Political Economy and Its Application in Latin America: A Review
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This article reviews some contributions of two important research areas in political economy which were developed mainly in the US and Europe. Our purpose is to examine some applications of these theories in Latin American countries. Since the complex relationship between economics and politics becomes all the more complicated when the institutional setting does not provide political stability, it is interesting to study if the political economy models developed in the first world are also applicable to Latin America. We conclude that in great part the models developed are consistent with the empirical findings in Latin America. However, much work still has to be done and special consideration must be given to the institutional features of the Latin American countries.
Abstract
This article reviews some contributions of two important research areas in political economy which were developed mainly in the US and Europe. Our purpose is to examine some applications of these theories in Latin American countries. Since the complex relationship between economics and politics becomes all the more complicated when the institutional setting does not provide political stability, it is interesting to study if the political economy models developed in the first world are also applicable to Latin America. We conclude that in great part the models developed are consistent with the empirical findings in Latin America. However, much work still has to be done and special consideration must be given to the institutional features of the Latin American countries.
참고문헌 (127)
- Acemoglu, D., "The Colonial Origins of Comparative Development: An Empirical Investigation", American Economic Review, 91, pp.1369~1401 (2001)
- Acemoglu, D., "Reversal of Fortune: Geography and Institutions in the Making of the World Income Distribution", Quarterly Journal of Economics, 117, pp.1231~1294 (2002)
- Alemán, E., "Policy Gatekeepers in Latin American Legislatures", Latin American Politics and Society, 48, pp.125~155 (2006)
- Alesina, A., "Macroeconomic Policy in a Two-Party System as a Repeated Game", Quarterly Journal of Economics, 102, pp.651~678 (1987)
- Alesina, A., "Budget Deficits and Budget Institutions, In Fiscal Institutions and Fiscal Performance", pp.13~36 (1999), The University of Chicago Press
- Alesina, A., "Budget Institutions and Fiscal Performance in Latin America", Journal of Development Economics, 59, pp.253~273 (1999)
- Alesina, A., "Macroeconomic Policy and Elections in OECD Democracies", Economics and Politics, 4, pp.1~30 (1992)
- Alesina, A., "Political Cycles and the Macroeconomy" (1997), MIT Press
- Ames, B., "Political Survival: Politicians and Public Policy in Latin America" (1987), University of California Press
- Amorín-Nieto, O, "Presidents and Cabinets: The Political Determinants of Fiscal Behavior in Latin America", Studies in Comparative International Development, 39, pp.3~27 (2004)
- Arrow, K., "Social Choice and Individual Values" (1951), Yale University Press
- Baldez, L., "Presidential Agenda Control and Spending Policy: Lessons from General Pinochet’s Constitution", American Journal of Political Science, 43, pp.29~55 (1999)
- Barro, R.J., "Rules, Discretion and Reputation in a Model of Monetary Policy", Journal of Monetary Economics, 12, pp.101~120 (1983)
- Bates, R., "Analytic Narratives" (1998), Princeton University Press
- Benton, A. B., "Dissatisfied Democrats or Retrospective Voters? Economic Hardship, Political Institutions, and Voting Behavior in Latin America", Comparative Political Studies, 38, pp.417~442 (2005)
- Bernhard, W., "The Political Economy of Monetary Institutions", International Organization, 56, pp.693~723 (2002)
- Black, D., "The Theory of Committees and Elections" (1958), Cambridge University Press
- Blomberg, B., "Sustaining Fixed Rates: The Political Economy of Currency Pegs in Latin America", Journal of Applied Economics, 8, pp.203~225 (2005)
- Bonilla, C., "A Model of Political Competition in the Underlying Space of Ideology", Public Choice, 121, pp.51~67 (2004)
- Bonilla, C., "Social or Political Cleavages? A Spatial Analysis of the Party System in Post-authoritarian Chile", Public Choice, 146, pp.9~21 (2011)
- Bonomo, M., "The Dilemma of Inflation vs. Balance of Payments: Crawling Pegs in Brazil, 1964-1998, In The Currency Game: Exchange Rate Politics in Latin America", pp.119~156 (2001), InterAmerican Development Bank and Johns Hopkins University Press
- Buchanan, J.M., "Public Finance in Democratic Process: Fiscal Institutions and Individual Choice" (1999), Liberty Fund, Inc
- Buchanan, J. M., "Politics without Romance: A Sketch of Public Choice Theory and Its Normative Implications, In The Collected Works of James M. Buchanan", pp.45~59 (1999), Liberty Fund Inc.
