01805cas a2200241 a 4500 AALejournalIMF007260 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455269457 1018-5941 BD-DhAAL BD-DhAAL Cevik, Serhan. Policy Coordination in Fiscal Federalism : Drawing Lessons From the Dubai Debt Crisis / Serhan Cevik. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (23 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Using the cyclically adjusted non-hydrocarbon primary balance, this paper investigates the evolution of the fiscal policy stance in the United Arab Emirates at consolidated and sub-national levels in the run-up and after the crisis. The empirical findings show that procyclical fiscal policies prior to the crisis reinforced the financial sector cycle, exacerbated the economic upswing, and thereby contributed to the build-up of macro-financial vulnerabilities. The paper also sets out policy lessons to develop a rule-based fiscal framework that would help strengthen fiscal policy coordination between the various layers of government and ensure long-term fiscal sustainability and a more equitable intergenerational distribution of wealth. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2011/147 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/147/001.2011.issue-147-en.xml IMF e-Library