Political and Monetary Institutions and Public Financial Policies in the Industrial Countries

# Political and Monetary Institutions and Public Financial Policies in the Industrial Countries > OpenAlex Metadata Hub · https://openalex.org/W2045843512 ## Bibliographic - **DOI:** 10.2307/1344630 - **Year:** 1991 - **Citations:** 1592 - **Open Access:** No (closed) - **License:** — - **Source:** https://doi.org/10.2307/1344630 ## Authors - Vittorio Grilli - Donato Masciandaro - Guido Tabellini - Edmond Malinvaud - Marco Pagano ## Abstract Institutions and policies Vittorio Grilli, Donato Masciandaro and Guido Tabellini Why do countries as similar as the industrialized OECD countries go through such different experience in terms of public deficits and debts or in terms of inflation? The answer cannot come from macroeconomic policy responses to different disturbances, nor from the principles of optimal taxation, but rather from politics. This article focuses on the role that particular institutions exert in providing constraints and incentives which shape the actions of policymakers. The electoral process and political traditions affect the ability of governments to deal with deficits and mounting debts. What seems to matter most, it is found, is the effect of the durability of governments. Governments with short horizons act myopically and never quite tackle the hard choices. Such governments typically exist in countries with an electoral system favouring many small political parties. Central bank independence promotes low inflation with no apparent costs in terms of real economic performance, irrespective of the political institutions. In fact there is no link between monetary and fiscal discipline. These findings carry powerful implications for countries facing high indebtedness or stubborn inflation, but also for the construction of the European Economic and Monetary Union. ## Keywords Economics, Politics, Incentive, Debt, Inflation (cosmology), Independence (probability theory), Monetary policy, Fiscal policy, Economic policy, Macroeconomics, Monetary economics, Finance, Market economy, Political science ## Concepts - Economics - Politics - Incentive - Debt - Inflation (cosmology) - Independence (probability theory) - Monetary policy - Fiscal policy - Economic policy - Macroeconomics - Monetary economics - Finance - Market economy - Political science - Theoretical physics - Law - Physics - Mathematics - Statistics --- *Metadata only — full text not imported unless Open Access license permits.*

Bài “Political and Monetary Institutions and Public Financial Policies in the Industrial Countries” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex. Tóm lược học thuật (đã diễn giải): Institutions and policies Vittorio Grilli, Donato Masciandaro and Guido Tabellini Why do countries as similar as the industrialized OECD countries go through such different experience in terms of public deficits and debts or in terms of inflation? The answer cannot come from macroeconomic policy responses to different disturbances, nor from the principles of optimal taxation, but rather from politics. This article focuses on the role that particular institutions exert in providing constraints and incentives which shape the actions of policymakers. The electoral process and political traditions affect the ability of governments to deal with deficits and mounting debts. What seems to matter most, it is found, is the effect of the durability of governments. Governments with short horizons act myopically and never quite tackle the hard choices. Such governments typically exist in countries w… Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook. Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.