- Buchanan, J. M., "The Constitution of Economic Policy", American Economic Review, 77, pp.243~250 (1987)
- Buchanan, J. M., "The Domain of Constitutional Economics", Constitutional Political Economy, 1, pp.1~18 (1990)
- Buchanan, J.M., "The Calculus of Consent: Logical Foundations of Constitutional Democracy" (1962), The University of Michigan Press
- Cahoon, L., "A Statistical Multidimensional Scaling Method Based on The Spatial Theory of Voting, In Graphical Analysis Representation of Multivariate Data" (1978), Academic Press
- Calvert, R., "Robustness of the Multidimensional Voting Model: Candidates’ Motivations, Uncertainty, and Convergence", American Journal of Political Science, 29, pp.69~95 (1985)
- Cardoso, E., "Latin America’s Economy: Diversity, Trends and Conflicts" (1995), MIT Press
- Cerda, R., "Government Subsidies and Presidential Election Outcomes: Evidence for a Developing Country", World Development, 36, pp.2470~2488 (2008)
- Inward-Looking Policies, Institutions, Autocrats and Economic Growth in Latin America: An Empirical Exploration, "Chong, A.", IADB, ~, pp.IADB Research Department Working Paper, No. 446 (2001)
- Coughlin, P., "Expectations about Voter Choices: A Comment", Public Choice, 44, pp.49~59 (1984)
- Cox, G., "Setting the Agenda" (2005), Cambridge University Press
- Cukierman, A., "Central Bank Strategy, Credibility and Independence: Theory and Evidence" (1992), The MIT Press
- Davis, O., "A Mathematical Model of Policy Formation in Democratic Societies, In Mathematical Applications in Political Science, Vol. II", pp.175~208 (1966), Southern Methodist University Press
- Davis, O., "On the Power and Importance of the Mean Preferences in a Mathematical Model of Democratic Choice", Public Choice, 5, pp.59~72 (1968)
- Davis, O., "Social Preference Ordering and Majority Rule", Econometrica, (40), pp.147~157 (1972)
- Dow, J., "A Spatial Analysis of Candidates Competition in Dual Member Districts: The 1989 Chilean Senatorial Elections", Public Choice, (97), pp.451~474 (1998)
- Dow, J., "A Spatial Analysis of the 1989 Chilean Presidential Election", Electoral Studies, 17, pp.61~76 (1998)
- Downs, A, "An Economic Theory of Democracy" (1957), Harper and Row
- Downs, A., "Political Economy in Macroeconomics" (2000), Princeton University Press
- Downs, A., "The Political Business Cycle After 25 Years, In NBER Macroeconomics Annual" (2000), MIT Press
- Drazen A., "Electoral Manipulation via Expenditure Composition: Theory and Evidence", Journal of Development Economics (2010)
- Elster, J., "Ulysses and the Sirens" (1979), Cambridge University Press
- Enelow, J., "The Spatial Theory of Voting: An Introduction" (1984), Cambridge University Press
- Engel, E, "Desempleo, Votación Histórica y el Plebiscito de 1988", Colección Estudios CIEPLAN, 27, pp.5~17 (1988)
- Eslava, M., "Ciclos políticos de la política fiscal con votantes opuestos al déficit: el caso colombiano", El Trimestre Económico, (290), pp.289~336 (2006)
- The Political Economy of Fiscal Policy: A Survey, "Eslava, M.", IADB, ~, pp.IADB Research Department Working Paper #683 (2006)
- Fair, R., "The Effect of Economic Events on Votes for President: 1980 Results", Review of Economics and Statistics, (64), pp.322~325 (1980)
- Faust, J., "Money, Politics and the Post-War Business Cycle", Journal of Monetary Economics, 43, pp.61~89 (1999)
- Figueiredo, A, "Presidential Power, Legislative Organization, and Party Behavior in Brazil", Comparative Politics, 32, pp.151~170 (2000)
- Fischer, S., "Dynamic Inconsistency, Cooperation and Benevolent Dissembling Government", Journal of Economics Dynamics and Control, 2, pp.93~107 (1980)
- Frieden, J., "The Currency Game: Exchange Rate Politics in Latin America" (2001), InterAmerican Development Bank and Johns Hopkins University Press
- Fukuyama F., "Do Defective Institutions Explain the Gap Between The United States and Latin America?", The American Interest (2006)
- González, M. de los A., "Do Changes in Democracy Affect Political Budget Cycles?", Review of Development Economics, 6, pp.204~224 (2002)
- Grier, K., "On the Existence of a Political Monetary Cycle", American Journal of Political Cycle, 33, pp.376~389 (1989)
- Inflation Performance and Constitutional Central Bank Independence: Evidence from Latin America and the Caribbean, "Gutiérrez, E.", IMF, ~, pp.IMF Working Paper WP (2003), 03[DOI]
- Haggard, S., "Inflation and Stabilization, In Politics and Policy Making in Developing Countries" (1991), ICS Press
