1.0World Federation of Development Financing Institutionshttps://wfdfi.org/esMSWFDFIhttps://wfdfi.org/es/author/mswfdfi/rich600338<blockquote class="wp-embedded-content" data-secret="SdCTPaPX9t"><a href="https://wfdfi.org/es/navigating-uncertainty-investment-dynamics-and-beyond/">Navegando en la Incertidumbre: la Dinámica de las Inversiones y de más Allá</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://wfdfi.org/es/navigating-uncertainty-investment-dynamics-and-beyond/embed/#?secret=SdCTPaPX9t" width="600" height="338" title="«Navigating Uncertainty: Investment Dynamics and Beyond» — World Federation of Development Financing Institutions" data-secret="SdCTPaPX9t" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://wfdfi.org/wp-includes/js/wp-embed.min.js </script>https://wfdfi.org/wp-content/uploads/2023/08/90.png510606Countries have been increasingly decentralizing and devolving powers to lower levels of government in the hope of improving services delivery. Yet proliferation of governments, particularly in a developing country setting, may create fiscal and policy uncertainty and increase the tax and compliance burden for private businesses, with potentially detrimental effects for investment. This hypothesis is tested in the context of Indonesia, which has increased the number of districts from 284 in 1989 to 511 by 2014.