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Sustainability of Austrian public debt: a political economy perspective

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  • Gottfried Haber
  • Reinhard Neck

    ()

Abstract

Sustainablity of Austrian public debt is investigated in the context of political objectives such as stabilizing the business cycle, increasing chances for being re-elected and implementing the ideologies of political parties. Several tests indicate that Austrian fiscal policies were sustainable in the period 1960–1974, while from 1975 on, public debt grew much more rapidly. The development of public debt in Austria seems to be driven not primarily by ideology, but by structural causes and a shift in the budgetary policy paradigm. We find some empirical evidence that governments in Austria dominated by one party run higher deficits than coalition governments. There are no indications of a political business cycle.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s10663-006-9012-1
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Bibliographic Info

Article provided by Springer in its journal Empirica.

Volume (Year): 33 (2006)
Issue (Month): 2 (June)
Pages: 141-154

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Handle: RePEc:kap:empiri:v:33:y:2006:i:2:p:141-154

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Web page: http://www.springerlink.com/link.asp?id=100261

Related research

Keywords: Fiscal policy; Sustainability; Time series; Political economy; H6; E6;

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References

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  1. Roubini, Nouriel & Sachs, Jeffrey D., 1989. "Political and economic determinants of budget deficits in the industrial democracies," European Economic Review, Elsevier, vol. 33(5), pages 903-933, May.
  2. Barro, Robert J, 1979. "On the Determination of the Public Debt," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 940-71, October.
  3. Henning Bohn, 2005. "The Sustainability of Fiscal Policy in the United States," CESifo Working Paper Series 1446, CESifo Group Munich.
  4. Alberto Alesina & Roberto Perotti, 1994. "The Political Economy of Budget Deficits," NBER Working Papers 4637, National Bureau of Economic Research, Inc.
  5. Neck, Reinhard & Getzner, Michael, 2001. " Politico-Economic Determinants of Public Debt Growth: A Case Study for Austria," Public Choice, Springer, vol. 109(3-4), pages 243-68, December.
  6. Henning Bohn, 1998. "The Behavior Of U.S. Public Debt And Deficits," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 949-963, August.
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Cited by:
  1. SILVESTRINI, Andrea, 2007. "Testing fiscal sustainability in Poland: a Bayesian analysis of cointegration," CORE Discussion Papers 2007080, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Reinhard Neck & Gottfried Haber, 2012. "Is the Austrian public debt sustainable?," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 4(1), pages 1-16.

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