- The Political Economy of Inflation and Stabilization in Middle Income countries, "Haggard, S.", World Bank, ~, pp.World Bank PRE Working Paper # 444 (1990)
- Hallerberg, M., "Executive Authority, the Personal Vote, and Budget Discipline in Latin American and Caribbean Countries", American Journal of Political Science, (48), pp.571~587 (2004)
- Hardin, R., "Why a Constitution?, In The Federalist Papers and the New Institutionalism", pp.100~120 (1989), Agathon Press
- Hayek, F. A., "The Constitution of Liberty" (1960), The University of Chicago Press
- Hibbs, D., "Political Parties and Macroeconomic Policies", American Political Science Review, (71), pp.1467~1487 (1977)
- Hinich, M. J., "Equilibrium in Spatial Voting: The Median Voter Theorem Result is an Artifact", Journal of Economic Theory, 16, pp.208~219 (1977)
- Hinich, M.J., "Ideology and the Theory of Political Choice" (1994), The University of Michigan Press
- Hotelling, H., "Stability in Competition", Economic Journal, (39), pp.41~57 (1929)
- Jaramillo, J., "A Long-lasting Crawling Peg: Political Determinants of Exchange Rate Policy in Colombia, In The Currency Game: Exchange Rate Politics in Latin America", pp.199~248 (2001), Inter-American Development Bank and Johns Hopkins University Press
- Jones, M., "Politics, Institutions, and Public-Sector Spending in the Argentine Provinces, In Fiscal Institutions and Fiscal Performance", pp.135~150 (1999), The University of Chicago Press
- Kessler, T., "The Mexican Peso Crash: Causes, Consequences and Comeback, In Exchange Rate Policies in Latin America", pp.43~69 (2000), Brookings Institution
- Kramer, G., "A Dynamic Model of Political Equilibrium", Journal of Economic Theory, 16, pp.310~334 (1977)
- Kydland, F, "Rules Rather than Discretion: The Inconsistency of Optimal Plans", Journal of Political Economy, (85), pp.473~492 (1977)
- Larraín, F., "Cincuenta años de ciclo político económico en Chile", Cuadernos de Economía, (96), pp.129~150 (1995)
- Larroulet, C., "Políticas públicas para el desarrollo", Estudios Públicos, (91), pp.153~179 (2003)
- Ledyard, J., "The Pure Theory of Large Two-Candidate Elections", Public Choice, (48), pp.7~41 (1984)
- Lipset, S., "Cleavage Structures, Party Systems, and Voter Alignments: An Introduction, In Party System and Voter Alignments: Cross National Perspectives", pp.1~64 (1967), The Free Press
- Londregan, J. B., "Legislative Institutions and Ideology in Chile" (2000), Cambridge University Press
- Magaloni, B., "Voting for Autocracy: Hegemonic Party Survival and its Demise" (2006), Cambridge University Press
- Marcel, M., "Balance estructural del gobierno central metodología y estimaciones para Chile: 1987-2000", Estudios de Finanzas Públicas, 1 (2000), DIPRES
- McKelvey, R., "Intransitivities in Multidimensional Voting Models and Some Implications for Agenda Control", Journal of Economic Theory, 12, pp.472~482 (1976)
- McKelvey, R., "General Conditions for Global Intransitivities in Formal Voting Models", Econometrica, (47), pp.1085~1100 (1979)
- Meloni, O., "Clientelism-Augmented Political Budget Cycles. Evidence from Argentina", paper presented at the LACEA Meetings (2008)
- Mueller, D. C., "Constitutional Democracy" (1996), Oxford University Press
- Mueller, D. C., "Public Choice III" (1997), Cambridge University Press
- Nazareno, M., "Réditos y peligros electorales del gasto público y elecciones en Argentina", Desarrollo Económico, (46), pp.63~86 (2006)
- Nordhaus, W., "The Political Business Cycle", Review of Economic Studies, (42), pp.169~190 (1975)
- North, D. C., "Structure and Change in Economic History" (1981), W. W. Norton & Co
- North, D. C., "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
- North, D.C., "Order, Disorder and Economic Change: Latin America vs. North America, In Governing for Prosperity" (2000), Yale University Press
- Nunn, N., "The Importance of History for Economic Development", Annual Review of Economics, 1 (2009)
- Obstfeld, M., "The Mirage of Fixed Exchange Rates", Journal of Economic Perspectives, 9, pp.73~96 (1995)
- Olson, M., "Dictatorship, Democracy and Development", American Political Science Review, (87), pp.567~576 (1993)
- Olson, M., "Big Bills Left on the Side-Walk: Why some Nations are Rich, and others are Poor", Journal of Economic Perspectives, 10, pp.3~24 (1996)
- Ordeshook, P., "Constitutional Stability", Constitutional Political Economy, 3, pp.137~175 (1992)
