Abstract
The article shows that the effect of local fiscal decentralization on investment is characterized by an inverted U-shaped relationship. According to data for 2009–2016, the greatest incentives for private investment in the regions of Russia appeared with expenditure and revenue decentralization equal to 33–36%. However, the overall level of investment is higher precisely with revenue decentralization. The loss of private investment due to a lack of local authority could reach 6.5 thousand rubles/person.
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