POLITICAL BUSINESS CYCLE AND ECONOMIC INSTABILITY - LITERATURE REVIEW

Claudiu-Gabriel Tiganas () and Claudiu Peptine ()
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Claudiu-Gabriel Tiganas: Alexandru Ioan Cuza University of Iasi, Romania
Claudiu Peptine: Alexandru Ioan Cuza University of Iasi, Romania

CES Working Papers, 2012, vol. 4(4), issue 4, 853-865

Abstract: This paper analyzes the fundamental concepts that compose the phenomenon of political business cycle and the models that have been created to support this theoretical background. A first theory on this concept is considered to be the classic perspective, which has been developed by William Nordhaus in 1975. As a result of his work, other research started to appear with multiple theories and vis ions upon this phenomenon. Through this paper we have tried to highlight the most important of these theories. For each major theory, conclusions are presented. In the end, an attempt is made to find reasoned conclusions concerning the validity of these theories to the economic environment.

Keywords: developing countries; political business cycle; economic cycle; unemployment; inflation Romania (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:jes:wpaper:y:2012:v:4:i:4:p:853-865

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