Political Leaders’ Socioeconomic Background and Public Budget Deficits: Evidence from OECD Countries

Political Leaders’ Socioeconomic Background and Public Budget Deficits: Evidence from OECD Countries

This paper empirically analyses the relationship between political leaders’ socioeconomic backgrounds and public budget deficits utilising panel data on 21 OECD countries from 1980 to 2008. Building on sociological, as well as economic, research, we argue that the socioeconomic status of political d...

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Detalhes bibliográficos
Publicado no:MAGKS - Joint Discussion Paper Series in Economics (Band 08-2013)
Principais autores: Hayo, Bernd, Neumeier, Florian
Formato: Artigo
Idioma:inglês
Publicado em: Philipps-Universität Marburg 2013
Assuntos:
time preference.
Budget deficit
political leaders
Wirtschaft
socioeconomic status
Economics
Acesso em linha:Texto Completo em Formato PDF
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Descrição
Resumo:This paper empirically analyses the relationship between political leaders’ socioeconomic backgrounds and public budget deficits utilising panel data on 21 OECD countries from 1980 to 2008. Building on sociological, as well as economic, research, we argue that the socioeconomic status of political decision-makers, i.e., presidents or prime ministers, is an important determinant of fiscal budget decisions. Our theory-consistent findings show that the tenures of lower-class leaders—i.e., leaders of low socioeconomic status—are associated with a deficit-to-GDP ratio which is 1.6 percentage points higher than that during tenures of upperclass leaders.
ISSN:1867-3678
DOI:10.17192/es2024.0171

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