Culture and the economy -- Stability cultures and independent central banking -- The German Stabilitätskultur -- A stability culture for europe -- Stability culture and the financial crisis in America

"Like other recent studies, we find the existence of a political deficit cycle in a large cross-section of countries. However, we find that this result is driven by the experience of new democracies'. The strong budget cycle in those countries accounts for the finding of a budget cycle in larger...