An in-depth look at political business cycles focusing primarily on Turkey and the effects of government fractionalization on the Turkish economy.
Written in 2006; 8,884 words; 30 sources; MLA; $ 185.95
Paper Summary:
This in-depth paper discusses how if the number of parties in a coalition government, such as Turkey's, increases, public debt also increases. Additionally, if the government applies expansionary economic policies in order to influence voters and maximize its chance of reelection before election, then budget deficits and public debt increase. This paper focuses on ways the management of various government structures affected diverse fiscal and monetary variables, inflation and output in Turkey during the period of 1983 - 2005.
Contents:
Title page
Hypothesis
Table of Contents
Chapter I: Introduction
Chapter II: Literature Review
Chapter III: Methodology
Conclusion
From the Paper:
"The Electoral Political-Business Cycle "argues that a government would like to apply expansionary economic policies in order to influence voters and maximize its chance of reelection before election. Structure which analyzes the effects of the fractionalized governments (coalition or minority governments versus majority governments) on their economic policies. Roubini and Sachs (1989, Roubini, Nouriel and Jeffrey, D. Sachs. Political and Economic Determinants of Budget Deficits in The Industrial Democracies. European Economic Review,33, pp.903-938) present evidence, which suggest that the higher budget deficits are characterized by a short-term coalition or minority governments. Similarly, Andrabi (1997.Andrabi, Tahir. Seignorage, Taxation and Weak Government. Journal of Money, Credit and Banking, 29,pp.106-26) shows that fractionalization and political divisions tend to raise government expenditure and lower taxes. All of these studies argue that this result holds due to veto power on specific projects, spending cuts that interfere with the interests of their respective constituencies, and instability of coalition governments. More fractionalized and more polarized polities! Differences in ideological preferences face greater difficulties in coordinating action over fiscal policy (Roubini and Sachs, 1989). This causes an overexploitation of fiscal resources, especially in the form of public debt that falls on the shoulders of future generations (Velasco, 1999. Velasca, Andres. A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms. Fiscal Institutions and Fiscal Performance, NBER Conference Report Series, pp. 37-57.) In order to enhance their re-election prospects and concretionary policies after the lections, governments in developing countries engage in expansionary fiscal policies before elections."
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