Fiscal Transparency and Procyclical Fiscal Policy

This paper examines why fiscal policy is procyclical in developing as well as developed countries. We introduce the concept of fiscal transparency into a model of retrospective voting, in which a political agency problem between voters and politicians generates a procyclical bias in government spending. The introduction of fiscal transparency generates two new predictions: 1) the procyclical bias in fiscal policy arises only in good times; and 2) a higher degree of fiscal transparency reduces the bias in good times. We find solid empirical support for both predictions using data on both OECD countries and a broader set of countries.fiscal transparency; fiscal policy; procyclicality; business cycle; political economy

The political economy of Ireland and its counterfactuals

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Green Buildings in Cold Climate

The purpose of this report is to enlighten and analyze how the differences in policies, regulations and other instrumental means affect the environmental footprint and energy consumptions of buildings in cold regions such as northern Japan and northern Norway. Simulations are conducted as a part of a case study to further enlighten and visualize by figures the differences between Japan and Norway. The report also includes an assessment of the feasibility and potential measures that complies with green building aspects in cold climate. The result show great difference between the two countries regarding energy efficiency in existing buildings and the major means are: locations, cultural and historic background, policy and regulation strategies based on each nation prerequisites and available resources

Liberalism and republicanism, or wealth and virtue revisited

The unquestionable achievement of J. G. A. Pocock's The Machiavellian Moment was to describe the retention of pre-modern values in a modern society. Pocock was notoriously accused of decentring Locke and side-lining the Liberal Tradition. A more pertinent critique had it that he failed to articulate how civic humanism in the context of increasingly commercial societies produced more than Jeremiahs or Cassandras. This article explains how Pocock responded to his various critics by inventing the term “commercial humanism” in an effort to clarify the way in which classical virtue was modified in modern commercial contexts, especially by natural jurists and republicans. Commercial humanism proved controversial but stimulated one of the most original scholars working in the history of political thought, István Hont, to undertake a prolonged engagement with Pocock's revisionist ideas, which ultimately allowed him to answer Pocock's critics better than Pocock, whose voice remained too in tune with those whose view of modern political thought he had rejected. For Hont, Pocock's labours in the history of political thought remained less relevant to present politics than they might become, once the depth of eighteenth-century analyses of the relationship between wealth and virtue was recovered.Publisher PDFPeer reviewe

Late Budgets

The budget forms the legal basis of government spending. If a budget is not in place at the beginning of the fiscal year, planning as well as current spending are jeopardized and government shutdown may result. This paper develops a continuous-time war-of-attrition model of budgeting in a presidential style-democracy to explain the duration of budget negotiations. We build our model around budget baselines as reference points for loss averse negotiators. We derive three testable hypotheses: there are more late budgets, and they are more late, when fiscal circumstances change; when such changes are negative rather than positive; and when there is divided government. We test the hypotheses of the model using a unique data set of late budgets for US state governments, based on dates of budget approval collected from news reports and a survey of state budget o¢ cers for the period 1988-2007. For this period, we find 23 % of budgets to be late. The results provide strong support for the hypotheses of the model.government budgeting; state government; presidential democracies; political economy; late budgets; fiscal stalemate; war of attrition

The Impact of Fiscal Governance on Bond Markets: Evidence from Late Budgets and State Government Borrowing Costs

Does fiscal governance affect government borrowing costs? We operationalize fiscal governance as the ability of governments to pass a budget on time and, using a unique data set on budget enactment dates, analyze the effect of such late budgets on government bond yield spreads. Based on a sample of 36 US states in the period 1988-1997, we estimate that a budget delay of 30 days has a long run impact on the yield spread between 2 and 10 basis points. States with sufficient liquidity in the form of large reserves face small or no costs from late budgets.fiscal governance; political deadlock; late budgets; fiscal stalemate; Chubb relative value survey; debt cost; bond spreads

Becoming Citizen:Spatial and Expressive Acts when Strangers Move In

This article examines the conditions and expressions of how refugees in Denmark become citizens. Through visual and collaborative ethnographic fieldwork, which took place during 2017, the case study follows the everyday life of an Eritrean community living in a former retirement home in the town of Hørsholm. The article investigates how becoming citizen can be understood as mediatised, spatial and expressive negotiations between the refugees and the local society. We look at the conditions of becoming citizen through the local framing of the Eritrean community—understood as political, social, cultural and material framing conditions. We draw on Engin Isin’s concept of performative citizenship (Isin, 2017), and we suggest how everyday life and becoming potentially hold the capacity to re-formulate and add to the understanding of citizenship. We suggest that becoming citizen is not merely about obtaining Danish citizenship and civic rights nor tantamount with settling down. On the contrary, the analysis shows that becoming citizen is a process of expressed and performed desires connected to global becomings beyond the sedentary citizenship, and therefore holds capacity for transforming and diversifying the notion of citizenship