Professor Laura Marsiliani laura.marsiliani@durham.ac.uk
Professor
Political institutions and economic growth
Marsiliani, L.; Renstrom, T.I.
Authors
Dr Thomas Renstrom t.i.renstrom@durham.ac.uk
Associate Professor
Abstract
We analyze the impact of micro-founded political institutions on economic growth in an overlapping-generations economy, where individuals differ in preferences over a public good (as well as in age). Labour- and capital taxes finance the public good and a public input. The benchmark institution is a parliament, where all decisions are taken. Party entry, parliamentary composition, coalition formation, and bargaining are endogenous. We compare this constitution to delegation of decisionmaking, where a spending minister (elected in parliament or appointed by the largest party). Delegation of decisionmaking tends to yield lower growth, mainly due to the occurrence of production inefficiency.
Citation
Marsiliani, L., & Renstrom, T. (2007). Political institutions and economic growth. Economics of Governance, 8(3), 233-261. https://doi.org/10.1007/s10101-007-0038-z
Journal Article Type | Article |
---|---|
Publication Date | May 1, 2007 |
Deposit Date | Aug 19, 2008 |
Journal | Economics of Governance |
Print ISSN | 1435-6104 |
Electronic ISSN | 1435-8131 |
Publisher | Springer |
Peer Reviewed | Peer Reviewed |
Volume | 8 |
Issue | 3 |
Pages | 233-261 |
DOI | https://doi.org/10.1007/s10101-007-0038-z |
Keywords | Voting, Bargaining, Taxation, Endogenous growth, Overlapping generations. |
Public URL | https://durham-repository.worktribe.com/output/1564767 |
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