The results suggest that the fiscal decentralization has positive effect on the economic growth, and the effect are different in the three areas.

结果表明，财政分权对地区经济增长均有积极的促进作用，但存在明显的区域差异。

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With the fiscal decentralization, local debt increasingly expands and debt defaults are not scarce in the world, some of which resulted in severe instability of macro-economy.

伴随着财政分权，世界范围内，地方公共债务的日渐膨胀以及拖欠或违约已不是个别现象，情况严重的甚至引发了一国宏观经济的不稳定。

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Fiscal decentralization theory is one of the important questions in fiscal theory.

财政分权理论是财政理论中的重要问题。

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