کاهش تورم و اعتبار در اقتصاد باز کوچک اروپا در دهه 1980 : احزاب، انتخابات و ERM

This paper develops an open economy extension of the Alesina (1987) model of partisan electoral cycles. It links politics to the credibility of stabilization policies pursued. The partisan structure is very close to European politics where parties have well-defined differences. Empirical findings reveal the political (parties, elections and political instability) and economic (public debt, ERM membership) determinants of credibility of stabilization policies implemented in small European countries in the 1980s.