems and the flypaper effect is provided.