By James M. Poterba, Jurgen von Hagen
The unparalleled upward thrust and endurance of large-scale funds deficits in lots of constructed and constructing international locations in past times 3 many years has triggered nice hindrance. The frequent presence of such deficits has proved tough to give an explanation for. Their emergence in in a different way varied countries defies particularistic reasons geared toward inner financial advancements inside a particular country.Fiscal associations and financial functionality shifts emphasis clear of slender fiscal elements to extra greatly outlined political and institutional components that impact executive coverage and nationwide debt. This assortment brings jointly new theoretical versions, empirical facts, and a sequence of in-depth case experiences to research the influence of political associations, monetary rules, and coverage judgements on collecting deficits. It presents a desirable review of the political and financial matters concerned and highlights the function of budgetary associations within the formation of finances deficits.
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They also differ on what majority is required in the legislature to overcome a gubernatorial veto. Clearly, the higher the majority required, the stronger the governor’s relative power. As pointed out in the survey by Carter and Schap (1990), the empirical effects of the line-item veto on state budgets are unclear. Holtz-Eakin (1988), for instance, finds that in the long run the presence of the line-item veto does not reduce spending or deficits. However, in the short run it has some effect, depending on the political context and, in particular, the party affiliation of the governor and the composition of the legislature.
S. *Furthermore, the tax-smoothing model does not seem AndrCs Velasco is associate professor of economics at New York University and a faculty research fellow of the National Bureau of Economic Research. 1. On the OECD, see Alesina and Perotti 1994. The fiscal experience of a number of Latin American countries is also reported and analyzed in Tornell and Velasco 1995 and references therein. See also the essays in Larrain and Selowsky 1991. 2. In a recent paper, Bizer and Durlauf (1990) argue that U S .
Fiorina and No11 (1978) discuss the interaction of bureaucrats interested in increasing the size of the budget and legislators interested in increasing the size of pork barrel programs for their districts. 25 Budget Deficits and Budget Institutions budget, and an open rule on its composition. This would strengthen the position of the executive when needed to implement fiscal adjustments, but preserve collegiality on purely allocative issues. Theoretical work on these points is not yet available.
Fiscal Institutions and Fiscal Performance (National Bureau of Economic Research Conference Report) by James M. Poterba, Jurgen von Hagen