Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America
Autor(a) principal: | |
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Data de Publicação: | 2006 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/2642 |
Resumo: | In this paper, we analyse the role of political and institutional variables on the cyclical patterns of central government expenditure and revenue. Working with a sample of 38 OECD and Latin-American countries in 1960-2003, we find that higher levels of income inequality are associated with stronger expenditure procyclicality, and that better institutions do not seem to mitigate this effect. IMF interventions are, in general, statistically insignificant in explaining the cyclical behaviour of expenditure, as well as the degree of development of financial systems. On the revenue side, income inequality leads to less procyclical policies. In general, political and institutional variables explain the cyclicality of government expenditure better than that of revenue. |
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Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin AmericaFiscal PolicyCyclicalityPolitical and Institutional DeterminantsOECDLatin AmericaIn this paper, we analyse the role of political and institutional variables on the cyclical patterns of central government expenditure and revenue. Working with a sample of 38 OECD and Latin-American countries in 1960-2003, we find that higher levels of income inequality are associated with stronger expenditure procyclicality, and that better institutions do not seem to mitigate this effect. IMF interventions are, in general, statistically insignificant in explaining the cyclical behaviour of expenditure, as well as the degree of development of financial systems. On the revenue side, income inequality leads to less procyclical policies. In general, political and institutional variables explain the cyclicality of government expenditure better than that of revenue.ISEG – Departamento de EconomiaRepositório da Universidade de LisboaVenes, Nuno2010-12-09T14:48:47Z20062006-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2642engVenes, Nuno. 2006. "Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America". Instituto Superior de Economia e Gestão - DE Working papers nº 19-2006/DE0874-4548info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:50Zoai:www.repository.utl.pt:10400.5/2642Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:36.889467Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
title |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
spellingShingle |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America Venes, Nuno Fiscal Policy Cyclicality Political and Institutional Determinants OECD Latin America |
title_short |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
title_full |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
title_fullStr |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
title_full_unstemmed |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
title_sort |
Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America |
author |
Venes, Nuno |
author_facet |
Venes, Nuno |
author_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Venes, Nuno |
dc.subject.por.fl_str_mv |
Fiscal Policy Cyclicality Political and Institutional Determinants OECD Latin America |
topic |
Fiscal Policy Cyclicality Political and Institutional Determinants OECD Latin America |
description |
In this paper, we analyse the role of political and institutional variables on the cyclical patterns of central government expenditure and revenue. Working with a sample of 38 OECD and Latin-American countries in 1960-2003, we find that higher levels of income inequality are associated with stronger expenditure procyclicality, and that better institutions do not seem to mitigate this effect. IMF interventions are, in general, statistically insignificant in explaining the cyclical behaviour of expenditure, as well as the degree of development of financial systems. On the revenue side, income inequality leads to less procyclical policies. In general, political and institutional variables explain the cyclicality of government expenditure better than that of revenue. |
publishDate |
2006 |
dc.date.none.fl_str_mv |
2006 2006-01-01T00:00:00Z 2010-12-09T14:48:47Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/2642 |
url |
http://hdl.handle.net/10400.5/2642 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Venes, Nuno. 2006. "Political and institutional determinants of the cyclicality of fiscal policy: evidence from the OECD and Latin America". Instituto Superior de Economia e Gestão - DE Working papers nº 19-2006/DE 0874-4548 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
ISEG – Departamento de Economia |
publisher.none.fl_str_mv |
ISEG – Departamento de Economia |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799130981330845696 |