Counter-cyclical budget policy across varieties of capitalism

Amable, Bruno; Azizi, Karim

doi:10.1016/j.strueco.2014.01.001

Cited by 6 publications

(2 citation statements)

References 33 publications

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“…Accordingly, individual 'sympathetic interlocutors' should be given more attention by the IMF when dealing with developing countries (Broome & Seabrooke 2015;Chwieroth 2015;Woods 2006). Moreover, considering complementarities between budgetary policy and institutional configurations in different varieties of capitalism may be a promising avenue for future research (Amable & Azizi 2014;Hall & Soskice 2001).…”

Section: Discussionmentioning

confidence: 99%

The politics of external approval: Explaining the IMF's evaluation of austerity programmes

Hinterleitner

Sager

Thomann

2016

European Journal of Political Research

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During the European debt crisis, numerous states launched austerity programmes. The International Monetary Fund (IMF) evaluates and forecasts the likelihood of member states’ success in implementing these programmes. Although IMF evaluations influence country risk perceptions on capital markets, little is known about their reasoning. This article uses fuzzy‐set qualitative comparative analysis (fsQCA) to explore on what grounds the IMF evaluated the success prospects of austerity programmes during the European debt crisis. Results reveal that IMF evaluations are heavily influenced by the programme's implementation credibility. They require a tractable policy problem, a country's institutional capacity to structure implementation, and favour expenditure reduction over revenue measures. By acting as a strict guide on the road to fiscal adjustment, the IMF indirectly influences member states’ scope of policy making through its surveillance activities. Extensive austerity programmes that need to be implemented swiftly are evaluated negatively if the country is not involved in an IMF programme.

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Section: Discussionmentioning

confidence: 99%

The politics of external approval: Explaining the IMF's evaluation of austerity programmes

Hinterleitner

Sager

Thomann

2016

European Journal of Political Research

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“…Public expenditure and taxation can be used by the government for securing political support, as analysed in political business cycle theory (Kalecki 1943). The complementarity that exists (or not) between institutions of a given model can be extended to a complementarity with economic policies, and the possible complementarities are not necessarily limited to an association between 'conservative' macroeconomic (respectively accommodating) policies and non-liberal (respectively liberal) models of capitalism (Amable/Azizi 2014).…”

Section: Analysing the Diversity Of Capitalismmentioning

confidence: 99%

Diversity and the dynamics of capitalism

Amable

2018

European Journal of Economics and Economic Policies: Intervention

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The diversity of models of capitalism is evolving under the dynamics of capitalism itself, which imposes common trajectories to some institutional forms, such as the financial system or the employment relationship. This article argues that the analysis of the dynamic diversity and commonalities of capitalism can be made by focusing on four elements: the institutions defining the socio-economic model, the dominant social bloc that supports these institutional arrangements, the political actors and the strategy they have for uniting the dominant social bloc, and the public policies, in particular economic policies, implemented by the government.

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Can a comparative capitalism approach explain fiscal policy activism?

Kalinowski

Hlásny

2017

Journal of Post Keynesian Economics

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Counter-cyclical budget policy across varieties of capitalism

Cited by 6 publications

References 33 publications

The politics of external approval: Explaining the IMF's evaluation of austerity programmes

The politics of external approval: Explaining the IMF's evaluation of austerity programmes

Diversity and the dynamics of capitalism

Can a comparative capitalism approach explain fiscal policy activism?

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