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  • 1
    Publication Date: 2018-06-26
    Description: We analyze how budgetary institutions affect government budget deficits in member states of the European Union during 1984-2003 employing new indicators provided by Hallerberg et al. (2009). Using panel fixed effects models, we examine whether the impact of budgetary institutions on budget deficits is conditioned by political fragmentation (i.e., ideological differences among parties in government) and size fragmentation (i.e., the effective number of parties in government or the number of spending ministers). Our results suggest that strong budgetary institutions, no matter whether they are based on delegation to a strong minister of finance or on fiscal contracts, reduce the deficit bias in case of strong ideological fragmentation. In contrast, the impact of budgetary institutions is not conditioned by size fragmentation.
    Keywords: H62 ; ddc:330 ; budgetary institutions ; fiscal policy ; political fragmentation ; size fragmentation ; Haushaltsdefizit ; Finanzpolitik ; Politisches System ; Systemvergleich ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2018-07-17
    Description: Most of the literature that exploits business cycle variation at birth to study long-run effects of economic conditions on health later in life is based on pre-1940 birth cohorts. They were born in times where social safety nets were largely absent and they grew up in societies with relatively low female labor force participation. We complement the evidence from this literature by exploiting post-1950 regional business cycle variations in the Netherlands to study effects on cardiovascular disease (CVD) risk in adulthood, by gender. We operationalize CVD risk by constructing the Systematic COronary Risk Evaluation (SCORE) index from an extensive set of biomarkers. The data are from a large cohort study covering socio-economic, biological and health data from over 75k individuals aged between 18 and 63. We conclude that women born in adverse economic conditions experience higher CVD risk.
    Keywords: I10 ; I15 ; J11 ; ddc:330 ; unemployment ; health ; recession ; developmental origins ; early-life conditions ; long-run effects ; biomarkers
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: This paper develops a model of the relationship between the age of a dictator and economic growth. In the model a dictator must spread the resources of the economy over his reign but faces mortality and political risk. The model shows that if the time horizon of the dictator decreases, either due to an increase of mortality risk or political risk, the economic growth rate decreases. The model predictions are supported by empirical evidence based on a threeway fixed effects model including country, year and dictator fixed effects for a sample of dictators from 116 countries. These results are robust to sample selection, the tenure of dictators, the definition of dictatorship, and a broad set of economic growth determinants.
    Keywords: H11 ; O11 ; O43 ; ddc:330 ; Aging ; economic growth ; government performance ; political instability ; political leaders ; Diktatur ; Staatsoberhaupt ; Sterblichkeit ; Wirtschaftswachstum ; Politische Stabilität ; Systemvergleich ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: We examine the relationship between terrorism and cabinet duration. Our data set includes more than 2,400 cabinets in over 150 countries in the period 1968-2002. We find a small, but significant effect of terrorism on the probability of government failure. Furthermore, we find that the impact of terrorism depends on the type of attack and is larger in case of more severe attacks. Marginal effect calculations show that the impact of terror on cabinet duration is larger than the impact of economic variables such as economic growth, but less than the impact of a civil war or a government crisis. Our results suggest that cabinets in countries with high levels of terrorism are particularly vulnerable to terrorist attacks.
    Keywords: D72 ; F59 ; C25 ; ddc:330 ; terror ; political stability ; cabinet dissolution ; Politische Gewalt ; Dauer ; Regierungswechsel ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Vienna: Institute for Advanced Studies (IHS)
    Publication Date: 2018-10-26
    Description: We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before the retirement period. We find non-pathological cases where it is better for long-run welfare to waste accidental bequests than to give them to the elderly. Next we study the introduction of a perfectly competitive life insurance market offering actuarially fair annuities. There exists a tragedy of annuitization: although full annuitization of assets is privately optimal it is not socially beneficial due to adverse general equilibrium repercussions.
    Keywords: D52 ; D91 ; E10 ; J20 ; ddc:330 ; longevity risk ; risk sharing ; overlapping generations ; intergenerational transfers ; annuity markets
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Munich: Center for Economic Studies and ifo Institute (CESifo)
    Publication Date: 2020-06-10
    Description: We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate faced by finitely-lived agents. Our core model features age-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and macroeconomic outcomes of a hump-shaped life-cycle profile in labour productivity, whilst in the second extension we postulate a realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium repercussion is that economic growth is lower under imperfect annuities than with perfect annuities.
    Keywords: D52 ; D91 ; E10 ; J20 ; ddc:330 ; annuity markets ; retirement ; endogenous growth ; overlapping generations ; demography ; Private Rentenversicherung ; Unvollkommener Markt ; Altersgrenze ; Arbeitsangebot ; Neue Wachstumstheorie ; Overlapping Generations ; Arbeitsproduktivität ; Bevölkerungsökonomie ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Munich: Center for Economic Studies and ifo Institute (CESifo)
    Publication Date: 2020-06-10
    Description: We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before the retirement period. We find non-pathological cases where it is better for long-run welfare to waste accidental bequests than to give them to the elderly. Next we study the introduction of a perfectly competitive life insurance market offering actuarially fair annuities. There exists a tragedy of annuitization: although full annuitization of assets is privately optimal it is not socially beneficial due to adverse general equilibrium repercussions.
    Keywords: D52 ; D91 ; E10 ; J20 ; ddc:330 ; longevity risk ; risk sharing ; overlapping generations ; intergenerational transfers ; annuity markets ; Lebensversicherung ; Private Rentenversicherung ; Gesetzliche Rentenversicherung ; Sterblichkeit ; Versicherungstechnisches Risiko ; Privater Transfer ; Overlapping Generations ; Versicherungsökonomik ; Allgemeines Gleichgewicht ; Soziale Wohlfahrtsfunktion ; Wohlfahrtseffekt ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Munich: Center for Economic Studies and ifo Institute (CESifo)
    Publication Date: 2020-06-10
    Description: We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium repercussions. Balancing the positive partial-equilibrium and negative general-equilibrium forces we show that there exists some intermediate level of annuitization such that long-run welfare is maximized. Studying the transition to the optimal degree of annuitization shows that currently middle-aged individuals stand to gain most from the stimulation of annuity markets.
    Keywords: C68 ; D91 ; J14 ; H55 ; ddc:330 ; individual welfare ; annuity markets ; computable general equilibrium ; overlapping generations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Munich: Center for Economic Studies and ifo Institute (CESifo)
    Publication Date: 2020-06-10
    Description: This paper studies the impact of national fiscal rules on government size as measured by the ratio of government expenditures to gross domestic product. We develop a model of the budgetary process and show that a common pool problem may arise which can be mitigated through fiscal rules. We test the model’s predictions using a novel time-series cross-section dataset of 27 European Union members for the period between 1990 and 2011. Corroborating the model, we find that fiscal rules have a negative impact on government size. Contrasting the model, their impact becomes smaller as the number of ministers increases.
    Keywords: H11 ; H61 ; E61 ; ddc:330 ; political fragmentation ; fiscal rules ; government size
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2020-06-10
    Description: We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security—which is immune to adverse selection—affects capital accumulation and individual welfare depending on its size and on the pension benefit rule that is adopted. If this rule incorporates some implicit or explicit redistribution from healthy to unhealthy individuals then the latter types are better off as a result of the pension system. In the absence of redistribution the public pension system makes everybody worse off in the long run. Though attractive to distant generations, privatization of social security is not generally Pareto improving to all generations.
    Keywords: D91 ; E10 ; H55 ; J10 ; ddc:330 ; social security ; annuity market ; adverse selection ; overlapping generations ; redistribution
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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