@techreport{Bayar2009Economic,
abstract = {Using an extended data set of EU countries ranging from 1971-2006 and relevant econometric methods, we investigate the economic, political, and institutional determinants of government deficits in the EU. The results show a strong opportunistic behaviour of policymakers which leads to political business cycles. We find that political fragmentation does not play a significant role in government deficits. Partisan behaviour has a weak effect. The stability of the government has a significant negative impact on the size of the budget deficit. The paper also shows the significant effects of the Maastricht Treaty on fiscal consolidation.},
address = {M\"{u}nchen},
author = {Ali Bayar and Bram Smeets},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C33; E62; H6; H87; 330; fiscal policy; European Monetary Union; Finanzpolitik; Haushaltsdefizit; Public Choice; Europ\"{a}ische Wirtschafts- und W\"{a}hrungsunion; Konvergenzkriterien; Politischer Konjunkturzyklus; Sch\"{a}tzung; EU-Staaten},
language = {eng},
number = {2611},
publisher = {CESifo},
title = {Economic, political and institutional determinants of budget deficits in the European Union},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/26656},
year = {2009}
}
