Saint-Paul, Gilles; Ticchi, Davide; Vindigni, Andrea - 2017
place? We develop a political economy theory of the endogenous emergence of fiscal crises, based on the idea that the … 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 …