عنوان

Procyclical fiscal policy /

(Number (ISBN

9789811329951

(Number (ISBN

9811329958

Erroneous ISBN

9789811329944

Erroneous ISBN

981132994X

Title Proper

Procyclical fiscal policy /

General Material Designation

[Book]

First Statement of Responsibility

Toshihiro Ihori, Keigo Kameda.

Place of Publication, Distribution, etc.

Singapore :

Name of Publisher, Distributor, etc.

Springer,

Date of Publication, Distribution, etc.

[2018]

Specific Material Designation and Extent of Item

1 online resource

Series Title

SpringerBriefs in economics: development bank of Japan research series

Text of Note

Includes bibliographical references.

Text of Note

Intro; Preface; References; Acknowledgements; Contents; About the Authors; 1 Numerical Overview ofFiscal Cyclicality; 1.1 Introduction; 1.2 How toMeasure Fiscal Cyclicality; 1.2.1 Definition ofFiscal Cyclicality; 1.2.2 Fiscal Items toFocus On; 1.3 Stylized Facts; 1.4 Preceding Literature andIts Suggestions; 1.4.1 Preceding Literature; 1.4.2 Additional Suggestions fromtheLiterature; 1.5 Simple Analysis forFiscal Cyclicality; 1.5.1 Analytical Strategy; 1.5.2 Correlation Between Government Consumption andGDP; 1.5.3 AVAR Approach

Text of Note

1.5.4 Relative Importance ofPolitical Factors Versus Credit Market Imperfection1.6 Concluding Remarks; Appendix: Abbreviations andLength ofTime Series byCountry; References; 2 Theory ofProcyclical Fiscal Policy; 2.1 Introduction; 2.2 ABenchmark ofFiscal Cyclicality; 2.3 Rationale forProcyclical Fiscal Policy (I): Credit Market Imperfection; 2.3.1 Taxes andCollection Costs; 2.3.2 Borrowing Constraints; 2.3.3 The Supply ofCredit; 2.3.4 Government Budget Constraints; 2.3.5 Optimal Borrowing; 2.3.6 Numerical Example; 2.3.7 Other Literature

Text of Note

2.4 Rationale forProcyclical Fiscal Policy (II): Political Distortion2.4.1 The Economy; 2.4.2 The Political System; 2.4.3 Optimization; 2.4.4 Fiscal Cyclicality; 2.4.5 Other Studies; 2.5 Concluding Remarks; References; 3 Budget Deficits andIncome Fluctuation inaPolitical Economy; 3.1 Introduction; 3.2 Analytical Framework: Fiscal Consolidation andBudget Deficits; 3.3 Second-Best Outcome; 3.3.1 Political Efforts byTwo Generations intheSecond Stage; 3.3.2 Budget Deficits bytheGovernment intheFirst Stage; 3.3.3 Income Fluctuations andBudget Deficits; 3.3.4 Policy Implications

Text of Note

3.4 Empirical Application3.4.1 Multi-country Panel Data Analysis; 3.4.2 Case Study ofJapan; 3.5 Conclusion; Appendix; References

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Text of Note

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.

Source for Acquisition/Subscription Address

Springer Nature

Stock Number

com.springer.onix.9789811329951

Title

Procyclical fiscal policy.

International Standard Book Number

9789811329944

Fiscal policy.

Fiscal policy.

BUS051000

KFFD

KFFD

Number

Edition

Class number

Book number

Ihori, Toshihiro

Keigo Kameda

Date of Transaction

20200823234852.0

Cataloguing Rules (Descriptive Conventions))

pn

Electronic name

[Book]

Y