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Article

The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development

Barry R. Weingast · Journal of Law, Economics, and Organization 11(1), 1–31 · 1995

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Type: Article
Author: Barry R. Weingast
Identifier: DOI 10.1093/oxfordjournals.jleo.a036861
Accessed: 2026-09-01

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TheoryWhere a central government funds most subnational spending but can neither credibly commit not to bail out subnational governments nor monopolise borrowing, as in Brazil and Germany, fiscal federalism tends to weaken subnational fiscal discipline.