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Corruption under austerity
Daniele, Gianmarco; Giommoni, Tommaso - 2021
We study how policies limiting the spending capacity of local governments may reduce corruption. We exploit the … both recorded corruption rates and corruption charges per euro spent. This effect emerges only in areas in which the DSP … put a binding cap on municipal capital expenditures. The reduction in corruption is linked to accountability incentives as …
Persistent link: https://www.econbiz.de/10012437907
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The effects of fiscal consolidation and welfare composition of spending on electoral outcomes : evidence from US gubernatorial elections between 1978 and 2006
Kim, Hyungon; Kwon, Chang - In: New political economy 20 (2015) 2, pp. 228-253
Persistent link: https://www.econbiz.de/10010505047
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Government Weakness and Electoral Cycles in Local Public Debt : Evidence from Flemish Municipalities
Geys, Benny - 2006
Empirical research on Political Business (and Budget) Cycles is more supportive for electoral cycles in policies than in macro-economic outcomes. But even pre-electoral policy cycles receive no unanimous confirmation. In the present paper, we give credence to recent arguments that this may be...
Persistent link: https://www.econbiz.de/10014057440
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The Political Economy of Sovereign Debt : Global Finance and Electoral Cycles
Kaplan, Stephen B. - 2016
Political economy theory expects politicians to use budget deficits to engineer an election-timed boom, known as the political business cycle. We challenge and contextualize this view by incorporating the financial constraints faced by governments into an electoral framework. We argue that the...
Persistent link: https://www.econbiz.de/10013006570
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Time-Inconsistent Optimal Quantity of Debt
Chien, YiLi; Wen, Yi - 2020
A key property of the Aiyagari-type heterogeneous-agent models is that the equilibrium interest rate of public debt lies below the time discount rate. This fundamental property, however, implies that the Ramsey planner's fiscal policy may be time-inconsistent because the forward-looking planner...
Persistent link: https://www.econbiz.de/10014048725
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Options for China in a dollar standard world : a sovereign currency approach
Wray, L. Randall; Liu, Xinhua - 2014
This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation … operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower … policy space open to China. …
Persistent link: https://www.econbiz.de/10010228185
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Chapter 22 Political economics and macroeconomic policy
Persson, Torsten; Tabellini, Guido - In: Handbook of macroeconomics : volume 1, part C, (pp. 1397-1482). 1999
This chapter surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...
Persistent link: https://www.econbiz.de/10014024218
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Dealing with a liquidity trap when government debt matters : optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - 2013
How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent...
Persistent link: https://www.econbiz.de/10010400894
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Optimal time-consistent monetary, fiscal and debt maturity policy
Leeper, Eric M.; Leith, Campbell B.; Liu, Ding - In: Journal of monetary economics 117 (2021), pp. 600-617
Persistent link: https://www.econbiz.de/10012603187
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Time-consistent management of a liquidity trap with government debt
Matveev, Dmitry - 2018
This paper studies optimal discretionary monetary and fiscal policy when the lower bound on nominal interest rates is occasionally binding in a model with nominal rigidities and long-term government debt. At the lower bound it is optimal for the government to temporarily reduce debt. This...
Persistent link: https://www.econbiz.de/10011881785