Incomplete integration and contagion of debt distress in economic unions by Cem Karayalcin and Harun Onder published by World Bank (12/2014). “This paper compares fiscal integration schemes on the basis of their ability to finance public investments and resilience to debt distress and contagion. Complete integration schemes, where a central authority chooses the level of public investments with productivity-enhancing externalities across different jurisdictions, are shown to be superior to incomplete integration schemes, where member governments choose public investment unilaterally…”
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