Istvan Benczes

Trimming the Sails

The Comparative Political Economy of Expansionary Fiscal Consolidations: Ahungarian Perspective

• Gebundenes Buch

Produktbeschreibung

The book provides a clear, multidisciplinary and systematic analysis of the relatively new concept of the so-called expansionary fiscal consolidations. This concept suggests that fiscal adjustment should not be in trade-off with economic growth if certain conditions are met. But why do only a few countries and only at certain times experience the expansionary effects, while others not at all? The necessary institutional conditions and circumstances have been totally neglected in the literature, or analyzed only partially at best.

Produktdetails

• Verlag: Taylor & Francis
• Seitenzahl: 270
• Erscheinungstermin: 10. Januar 2008
• Englisch
• Abmessung: 235mm x 157mm x 21mm
• Gewicht: 608g
• ISBN-13: 9789639776012
• ISBN-10: 9639776017
• Artikelnr.: 23085847

Autorenporträt

István Benczes is Professor of Political Economy and European Finance, Faculty of Economics, Corvinus University of Budapest.

Inhaltsangabe

List of Figures, List of Tables, Acknowledgements, 1. Introduction 1.1 The
puzzle: expansionary fiscal consolidations 1.2 Scope of the book 1.3 Why a
comparative political economy approach? 1.4 Sources and data 1.5 Structure
of the book PART ONE: A critical Assessment of the Concept of Non-Keynesian
Effects 2. Stylized Facts of EU Countries' Major Fiscal Episodes 2.1
Identifying exceptional fiscal episodes 2.2 Macroeconomic consequences I:
protracted consolidations 2.3 Macroeconomic consequences II: economic
growth 2.4 Summary 3. An Expectational View of Fiscal Policy: A Non-Linear
Approach to Fiscal Consolidation 3.1 The traditional Keynesian view 3.2 The
concept of a negative fiscal multiplier 3.2.1 Three explanations of
non-Keynesian effects 3.2.1.1 Blanchard and his deterministic model 3.2.1.2
Sutherland's stochastic model 3.2.1.3 A neoclassical formulation of
non-Keynesian effects in the model of Bertola and Drazen 3.2.2 Testing for
non-linearity in demand 3.2.3 Descriptive analysis of the EU-14 3.3
Intertemporal decisions-the modern theory of consumption 3.4 Non-Keynesian
effects and the criticism of Hall's stochastic model-the importance of
liquidity constraints 3.4.1 Measuring liquidity constraint in developed
economies 3.5 Summary 4. The Composition of Adjustment and the Structure of
Labor Markets: A Linear Approach to Fiscal Consolidation 4.1 Linear effects
on the supply side 4.2 The first step: composition matters-restoring fiscal
balance 4.2.1 Composition matters-in general 4.2.2 The composition of
fiscal adjustment -some evidence from the EU-14 4.2.3 Country experiences
4.2.3.1 Ireland (1987-1989) 4.2.3.2 Denmark (1982-1984) 4.2.3.3 The
Netherlands (1993-1997) 4.2.3.4 The UK 4.2.3.5 And the others 4.2.4 Summary
4.3 The supply-side channel: the labor market 4.3.1 Non-competitive labor
market structures 4.3.2 The changing characteristics of the European labor
market and wage bargaining system in the Maastricht process-the revival of
social pacts 4.3.3 Country studies 4.3.3.1 Ireland 4.3.3.2 The Netherlands
4.3.3.3 The UK 4.4 Summary PART TWO: Testing the Institutional Conditions
of Non-Keynesian Effects in Hungary 5. From Goulash Communism To
Neo-Kadarism: An Overview (1968-89-2005) 5.1 The continuity hypothesis and
its apparent dissolution 5.2 The new millennium years (1998-2002) 5.3
Returning to hesitance and inaction (2002-2005) 5.4 Summary 6. Financial
Intermediation in Hungary-a Comparative Perspective 6.1 An introduction to
the study of financial intermediation in Hungary 6.2 Transformation and the
legacy of the past 6.3 Stylized facts of the CEE financial markets 6.4
Banking activity in a comparative perspective 6.5 Hungary: the deepening of
the financial sector 6.6 The housing market in Hungary 6.7 Vulnerability of
the private sector 6.8 Summary 7. The Structure of the Hungarian General
Budget-a Decompositional Analysis 7.1 The stabilization process: the years
of the Bokros package (1995-1997/8) 7.2 After stabilization-before
deterioration (1997 and 2000) 7.3 Bringing back the past-the revival of
fiscal indiscipline (2001-2004/2005) 7.3.1 Wage policy and public sector
employment 7.3.2 Welfare spending 7.4 Struggle without hope (restrictions
in 2003, 2004 and 2005) 7.5 Summary 8. The Labor Market and Wage Bargaining
in Hungary-the (Ir)relevance of a Social Pact 8.1 The evolution of
industrial relations in Hungary: a historical overview 8.2 Labor market
implications of the enlargement: the three levels of social (non)dialogue
8.2.1 The pivotal role of the state 8.2.2 Sectoral-level collective
bargaining: the weakest chain 8.2.3 At the lower end of the spectrum:
company-level negotiations 8.3 About the irrelevance of a Hungarian social
pact 8.4 Summary 214 9. Conclusion 9.1 Non-Keynesian effects at work 9.2
The Hungarian relevance of non-Keynesian effects, References, Appendix 1
Appendix 2 Appendix 3 Appendix 5