Does Government Ideology Matter in Monetary Policy? A Panel Data Analysis for OECD Countries

Belke, Ansgar; Potrafke, Niklas

doi:10.2139/ssrn.1980686

Cited by 5 publications

(2 citation statements)

References 101 publications

(51 reference statements)

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“… 8. In principle, other measures of partisanship could be used. For example, Belke and Potrafke (2012: 1131) use a 5-point index that takes the value of 1 (5) if a right-wing (left-wing) party controls more than two thirds of the cabinet seats and seats in parliament, the value of 2 (4) if a right-wing (left-wing) party controls between one and two thirds of the seats in government and parliament, and the value of 3 if the center parties control more than 50% of the respective seats, or if the left- and right-wing parties form a coalition in which neither dominates. We think that our measures are suitable for this article for at least two reasons.…”

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confidence: 99%

Partisan Politics and Privatization in OECD Countries

Obinger

Schmitt

Zohlnhoefer

2013

Comparative Political Studies

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Many scholars have argued that partisan differences have disappeared since the 1980s because of the ever-increasing economic globalization and the deepening of European integration. Using a new primary data set on public ownership that contains detailed information on privatization in 20 countries between 1980 and 2007, we test these claims empirically in relation to state ownership. We pay special attention to the question of whether changes in the international political economy, notably globalization and different aspects of European integration, condition partisan politics. Our empirical findings suggest that political parties have continued to significantly shape national privatization trajectories in line with the classic partisan hypothesis. While partisan differences are somewhat reduced by the liberalizing and market-building efforts of the European Union, globalization does not condition partisan effects. Moreover, the run-up to the European Monetary Union even seems to have reinforced partisan differences.

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confidence: 99%

Partisan Politics and Privatization in OECD Countries

Obinger

Schmitt

Zohlnhoefer

2013

Comparative Political Studies

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“…Belke and Potrafke (2012) show that monetary policy is influenced by government ideology in OECD countries with left‐wing governments exhibiting lower (higher) short‐term nominal interest rates than right‐wing ones when CBI is low (high). Lead by their result, we test for ideological influences on the conduct of monetary policy by interacting CBIndep with Left and Centre .…”

Section: Empirical Analysismentioning

confidence: 99%

What drives the duration of credit booms?

Castro

Martins

2020

Int. J Fin Econ

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This paper presents a new perspective on the study of credit booms by both examining what determines their duration and testing for relevant political features. The results from the estimation of a discrete‐time duration model show that both the economic and the political environment influence the duration of credit booms. These events are found to last longer when: (a) the economy is growing faster; (b) levels of liquidity in the banking system are lower; (c) current account position deteriorates; (d) centre parties are in office; and (e) with coalitions/minority governments. Evidence of a political cycle in the duration of credit booms is also detected. Additionally, this study shows that credit booms that end up in banking crises last longer but this effect can be offset by a higher degree of Central Bank independence. Hence, a monetary authority that is not influenced by political pressures is essential to prevent the unfolding of credit booms into banking crises.

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Ethnic Diversity and Firms' Export Behavior

Parrotta

Sala

2014

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E SIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.IZA Discussion Paper No. 7923 January 2014 ABSTRACTEthnic Diversity and Firms' Export Behavior * Selling internationally requires products that resonate with an international customer base and therefore an approach to markets that is in keeping with diverse cultures (i.e., relational capital). As emphasized by international business studies, this relational capital is in turn related to the successful teaming of a diverse workforce, as this process teaches employees to operate in multicultural environments. This knowledge becomes like an intangible asset to which firms can resort, also when engaging in international transactions. We explore this channel empirically, investigating the impact of workforce diversity on firms' exporting performances and find that ethnic diversity further justifies firms' different presence in international markets. Since hiring is not a random practice, and firms ultimately select into ethnically different labor forces, we exploit the EU enlargement of 2004 to instrument for the diversity of the pool of workers locally recruitable. Because migrants tend to settle where the attitude toward them is most favorable, we use the median voter's political ideology at firm's location to measure the hostility at time of settlement. This gives our instrument spatial variation besides time variation.JEL Classification: J15, F14, F15, F16, D22

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Does Government Ideology Matter in Monetary Policy? A Panel Data Analysis for OECD Countries

Cited by 5 publications

References 101 publications

Partisan Politics and Privatization in OECD Countries

Partisan Politics and Privatization in OECD Countries

What drives the duration of credit booms?

Ethnic Diversity and Firms' Export Behavior

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