The Determinants of Public Deficit Volatility
Copyright policy )The Determinants of Public Deficit Volatility
This paper empirically analyzes the political, institutional and economic sources of public deficit volatility. Using the system-GMM estimator for linear dynamic panel data models and a sample of 125 countries analyzed from 1980 to 2006, we show that higher public deficit volatility is typically associated with higher levels of political instability and less democracy. In addition, public deficit volatility tends to be magnified for small countries, in the outcome of hyper-inflation episodes and for countries with a high degree of openness.
- University of Minho Portugal
- London School of Economics and Political Science United Kingdom
- University of Palermo Argentina
- University of Palermo Italy
Public deficit, volatility, political instability, institutions., ddc:330, Institutionelle Infrastruktur, Welt, Haushaltsdefizit, Momentenmethode, political instability, Volatilität, institutions, political instability, public deficit, volatility, public deficit, Volatility, institutions, Public Deficit, Volatility, Political Instability, Institutions., E63, E31, Demokratie, Politische Instabilität, jel: jel:E63, jel: jel:E31
Public deficit, volatility, political instability, institutions., ddc:330, Institutionelle Infrastruktur, Welt, Haushaltsdefizit, Momentenmethode, political instability, Volatilität, institutions, political instability, public deficit, volatility, public deficit, Volatility, institutions, Public Deficit, Volatility, Political Instability, Institutions., E63, E31, Demokratie, Politische Instabilität, jel: jel:E63, jel: jel:E31
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