Political and Economic Determinants of Budget Deficits in the Industrialdemocracies

@article{Roubini1988PoliticalAE,
  title={Political and Economic Determinants of Budget Deficits in the Industrialdemocracies},
  author={N. Roubini and J. Sachs},
  journal={Public Choice & Political Economy eJournal},
  year={1988}
}
This paper focuses on the management of fiscal deficits and the public debt in the industrial democracies. Given the large deficits in many OECD countries in recent years, and the resulting sharp rise in the public debt, it is important to determine the economic and political forces leading to such large deficits. We find only partial support for the "equilibrium approach to fiscal policy", which assumes that tax rates are set over time in order to minimize the excess burden of taxation. Tax… Expand
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