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Political Budget Cycles in China : Corruption, Incentive Role and Time Inconsistency
Gong, Liutang - 2014
This paper studies the political budget cycles of provincial governments in China and explores the channels that drive … such cycles. It finds that in addition to good economic performance, being clean (or staying away from corruption) is an … possible channel of political budget cycles; that is, the time inconsistency effect caused by the turnover of provincial …
Persistent link: https://www.econbiz.de/10013057535
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On the time inconsistency of optimal monetary and fiscal policies with many consumer goods
Dominguez, Begoña; Gomis-Porqueras, Pedro - 2012
This paper studies optimal monetary and fiscal policies in an economy à la Lucas and Stokey (1983) and Lagos and Wright (2005) with multiple cash and credit goods. We show that optimal policies are in general time inconsistent due to insufficient number of instruments to influence future...
Persistent link: https://www.econbiz.de/10009559224
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Optimal Fiscal Policy with Incomplete Financial Markets
Chatzouz, Moustafa - 2020
This paper studies the optimal design of fiscal policy when financial markets are incomplete at the aggregate and microeconomic level. The government trades a non-state contingent bond (liability) and cannot insure against the uncertainty in future tax revenues, while households are unable to...
Persistent link: https://www.econbiz.de/10012849176
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Optimizing Policy Design – Evidence from a Large-scale Staged Fiscal Stimulus Program
Liu, Qiao; Shen, Qiaowei; Wang, Tenghui; Li, Zhenghua; … - 2022
Using iterative experiments to uncover causal links between critical policy details and outcomes helps to optimize policy design. This paper studies a large-scale staged fiscal stimulus program conducted during the COVID-19 pandemic, in which a provincial government in China disbursed digital...
Persistent link: https://www.econbiz.de/10014237457
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Patronage-Preserving Federalism? Legislative Malapportionment and Subnational Fiscal Policies in Argentina
Gordin, Jorge P. - 2007
This paper builds on institutional analysis to generate new conclusions about the economic viability of federalism. It does so by suggesting that Weingast's seminal model of marketpreserving federalism falls short of accounting for the poor fiscal performance of multitiered systems in the...
Persistent link: https://www.econbiz.de/10010285634
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E.U. Fiscal Pressure on Bank Employment During the Euro Crisis
Mihai Yiannaki, Simona - 2012
December 2011 was a critical month for the Euro currency credibility within the Euro Zone. This is because for the latest 5 years of economic and financial crisis ardent economic and political debates are still trying to sort out the sequels of this recession. Within this context, this paper...
Persistent link: https://www.econbiz.de/10013113346
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Patronage-Preserving Federalism? Legislative Malapportionment and Subnational Fiscal Policies in Argentina
Gordin, Jorge P. - 2012
This paper builds on institutional analysis to generate new conclusions about the economic viability of federalism. It does so by suggesting that Weingast's seminal model of marketpreserving federalism falls short of accounting for the poor fiscal performance of multitiered systems in the...
Persistent link: https://www.econbiz.de/10012713008
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Fiscal indulgence in Central Europe: loss of the external anchor?
Berger, Helge; Kopits, George; Székely, István P. - 2006
In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries on the path to EU accession. Regression estimates suggest that economic and institutional...
Persistent link: https://www.econbiz.de/10010299100
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Staying together or breaking apart: Policy-makers' endogenous coalitions formation in the European Economic and Monetary Union
Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2002
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
Persistent link: https://www.econbiz.de/10011335731
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10010264547