The form of government and fiscal dynamics
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Using a combination of time-series variation in oil prices and cross-section variation in the oil intensity of countries, this paper investigates whether exogenous shifts in the gov- ernment revenues a¤ect the government expenditures di¤erently depending on the political institutions of the form of government. Comparing the scal policy dynamics in parliamen- tary and presidential systems, a main nding is that the government expenditures appear more responsive to shifts in the revenues when the form of government is presidential.
This is the author’s final, accepted and refereed manuscript to the article