English, Article, Journal or magazine article edition: Macroeconomic risk and the size of government- do globalisation andinstitutions matter? Fabrizio Carmignani; Emilio Colombo; Patrizio Tirelli

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  • preprint
Language
  • English

Edition details

Title
  • Macroeconomic risk and the size of government- do globalisation andinstitutions matter?
Author
  • Fabrizio Carmignani
  • Emilio Colombo
  • Patrizio Tirelli
Physical Description
  • preprint
Notes
  • We present an empirical model where output growth volatility and government expenditure are jointly endogenous and both are affected by policies and institutions. We ¯nd that output volatility increases government expenditure, but higher expenditure, causes greater out-put volatility. This suggests that discretionary government intervention is destabilising. Trade openness drives both higher expenditure and greater output volatility. Financial openness instead disciplines the size of government. Political institutions that strengthen policymaker's ac-countability towards the electorate result in lower expenditure and, in-directly, contribute to output stabilisation. Institutional arrangements concerning the central bank are not neutral: a more independent centralbank calls for lower output volatility.
  • RePEc:qld:uq2004:394
Language
  • English
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