The Political Economy of Fiscal Policy: Public Deficits, Volatility, and Growth

The Political Economy of Fiscal Policy: Public Deficits, Volatility, and Growth

by Jaejoon Woo

Paperback(2006)

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Overview

The Political Economy of Fiscal Policy: Public Deficits, Volatility, and Growth by Jaejoon Woo

One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of countries. Despite recent major fiscal reforms around the world, many countries suffer from recurrent large fiscal imbalances that often reflect lack of fiscal discipline. Why do some countries have recurrent fiscal deficit or volatility problems, while others do not? What factors are most important in explaining cross-country variation in fiscal outcomes? How are they related to growth or inflation? This book presents new, rigorous, theoretical and empirical studies on these fiscal issues, and highlights social polarization as an essential organizing principle in a political economy approach. Also, it discusses how institutional constraints may favourably affect fiscal dynamics in the presence of social polarization.

Product Details

ISBN-13: 9783540296409
Publisher: Springer Berlin Heidelberg
Publication date: 01/23/2006
Series: Lecture Notes in Economics and Mathematical Systems , #570
Edition description: 2006
Pages: 172
Product dimensions: 6.10(w) x 9.25(h) x 0.36(d)

Table of Contents

Fiscal Deficit, Fiscal Volatility and Growth: Social Polarization.- Inflation, Composition of Deficit Finance, and Social Polarization.- Social Polarization, Industrialization, and Fiscal Instability.- Economic, Political, and Institutional Determinants of Public Deficits.- Growth, Income Inequality, and Fiscal Volatility: Empirical Evidence.

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