By C. Mulas-Granados
Influenced by means of the proliferation of monetary consolidation episodes within the creation of financial Union, this e-book explains the explanations and effects of economic coverage in Europe, utilizing concept and empirical facts from the final 4 many years.
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Extra resources for Economics, Politics and Budgets: The Political Economy of Fiscal Consolidations in Europe
This is so, because coalition governments are made of different parties representing different groups of the electorate that they want to satisfy. Satisfaction of those groups does not necessarily mean direct transfers of money (even though sometimes it is the case), but it will certainly imply the implementation of at least part of the policies contained in their electoral programmes. The higher the number of different policies to be implemented the higher the expenditures generated, and the higher the level of revenues that must be levied to finance those expenditures.
With respect to the composition of the fiscal adjustment, proximity of elections should be associated with a stronger preference among governments not to reduce the most popular items of the budget (like transfers and family allowances), and cutting instead other items if this is necessary for the fiscal adjustment to succeed. Ideology of the party in government Finally, the third political element that may have an effect in the formulation of fiscal policies and fiscal adjustment strategies is the ideology of the party in government.
This aversion to expenditure-based adjustments was weakened during the 1990s, mostly as a consequence of the multiplicity of official campaigns in favour of the single currency. The results from Chapter 7 confirm that politicians are rational when they plan the timing, the duration and the composition of their adjustment strategies, assuming that the electorate will punish them if the adjustment has been made through spending cuts, unless these cuts have generated visible economic growth before elections arrive, in order to compensate for the initial disappointment of voters.