This study contributes to the literature on political business cycles by assessing the effect of elections on growth expectations based on expert survey data instead of using actual performance data. We analyze the different roles opportunistic and partisan politics play in varieties of...

Two macroeconomic constraints determine the credibility of an exchange rate system: the availability of foreign exchange and the sustainability of fiscal balance. The following paper analyses the relative importance of these constraints for fixed and flexible exchange rate systems, examines the...