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Fiscal Rules and Fiscal Performance in the EU and Japan

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2005

Fiscal rules specify quantitative targets for key budgetary aggregates. In this paper, we review the experience with such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find that the fiscal rule of the 1980s exerted some but not...

Persistent link: https://www.econbiz.de/10005124378

Conditional Political Budget Cycles

Shi, Min; Svensson, Jakob - C.E.P.R. Discussion Papers - 2002

This Paper uses a large new panel data set to examine the relationship between elections and fiscal policy. We find clear evidence of political business cycles in macroeconomic policy: spending increases before elections while revenues fall, leading to a larger deficit in election years. We also...

Persistent link: https://www.econbiz.de/10005124073

Conditionality and Ownership in IMF Lending: A Political Economy Approach

Drazen, Allan - C.E.P.R. Discussion Papers - 2002

The relation between IMF conditionality and country ownership of assistance programs is considered from a political … economy perspective, focusing on the question of why conditionality is needed if it is in a country’s best interests to … conditionality and ownership. The Paper stresses a conflict between a reformist government and domestic interest groups that oppose …

Persistent link: https://www.econbiz.de/10005788965

Optimal Bail-Out, Conditionality and Creative Ambiguity

Freixas, Xavier - C.E.P.R. Discussion Papers - 1999

This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not intervene at the microeconomic level and let any defaulting institution face...

Persistent link: https://www.econbiz.de/10005791531

Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913

Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan - C.E.P.R. Discussion Papers - 2010

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that … conditionality loans and monitor countries’ financial policies also enabled them to deal with solvency. We find that, compared with …

Persistent link: https://www.econbiz.de/10008554223

Conditional versus Unconditional Trade Concessions for Developing Countries

Conconi, Paola; Perroni, Carlo - C.E.P.R. Discussion Papers - 2011

We consider a small open economy that faces a commitment problem in trade liberalization. We examine how the relationship with a large trading partner affects the ability of the small countrys government to sustain free trade through a reputational mechanism. If the small country's government is...

Persistent link: https://www.econbiz.de/10008854528

When is capital enough to get female microenterprises growing? Evidence from a randomized experiment in Ghana

Fafchamps, Marcel; McKenzie, David J.; Quinn, Simon; … - C.E.P.R. Discussion Papers - 2011

Standard models of investment predict that credit-constrained firms should grow rapidly when given additional capital, and that how this capital is provided should not affect decisions to invest in the business or consume the capital. We randomly gave cash and in-kind grants to male- and...

Persistent link: https://www.econbiz.de/10009150951

Macroeconomic Policy and Elections in OECD Democracies

Alesina, Alberto F; Cohen, Gerald D; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

The purpose of this paper is to test for evidence of opportunistic `political business cycles' in a large sample of 18 OECD economies. Our results can be summarized as follows. First, we find very little evidence of pre-electoral effects of economic outcomes, in particular, on GDP growth and...

Persistent link: https://www.econbiz.de/10005666821

Consumer Confidence and Elections

Hardouvelis, Gikas A; Thomakos, Dimitrios D - C.E.P.R. Discussion Papers - 2008

We investigate the behavior of consumer confidence around national elections in the EU-15 countries during 1985:1-2007:3. Consumer confidence increases before the date of elections and falls subsequently by almost the same amount. It is able to predict the strength of the performance of the...

Persistent link: https://www.econbiz.de/10005791524

Asset Prices with Heterogenous Beliefs

Basak, Suleyman - C.E.P.R. Discussion Papers - 2004

This article studies the dynamic behaviour of security prices in the presence of investors’ heterogeneous beliefs. We provide a tractable continuous-time pure-exchange model and highlight the mechanism through which investors’ differences of opinion enter into security prices. In the...

Persistent link: https://www.econbiz.de/10005661585