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Economics - Macroeconomics / Monetary Economics / Growth | The Political Economy of Fiscal Policy - Public Deficits, Volatility, and Growth

The Political Economy of Fiscal Policy

Public Deficits, Volatility, and Growth

Woo, Jaejoon

2006, X, 169 p.

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  • About this book

One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of countries. Despite recent major fiscal reforms around the world, many countries suffer from recurrent large fiscal imbalances that often reflect lack of fiscal discipline. Why do some countries have recurrent fiscal deficit or volatility problems, while others do not? What factors are most important in explaining cross-country variation in fiscal outcomes? How are they related to growth or inflation? This book presents new, rigorous, theoretical and empirical studies on these fiscal issues, and highlights social polarization as an essential organizing principle in a political economy approach. Also, it discusses how institutional constraints may favourably affect fiscal dynamics in the presence of social polarization.

Content Level » Research

Keywords » Economic Development - Fiscal Deficit - Income Inequality - Inflation - Social Polarization - Volatility - growth

Related subjects » Development Economics - Economic Growth - Economic Policy - Macroeconomics / Monetary Economics / Growth - Political Science - Public Finance

Table of contents 

Fiscal Deficit, Fiscal Volatility and Growth: Social Polarization.- Inflation, Composition of Deficit Finance, and Social Polarization.- Social Polarization, Industrialization, and Fiscal Instability.- Economic, Political, and Institutional Determinants of Public Deficits.- Growth, Income Inequality, and Fiscal Volatility: Empirical Evidence.

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