Zwei Arten von Veto-Akteuren beeinflussen die Wahl von geldpolitischen Instititutionen: Akteure auf Parteiebene oder Regierungen unterhalb der nationalen Ebene, die stark in föderalen aber schwach in zentralistischen Systemen sind. Eine entscheidende Frage ist, ob Wähler imstande sind, die...

A rough consensus has emerged that states with proportional representation systems are" likely to run larger deficits than plurality states. We argue that electoral institutions matter because" they restrict the type of budgetary institution at the governmental phase which a state has at its"...

This paper considers whether political business cycles exist in Eastern European accession countries.Section I introduces the overall objectives of the work. Section II provides a short introductionto the political business cycle literature. It also considers the role of exchange rates,...

Governments use tax expenditures to boost investment, innovation and employment. However, these schemes are largely opaque, costly and often ineffective in reaching their stated goals. They also frequently trigger unwanted side effects. In order to improve the performance of these tools, the...