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"The Political and Economic Determinants of Budgetary Consolidation in Europe"

Mulas-Granados, Carlos (2003) "The Political and Economic Determinants of Budgetary Consolidation in Europe". European Political Economy Review, 1 (1). 015-039.

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    Abstract

    This paper explores the political and economic determinants of fiscal adjustment strategies in the European Union (EU) between 1970 and 2001. Results confirm the hypotheses that, besides economic conditions, fragmentation of decision-making, ideology of the party in government, and closeness to elections affect fiscal policy in general and adjustment strategies in particular. During the nineties, the ideology of the party in government has become the most powerful predictor of fiscal policies and strategies of adjustment. Evidence shows that in the new context, socialist governments prefer to use balanced budgets to finance supply-side policies of capital formation and to maintain public employment, and are reluctant to cut these expenditures even at the expense of public consumption and transfers.

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    Item Type: Article
    Uncontrolled Keywords: Fiscal Consolidation, Fiscal Adjustment.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    EU policies and themes > Policies & related activities > budgets & financing
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Journals > European Political Economy Review
    Depositing User: Elias Galinos Dr
    Official EU Document: No
    Language: English
    Date Deposited: 30 Jun 2003
    Page Range: 015-039
    Last Modified: 15 Feb 2011 17:16
    URI: http://aei.pitt.edu/id/eprint/631

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