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Procyclical fiscal policy

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Procyclical fiscal policy/ by Toshihiro Ihori, Keigo Kameda.
Author:	Ihori, Toshihiro.
other author:	Kameda, Keigo.
Published:	Singapore :Springer Singapore : : 2018.,
Description:	xiii, 68 p. :ill., digital ; : 24 cm.;
Contained By:	Springer eBooks
Subject:	Fiscal policy. -
Online resource:	https://doi.org/10.1007/978-981-13-2995-1
ISBN:	9789811329951

Procyclical fiscal policy
Ihori, Toshihiro.

Procyclical fiscal policy[electronic resource] /by Toshihiro Ihori, Keigo Kameda. - Singapore :Springer Singapore :2018. - xiii, 68 p. :ill., digital ;24 cm. - Development bank of Japan research series,2367-0967. - Development bank of Japan research series..

1 Numerical Overview of Fiscal Cyclicality -- 2 Theory of Procyclical Fiscal Policy -- 3 Budget Deficits and Income Fluctuation in a Political Economy.

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.

ISBN: 9789811329951

Standard No.: 10.1007/978-981-13-2995-1doiSubjects--Topical Terms:

556261
Fiscal policy.

LC Class. No.: HJ192.5 / .I36 2018

Dewey Class. No.: 339.52

Procyclical fiscal policy
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505 0 $a 1 Numerical Overview of Fiscal Cyclicality -- 2 Theory of Procyclical Fiscal Policy -- 3 Budget Deficits and Income Fluctuation in a Political Economy.
520 $a 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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