期刊名称：HIER Discussion Paper Series / Harvard Institute of Economic Research
出版年度：2006
卷号：2006
出版社：Harvard Institute of Economic Research
摘要：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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