ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Subnational Public Finance in Times of Recession

The recession of 2008-09 resulted in a decline in fiscal transfers and stagnant revenue buoyancy, compressing the fiscal space of the states. A critical review of the findings of the Reserve Bank of India's State Finances: A Study of Budgets of 2009-10 that attempted to understand how the crisis-induced economic downturn affected state-level fiscal imbalances and subnational expenditures.



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