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Engineering Crises: Favoritism and Strategic Fiscal Indiscipline
Saint-Paul, Gilles; Ticchi, Davide; Vindigni, Andrea - 2017
more likely - is higher, as is the probability of a crisis, the greater the level of favoritism. If the favored group is … important enough to be pivotal when society votes on the entitlement level, favoritism also leads to greater public expenditure …
Persistent link: https://www.econbiz.de/10011744963
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Informational Boundaries of the State
Fetzer, Thiemo; Shaw, Callum; Edenhofer, Jacob - 2024
Formal conceptions of state capacity have mostly focused on indirect measures of state capacity – by, for instance, using the state's fiscal or extractive capacity as a proxy for its overall capacity. Yet, this input or extractive view of state capacity falls short, especially since...
Persistent link: https://www.econbiz.de/10014534301
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Using real-time data to test for political budget cycles
Jong-A-Pin, Richard; Sturm, Jan-Egbert; de Haan, Jakob - 2012
We use real-time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...
Persistent link: https://www.econbiz.de/10010288232
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Is there a Debt-Threshold Effect on Output Growth?
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - 2015
This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the...
Persistent link: https://www.econbiz.de/10011307102
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Debt, Inflation and Growth - Robust Estimation of Long-Run Effects in Dynamic Panel Data Models
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - 2013
This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both theoretical and empirical. On the theoretical side, we develop a cross-sectionally augmented distributed lag (CS-DL) approach to the estimation of long-run effects in dynamic...
Persistent link: https://www.econbiz.de/10010328717
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Manufacturing Risk-Free Government Debt
Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; … - 2021
Governments face a trade-off between insuring bondholders and taxpayers. If the government fully insures bondholders by manufacturing risk-free zero-beta debt, then it cannot also insure taxpayers against permanent macroeconomic shocks over long horizons. Instead, taxpayers will pay more in...
Persistent link: https://www.econbiz.de/10013244247
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Ideologically-charged terminology: austerity, fiscal consolidation, and sustainable governance
Gründler, Klaus; Potrafke, Niklas - 2019
Scholars have been active in investigating causes and consequences of austerity policies. We examine how economists use the term “austerity” in scientific studies and measure austerity in empirical analyses. The sample includes around 3,500 journal articles published in the top 400 journals...
Persistent link: https://www.econbiz.de/10012018304
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Structural Reforms and Income Inequality: Who Benefits from Market-Oriented Reforms?
Gründler, Klaus; Potrafke, Niklas; Wochner, Timo - 2020
We examine how structural reforms relate to income inequality. We employ many indicators of structural reforms and use … data for market and net income inequality. The dataset includes up to 135 countries since 1960. The results do not suggest … that market-oriented structural reforms were associated with rising income inequality in the full sample. Trade and …
Persistent link: https://www.econbiz.de/10012179841
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Structural Reforms and Income Inequality : Who Benefits from Market-Oriented Reforms?
Gründler, Klaus - 2020
We examine how structural reforms relate to income inequality. We employ many indicators of structural reforms and use … data for market and net income inequality. The dataset includes up to 135 countries since 1960. The results do not suggest … that market-oriented structural reforms were associated with rising income inequality in the full sample. Trade and …
Persistent link: https://www.econbiz.de/10012843419
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Ideologically-Charged Terminology : Austerity, Fiscal Consolidation, and Sustainable Governance
Gründler, Klaus - 2019
Scholars have been active in investigating causes and consequences of austerity policies. We examine how economists use the term “austerity” in scientific studies and measure austerity in empirical analyses. The sample includes around 3,500 journal articles published in the top 400 journals...
Persistent link: https://www.econbiz.de/10012871647