Brzozowski, Michał; Siwi´nska-Gorzelak, Joanna - In: CESifo economic studies : CESifo, a joint initiative of … 59 (2013) 1, pp. 72-92
A volatile pattern of government spending and its financing triggers uncertainty about the timing and the costs of assets sale in financial markets, thereby leading to higher interest rates. This, in turn, hampers the extension of credit to businesses and individuals. The empirical results...
