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Who adjusts and when? On the political economy of reforms Author info | Abstract | Publisher info | Download info | Related research | Statistics Alberto Alesina
Silvia Ardagna
Francesco Trebbi
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Why do countries delay stabilizations of large and increasing budget deficits and inflation? And what explains the timing of reforms? We use the war of attrition model as a guidance for our empirical study on a vast sample of countries. We find that stabilizations are more likely to occur when time of crisis occur, at the beginning of term of office of a new government, in countries with "strong" governments, (i. e. presidential systems and unified governments with a large majority of the party in office), and when the executive faces less constraints. The role of external inducements like IMF programs has at best a weak effect, but problem of reverse causality are possible.
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Paper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number
2108.
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Date of creation: 2006Date of revision:
Handle: RePEc:fth:harver:2108Contact details of provider: Postal: 200 Littauer Center, Cambridge, MA 02138 Web page: http://www.economics.harvard.edu/journals/hier More information through EDIRC
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Alessandra Casella & Barry Eichengreen, 1994.
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Philippe Aghion & Alberto Alesina & Francesco Trebbi, 2002.
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"Inflation's Children: Tales of Crises That Beget Reforms ,"
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"New tools and new tests in comparative political economy - the database of political institutions ,"
Policy Research Working Paper Series
2283, The World Bank.
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Other versions:
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"Why are Stabilizations Delayed? ,"
NBER Working Papers
3053, National Bureau of Economic Research, Inc.
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Ardagna, Silvia, 2004.
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Holger Zemanek & Ansgar Belke & Gunther Schnabl, 2009.
"Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
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Other versions: Ashoka Mody & Stefania Fabrizio, 2008.
"Breaking the Impediments to Budgetary Reforms: Evidence from Europe ,"
IMF Working Papers
08/82, International Monetary Fund.
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Daniel Leigh & Alexander Plekhanov & Manmohan S. Kumar, 2007.
"Fiscal Adjustments: Determinants and Macroeconomic Consequences ,"
IMF Working Papers
07/178, International Monetary Fund.
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Lenka Šťastná, 2009.
"Spatial Interdependence of Local Public Expenditures: Selected Evidence from the Czech Republic ,"
AUCO Czech Economic Review ,
Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 3(1), pages 007-025, March.
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