Economics, Politics and Budgets : The Political Economy of Fiscal Consolidations in Europe

Online-Ressource (XIV, 316 p, online resource)

Description based upon print version of record

Cover; Contents; List of Tables; List of Figures; List of Abbreviations; Acknowledgements; 1 Introduction; 1.1 Strategies of fiscal adjustment; 1.2 Economic and political factors influencing the adoption of different adjustment strategies; 1.3 Economic and political consequences of adopting different adjustment strategies; 1.4 Five questions and hypotheses: a summary of the book's argument; 1.5 The structure of the study; 2 Economics, Politics and Fiscal Policy; 2.1 Governments and economic policy; 2.2 Fiscal policies in the European Union, 1970-2000

2.3 The economics of fiscal policies and fiscal adjustments2.4 The politics of fiscal policies and fiscal adjustments; 2.5 The five hypotheses of the book; 2.6 Conclusion; 3 Timing and Duration of Fiscal Adjustments; 3.1 What is a fiscal adjustment?; 3.2 Strategies of fiscal adjustment: timing, duration and composition; 3.3 The timing of fiscal adjustments: the 'fiscal stress hypothesis'; 3.4 The duration of fiscal adjustments: the 'debt burden hypothesis'; 3.5 Economic and political factors during stronger consolidations; 3.6 Conclusion; 4 The Composition of Fiscal Adjustments

4.1 Why is composition of the budget important?4.2 Economics, politics and composition of the budget; 4.3 Composition of the budget during fiscal adjustments: the 'partisanship hypothesis'; 4.4 Conclusion; 5 Fiscal Adjustments in the 1990s: Case Studies; 5.1 The Maastricht Treaty and the decision of monetary union; 5.2 Case studies: complying with the Maastricht criteria and the influence of political variables; 5.3 Conclusion; 6 The Economic Consequences of Fiscal Adjustments; 6.1 Fiscal policy and the macroeconomy; 6.2 The 'economic trade-off hypothesis'

6.3 The economic impact of fiscal adjustments: means analysis6.4 The economic impact of fiscal adjustments: parametric analysis during the 1990s; 6.5 Conclusion; 7 The Political Consequences of Fiscal Adjustments; 7.1 Economic policy, fiscal adjustments and elections; 7.2 The 'fiscal voting hypothesis'; 7.3 The electoral consequences of fiscal adjustments - estimation results; 7.4 The post-Maastricht period; 7.5 Conclusion; 8 Conclusion; Appendices; Appendix 1: Cyclically Adjusted Budget Balances: The Commission's Method; Appendix 2: Duration Models

Appendix 3: The Panel-Corrected Standard Errors TechniqueAppendix 4: The Effect of the Budget Process on Fiscal Policy; Appendix 5: The Economic Impact of Consolidations; Statistical Annex; Statistical Annex 1: Dependent and Independent Variables: Descriptive Statistics; Statistical Annex 2: Data on General Government Balances and Cyclical Corrections: Definitions and Tables; Notes and References; Bibliography; Index

Appendix 3: The Panel-Corrected Standard Errors TechniqueAppendix 4: The Effect of the Budget Process on Fiscal Policy; Appendix 5: The Economic Impact of Consolidations; Statistical Annex; Statistical Annex 1: Dependent and Independent Variables: Descriptive Statistics; Statistical Annex 2: Data on General Government Balances and Cyclical Corrections: Definitions and Tables; Notes and References; Bibliography; Index; A; B; C; D; E; F; G; H; I; J; K; L; M; N; O; P; Q; R; S; T; U; V; W; Y; Z

10.1057/9780230501638 [DOI]

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