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The Political Economy of Budget Deficits

1994-08-01 Business & Economics
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Release : 1994-08-01
Genre : Business & Economics
Kind : eBook
Book Rating : 689/5 ( reviews)

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Book Synopsis The Political Economy of Budget Deficits by : Mr.Alberto Alesina

Download or read book The Political Economy of Budget Deficits written by Mr.Alberto Alesina. This book was released on 1994-08-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last 20 years rather than before? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We will then proceed to a discussion of political economy models, which we organize in six groups: (i) models based upon opportunistic policymakers and naive voters with “fiscal illusion;” (ii) models of intergenerational redistributions; (iii) models of debt as a strategic variable, linking the current government with the next one; (iv) models of coalition governments; (v) models of geographically dispersed interests; and (vi) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

The Political Economy of Budget Deficits

1994 Budget
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Release : 1994
Genre : Budget
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis The Political Economy of Budget Deficits by : Alberto Alesina

Download or read book The Political Economy of Budget Deficits written by Alberto Alesina. This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than before? We begin by discussing the 'tax smoothing' model and conclude that this approach alone cannot provide complete answers to these questions. We will then proceed to a discussion of political economy models, which we organize in six groups: i) Models based upon opportunistic policy makers and naive voters with 'fiscal illusion'; ii) Models of intergenerational redistributions; iii) Models of debt as a strategic variable, linking the current government with the next one; iv) Models of coalition governments; v) Models of geographically dispersed interests; vi) Models emphasizing the effects of budgetary institutions.

The Political Economy of Budget Deficits

2006
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Release : 2006
Genre :
Kind : eBook
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Book Synopsis The Political Economy of Budget Deficits by : Alberto F. Alesina

Download or read book The Political Economy of Budget Deficits written by Alberto F. Alesina. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last 20 years rather than before? We begin by discussing the quot;tax smoothingquot; model and conclude that this approach alone cannot provide complete answers to these questions. We will then proceed to a discussion of political economy models, which we organize in six groups: (i) models based upon opportunistic policymakers and naive voters with quot;fiscal illusion;quot; (ii) models of intergenerational redistributions; (iii) models of debt as a strategic variable, linking the current government with the next one; (iv) models of coalition governments; (v) models of geographically dispersed interests; and (vi) models emphasizing the effects of budgetary institutions.We conclude by briefly discussing policy implications.

Deficits, Debt, and Democracy

2012-01-01 Business & Economics
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Release : 2012-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 600/5 ( reviews)

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Book Synopsis Deficits, Debt, and Democracy by : Richard E. Wagner

Download or read book Deficits, Debt, and Democracy written by Richard E. Wagner. This book was released on 2012-01-01. Available in PDF, EPUB and Kindle. Book excerpt: This timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance: one of private property and one of common property. The clashing of these rationalities at various places in society creates forms of societal tectonics that play out through budgeting. The book demonstrates that while this clash is an inherent feature of democratic political economy, it can nonetheless be limited through embracing once again a constitution of liberty. Not all commons settings have tragic outcomes, of course, but tragic outcomes loom large in democratic processes because they entail conflict between two very different forms of substantive rationality; the political and market rationalities. These are both orders that contain interactions among participants, but the institutional frameworks that govern those interactions differ, generating democratic budgetary tragedies. Those tragedies, moreover, are inherent in the conflict between the different rationalities and so cannot be eliminated. They can, as this book argues, be reduced by restoring a constitution of liberty in place of the constitution of control that has taken shape throughout the west over the past century. Economists interested in public finance, public policy and political economy along with scholars of political science, public administration, law and political philosophy will find this book intriguing.

The Political Economy of Public Debt

2017-02-24 Business & Economics
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Release : 2017-02-24
Genre : Business & Economics
Kind : eBook
Book Rating : 387/5 ( reviews)

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Book Synopsis The Political Economy of Public Debt by : Richard M. Salsman

Download or read book The Political Economy of Public Debt written by Richard M. Salsman. This book was released on 2017-02-24. Available in PDF, EPUB and Kindle. Book excerpt: How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.

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