Revisiting the political economy of fiscal adjustments
Journal of International Money and Finance(2021)
摘要
•We revisit the political economy of fiscal adjustments.•Successful adjustments are based on spending cuts while unsuccessful ones on revenue increases.•The macroeconomic environment does not deteriorate after successful adjustments.•Voters punish politicians for increases in inflation and unemployment.•Adjustments that rely primarily on spending cuts are rewarded by the voters.
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关键词
Fiscal adjustments,Spending cuts,Cabinets’ survival,Heteroskedasticity probit
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