1、 700 单词， 4000 英文字符 ,1400 汉字 出处： Amable B, Azizi K. Counter-cyclical budget policy across varieties of capitalism J. Structural Change & Economic Dynamics, 2014, 30:1-9. Counter-cyclical budget policy across varieties of capitalism Bruno Amable, Karim Azizi Abstract The role of macroeconomic policy i
2、n the different varieties of capitalism has been largely ignored. Recent contributions to the literature have argued that nonliberal economies, i.e. coordinated market economies, should be expected to have less accommodating (i.e. less counter-cyclical) macroeconomic policies than liberal varieties.
3、 Using time-series cross-section data on 18 OECD countries between 1980 and 2009, this paper tests that hypothesis and, more particularly, whether the reaction of discretionary scal policy to macroeconomic shocks is different between liberal and nonliberal varieties of capitalism. The test results d
4、o not support the conclusion that nonliberal economies macroeconomic policy would be less counter-cyclical than that of liberal economies. On the contrary, discretionary scal policy has been more counter-cyclical in former economies. Keywords: Varieties of capitalism ;Macroeconomic policy ;Fiscal po
5、licy Macroeconomic policy and varieties of capitalism Assessing the counter-cyclicality of macroeconomic policy In order to assess whether scal policies are pro- or counter-cyclical, one usually relates some indicator of scal policy, e.g. the budget balance, to a measure of economic shock. A positiv
6、e association means that a recession, for instance, leads to a decrease in the budget surplus or an increase in the budget decit. In this case, scal policy is said to be counter-cyclical since the evolution of the bud- get balance will act in an expansionary way. By contrast, if the correlation between the indicator of shock and the variable representing scal policy is negative, the policy acts in a pro-cyclical way. A recession will then lead to a tighter budget balance, which wil