- Panzer, J., "The Role of Economic Issues in Elections: The Case of the 1988 Chilean Presidential Referendum", Public Choice, (71), pp.51~59 (1988)
- Pereira, C., "The Cost of Governing: Strategic Behavior of the President and Legislators in Brazil’s Budgetary Process", Comparative Political Studies, (37), pp.781~815 (2004)
- Persson, T., "Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences", Quarterly Journal of Economics, (104), pp.325~345 (1989)
- Persson, T, "Political Economics: Explaining Economic Policy" (2000), MIT Press
- Persson, T, "The Economic Effect of Constitutions" (2003), MIT Press
- Phillips, A.W., "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957", Economica, 25, pp.283~299 (1958)
- Plott, C. R., "A Notion of Equilibrium and its Possibilities under Majority Rule", American Economic Review, (57), pp.787~806 (1967)
- Poole, K. T., "Spatial Models of Parliamentary Voting" (2005), Cambridge University Press
- Poole, K.T., "Congress: A Political-Economic History of Roll Call Voting" (1997), Oxford University Press
- Do Budget Rules Work?, "Poterba, J.", NBER, ~, pp.NBER Working Paper #5550 (1996)
- Rodrik, D., "Understanding Economic Policy Reform", Journal of Economic Literature, (34), pp.9~41 (1996)
- Rogoff, K., "Equilibrium Political Budget Cycles", American Economic Review, (80), pp.21~36 (1990)
- Rogoff, K, "Elections and Macroeconomic Policy", Review of Economic Studies, (42), pp.169~179 (1988)
- Romer, T., "Political Resource Allocation, Controlled Agendas, and the Status Quo", Public Choice, (33), pp.27~43 (1978)
- Saiegh, S., "Recovering a Basic Space from Elite Surveys: Evidence from Latin America", Legislative Studies Quarterly, 34, pp.117~145 (2009)
- Saiegh, S., "Federalism, Argentine Style, In The Institutional Foundations of Public Policy in Argentina: A Transactions Cost Approach" (2007), Cambridge University Press
- Schady, N., "The Political Economy of Expenditures by the Peruvian Social Fund (Foncodes), 1991-1995", American Political Science Review, (94), pp.289~304 (1995)
- Schumpeter, J. A., "Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process" (1939), McGraw Hill
- Shepsle, K., "Institutional Arrangements and Equilibrium in Multidimensional Voting Models", American Journal of Political Science, 23, pp.27~59 (1979)
- Conditional Political Budget Cycles, "Shi, M.", CEPR, ~, pp.CEPR Discussion Paper #3352 (2002)
- Spiller, P., "The Institutional Foundations of Public Policy: A Transaction Approach with Application to Argentina", Journal of Law, Economics and Organization, 19, pp.281~306 (2003)
- Elections and the Timing of Devaluations, "Stein, E.", IADB, ~, pp.IADB Research Department Working Paper #396 (1999)
- Stein, E., "Institutional Arrangements and Fiscal Performance: The Latin American Experience, In Fiscal Institutions and Fiscal Performance", pp.103~134 (1999), The University of Chicago Press
- Stein, E., "Policymaking in Latin America: How Politics Shapes Policies" (2008), IADB and David Rockefeller Center for Latin American Studies at Harvard University
- Tabellini, G., "Voting on the Budget Deficit", American Economic Review, (80), pp.37~49 (1990)
- Tullock, G., "Why So Much Stability?", Public Choice, 37, pp.189~202 (1981)
- Velasco, A., "The Common Property Approach to the Political Economy of Fiscal Policy, In The Political Economy of Economic Reforms", pp.165~184 (1998), The MIT Press
- Weingast, B. R., "Constitutions as Governance Structures: The Political Foundations of Secure Markets", Journal of Institutional and Theoretical Economics, (149), pp.286~311 (1993)
- Weingast, B. R., "The Economic Role of Political Institutions: Market Preserving Federalism and Economic Development", Journal of Law, Economics and Organization, 11, pp.1~31 (1995)
- Weyland, K., "Limitations of Rational-Choice Institutionalism for the Study of Latin American Politics", Studies in Comparative International Development, (37), pp.57~85 (2002)
- Wibbels, E., "Federalism and the Politics of Macroeconomic Policy and Performance", American Journal of Political Science, (44), pp.687~702 (2000)
- Wittman, D., "Parties as Utility Maximizers", American Political Science Review, (67), pp.490~498 (1973)
- Wittman, D., "Candidate Motivation: A Synthesis of Alternative Theories", American Political Science Review, (77), pp.142~157 (1983)
- Wise, C., "Exchange Rate Politics in Latin America" (2000), Brookings Institute
