The study has critically analysed the first generation theory and second generation theory of fiscal federalism though the latter approaches the problem of fiscal federalism from different perspectives it does not challenge but complements the former. Pdf fiscal federalism which mirrors the amount of fiscal autonomy and responsibility accorded to subnational government has been an important subject in the policy equation of many developing . 14 2 fiscal federalism theory and practice the normative theory of public finance is largely based on diamond and mirrlees 1971 model of optimal taxation and atkinson and stern 1974 model. Her areas of principal interest and expertise include macroeconomic analysis fiscal policy budget management and intergovernmental fiscal relations she has published several papers in these areas including the book entitled fiscal federalism in theory and practice
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