Political budget cycles (PBCs) result from the credibility problems that office-motivated incumbents face under … role of rules that limit debt, crucial for aggregate PBCs to take place. Since the budget process under separation of … powers typically requires that the legislature authorize new debt, divided government can make these fisscal rules credible …

Political budget cycles (PBCs) can result from the credibility problems office-motivated incumbents face under … role of rules that limit public debt, because borrowing is a necessary condition for aggregate PBCs. Since the legislature … must typically authorize new debt, divided government can make these fiscal rules credible. Commitment is undermined by …

In contrast to previous empirical work on electoral cycles, which implicitly assumes the executive has full discretion … in all democracies. Whether the political system is presidential or parliamentary, or the electoral rules are …

In contrast to previous empirical work on electoral cycles, which implicitly assumes the executive has full discretion … in all democracies. Whether the political system is presidential or parliamentary, or the electoral rules are …