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Influences on Deficit Spending in Industrialized Democracies

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  • Hahm, Sung Deuk
  • Kamlet, Mark S.
  • Mowery, David C.

Abstract

Since 1945, there has been substantial variation among the OECD countries and within them over time in central-government deficits. This paper surveys and assesses the literature on deficit spending in these industrialized democracies, emphasizing positive theories and the empirical support, or lack thereof, for each of them. We begin by considering the degree to which theories about the size of government and empirical tests of these theories about the level of overall government spending can explain deficits. We then survey theories pertaining to the political economy of fiscal deficits per se, including the ‘tax smoothing’ hypothesis, the neo-Keynesian countercyclical hypothesis, the public choice perspective, the ‘left-right ideology’ hypothesis, Roubini and Sachs' (1989) ‘strength of government’ hypothesis, and the importance of divided government in non-parliamentary systems.

Suggested Citation

  • Hahm, Sung Deuk & Kamlet, Mark S. & Mowery, David C., 1995. "Influences on Deficit Spending in Industrialized Democracies," Journal of Public Policy, Cambridge University Press, vol. 15(2), pages 183-197, May.
    • Handle: RePEc:cup:jnlpup:v:15:y:1995:i:02:p:183-197_01
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    Cited by:

    1. Salvatore Vassallo, 1998. "Le basi politico-istituzionali del rigore finanziario," Stato e mercato, Società editrice il Mulino, issue 3, pages 433-468.
    2. André Corrêa d’Almeida & Paulo Reis Mourão, 2015. "The Irrelevance of Political Parties’ Differences for Public Finances - Evidence from Public Deficit and Debt in Portugal (1974 – 2012)," NIPE Working Papers 11/2015, NIPE - Universidade do Minho.
    3. Cusack, Thomas R., 1997. "Partisan politics and fiscal policy," Discussion Papers, Research Unit: Economic Change and Employment FS I 97-306, WZB Berlin Social Science Center.

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