POLITYCZNO-INSTYTUCJONALNE ASPEKTY DEFICYTU BUDŻETOWEGO
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Date
2008
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Wydział Prawa i Administracji UAM
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POLITICAL AND INSTITUTIONAL ASPECTS OF A BUDGET DEFICIT
Abstract
Many countries of the world - both developed and developing - have systematically run budget
deficits, especially since 1970s. Fiscal positions, even within economically homogeneous groups of
countries, have also varied. Economic arguments alone are not sufficient to explain the cross-
-countries differences of budget deficits that are being observed. Therefore, recent political economy
literature emphasises the role of political and institutional factors in the explanation of the fiscal
policy and, in particular, of the budget balances behaviour. This paper surveys a set of political
- institutional models of budget deficits. It starts with a review of the “tax smoothing” theory. This
theory serves as a normative benchmark from which the political-institutional models depart.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 70, 2008, z. 4, s. 169-189
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0035-9629