Procyclical Fiscal Policy

Name: Procyclical Fiscal Policy
Brand: Springer Verlag, Singapore
SKU: 9789811329944
Price: 303.05 RON
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Autor: Toshihiro Ihori, Keigo Kameda

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Legare: Carte broșată

Editura: Springer Verlag, Singapore

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Conventional wisdom dictates that a fiscal policy should be counter-cyclical. However, contrary to t...

Informații despre carte

Autor

Toshihiro Ihori, Keigo Kameda

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2019

Pagini

EAN

9789811329944

ISBN

9789811329944

Enbook ID

20312243

Editura

Springer Verlag, Singapore

Greutate

147

Dimensiuni

155 x 235 x 234

Descriere completă

Conventional wisdom dictates that a fiscal policy should be counter-cyclical. However, contrary to this conventional views, recent research has demonstrated that fiscal policy is actually procyclical in most developing countries. In this book, we attempt to propose a new interpretation of this procyclicality after reviewing theoretical and empirical evolution of the research. In particular, by incorporating the political effort behavior of private agents into a weak government model, we explore how income fluctuations affect the optimal budget deficits in a political economy. If the government can control the political behavior, normally, the optimal budget deficit should rise in a recession as a first-best case; however, interestingly, a recession does not necessarily prompt an increase in the budget deficits in a second-best political economy. The response of the budget deficits to income fluctuations mainly depends on the efficiency of political effort, which may correspond to the degree of democracy and bureaucratic efficiency of the governments. We test the prediction of the pro-cyclical fiscal policy and find it applicable for democratic countries with semi-efficient governments including Japan.

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