国际货币基金组织：拉丁美洲的财政分权和周期性：来自新区域预算数据库的证据（英文版）

Using a newly constructed database of highly granular regional-level budgets, this paper documents the growing relevance of regional governments in Latin America over the past three decades and evaluates the implications for fiscal cyclicality. We find that regional governments exhibit lower revenue elasticity to national GDP than central governments, primarily due to the limited cyclicality of transfers. On the expenditure side, while overall elasticity is comparable to central governments,