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Political budget cycles and media freedom

Veiga, Francisco José; Veiga, Linda Gonçalves; Morozumi, Atsuyoshi

Authors

Francisco José Veiga

Linda Gonçalves Veiga



Abstract

This paper examines the effects of elections on the conduct of central governments' fiscal policies. To do so, it uses a unique panel database that includes disaggregated spending and revenue series at the central government level for multiple countries over the 1975–2010 period. Examining political environments under which incumbent governments generate political budget cycles (PBCs), and comparing the relative importance of factors influencing cycles, we identify media freedom as the factor that plays the most critical role. This result provides a micro-foundation for rational opportunistic models for PBCs that rely on asymmetry of information about politicians' competence, and also offers a way to relate different conditioning factors of PBCs, including fiscal transparency and the maturity of democracies. Further, we show that the election-year rise in budget deficits under low media freedom is primarily driven by an increase in the current, not capital, component of public expenditure.

Journal Article Type Article
Publication Date Feb 1, 2017
Journal Electoral Studies
Print ISSN 0261-3794
Electronic ISSN 0261-3794
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 45
APA6 Citation Veiga, F. J., Veiga, L. G., & Morozumi, A. (2017). Political budget cycles and media freedom. Electoral Studies, 45, https://doi.org/10.1016/j.electstud.2016.11.008
DOI https://doi.org/10.1016/j.electstud.2016.11.008
Keywords Political budget cycles; Central government; Voter information; Media freedom; Fiscal policy composition
Publisher URL http://www.sciencedirect.com/science/article/pii/S0261379416301792
Copyright Statement Copyright information regarding this work can be found at the following address: http://eprints.nottingh.../end_user_agreement.pdf

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Copyright Statement
Copyright information regarding this work can be found at the following address: http://eprints.nottingham.ac.uk/end_user_agreement.pdf





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