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Are there Political Budget Cycles in the Euro Area?

[Zeitschriftenartikel]

Mink, Mark; Haan, Jakob de

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-228983

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Abstract This article examines whether there is a political budget cycle (PBC) in countries in the euro area. Using a multivari ate model for 1999–2004 and various election indicators we find strong evidence that, since the start of the Stability and Growth Pact, fiscal policy-makers in the euro area have pursued expansionary policies before elections. In an election year – but not in the year prior to the election – the budget deficit increases. This result is in line with third-generation PBC models, which are based on moral hazard. We also find a significant but small partisan effect on fiscal policy outcomes.
Klassifikation Wirtschaftspolitik; Öffentliche Finanzen und Finanzwissenschaft
Freie Schlagwörter fiscal policy; political budget cycle; Stability and Growth Pact;
Sprache Dokument Englisch
Publikationsjahr 2006
Seitenangabe S. 191-211
Zeitschriftentitel European Union Politics, 7 (2006) 2
DOI http://dx.doi.org/10.1177/1465116506063706
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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