International Monetary Fund
Description
Countries where social and political institutions stimulate interpersonal trust, civic cooperation, and social cohesiveness tend to have more efficien
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t governments, better governance systems, and faster growth. This paper provides cross-country evidence, based on a sample of developing and developed countries, that fiscal decentralization—the assignment of expenditure functions and revenue sources to lower levels of government—can boost social capital and therefore be integrated into second-generation reforms.
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