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Banking on DemocracyFinancial Markets and Elections in Emerging Countries$
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Javier Santiso

Print publication date: 2013

Print ISBN-13: 9780262019002

Published to MIT Press Scholarship Online: January 2014

DOI: 10.7551/mitpress/9780262019002.001.0001

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Political Budget Cycles

Political Budget Cycles

(p.157) 5 Political Budget Cycles
Banking on Democracy

Javier Santiso

The MIT Press

This chapter considers whether there is a political budget cycle, in terms of an election year expansion in government spending in emerging market economies which may artificially enhance the economy. It examines the effects of elections on fiscal policy in Latin American economies with respect to OECD countries, and the link between elections and government policy outcomes, an issue that matters to brokers and investors. Is capital market jitteriness around elections justified for Latin American economies? Are Latin American governments expanding fiscal expenditures to attract voters around elections? These questions are addresses in this chapter.

Keywords:   political budget cycle, fiscal policy, Latin America, OECD, fiscal expenditure, government spending

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