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sovereignty. Other events to which historians attach great importance are not reflected in bond prices: The most prominent example …
Persistent link: https://www.econbiz.de/10009781716
This paper explores the effect of party system institutionalization on the relevance of the personal income tax in the tax composition. Based on a fiscal contractualism approach, it is argued that institutionalized political party systems increase the capacity of political actors to credibly...
Persistent link: https://www.econbiz.de/10011473151
This paper explores the effect of party system institutionalization on the reliance of tax systems on the personal income tax. As a first step, the paper re-examines the relationship between party system institutionalization and taxation patterns employing the recently launched Government...
Persistent link: https://www.econbiz.de/10011597079
This paper presents new evidence on the effect of state fiscal institutions, particularly balanced-budget rules and restrictions on state debt issuance, on the yields on state general obligation bonds. We analyze information from the Chubb Relative Value Survey, which contains relative...
Persistent link: https://www.econbiz.de/10012472575
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Government debt in many small states has risen beyond sustainable levels and some governments are considering fiscal consolidation. This paper estimates fiscal policy multipliers for small states using two distinct models: an empirical forecast error model with data from 23 small states across...
Persistent link: https://www.econbiz.de/10012871788
Small states, no different from large states in income and growth, should receive the same policy advice large states do. Because of their greater openness, they may be more vulnerable to volatility in terms-of-trade shocks - but their openness pays off in growth. Small states have attracted a...
Persistent link: https://www.econbiz.de/10012749240
This paper is a theoretical and empirical exploration of the connections between sovereignty (or its absence) and … growth rates in lagging countries over the period 1870 to 1950. Using a four-fold taxonomy of sovereignty, our estimates of … sovereignty differentials for growth rates of per capita income for 1900-1950 show a quantitatively strong positive impact of …
Persistent link: https://www.econbiz.de/10014053786
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