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The political economy of financial crisis policy

Mícheál O’Keeffe and Alessio Terzi ()

Working Papers from Bruegel

Abstract: We employ cross-country econometric evidence from all crisis episodes in the period 1970-2011 to examine the impact political and party systems have on the fiscal cost of financial sector intervention. Governments in presidential systems are associated with lower fiscal costs of crisis management because they are less likely to use costly bank guarantees, thus reducing the exposure of the state to significant contingent and direct fiscal liabilities. Consistent with these...

Date: 2015-07
New Economics Papers: this item is included in nep-pol
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