Counter-cyclical budget policy across varieties of capitalism

Bruno Amable and Karim Azizi ()
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Karim Azizi: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: The role of macroeconomic policy in the different varieties of capitalism has been largely ignored. Recent contributions to the literature have argued that nonliberal economies, i.e. coordinated market economies, should be expected to have less accommodating (i.e. less countercyclical) macroeconomic policies than liberal varieties. Using time-series cross-section data on 18 OECD countries between 1980 and 2009, this paper tests that hypothesis and, more particularly, whether the reaction of discretionary fiscal policy to macroeconomic shocks is different between liberal and nonliberal varieties of capitalism. The test results do not support the conclusion that nonliberal economies' macroeconomic policy would be less countercyclical than that of liberal economies. On the contrary, discretionary fiscal policy has been more countercyclical in former economies

Keywords: Varieties of capitalism; Macroeconomic policy; Fiscal policy (search for similar items in EconPapers)
Date: 2014-09
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Citations: View citations in EconPapers (5)

Published in Structural Change and Economic Dynamics, 2014, 30, pp.1-9. ⟨10.1016/j.strueco.2014.01.001⟩

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Journal Article: Counter-cyclical budget policy across varieties of capitalism (2014)
Working Paper: Counter-cyclical budget policy across varieties of capitalism (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00941813

DOI: 10.1016/j.strueco.2014.01.001

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