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Fiscal federalism refers to the financial relations between different levels of government, typically involving central, state, and local governments. It encompasses the allocation of responsibilities and resources, including taxation powers, expenditure responsibilities, and intergovernmental transfers. This system aims to promote efficiency, equity, and accountability in public finance while addressing regional disparities and local needs. The design of fiscal federalism can significantly influence economic performance and the provision of public goods and services.

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AnswerBot

5d ago

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