Fiscal space and the procyclicality of fiscal policy: The case for making hay while the sun shines
Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies. We find that less fiscal space induces greater fiscal procyclicality and show that this relationship is nonlinear; countries in the bottom tail of the...
Saved in:
| Published in | Economic inquiry Vol. 59; no. 4; pp. 1687 - 1701 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Huntington Beach
Western Economic Association
01.10.2021
|
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies. We find that less fiscal space induces greater fiscal procyclicality and show that this relationship is nonlinear; countries in the bottom tail of the fiscal space distribution need to make significant improvements before they can perform countercyclical policy. Given the increasingly dominant role of fiscal action in downturns, as is highlighted during the Covid‐19 crisis, these findings clearly indicate the importance of building fiscal space in good times to provide capacity for countercyclical policy in bad times. |
|---|---|
| AbstractList | Abstract
Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies. We find that less fiscal space induces greater fiscal procyclicality and show that this relationship is nonlinear; countries in the bottom tail of the fiscal space distribution need to make significant improvements before they can perform countercyclical policy. Given the increasingly dominant role of fiscal action in downturns, as is highlighted during the Covid‐19 crisis, these findings clearly indicate the importance of building fiscal space in good times to provide capacity for countercyclical policy in bad times. Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies. We find that less fiscal space induces greater fiscal procyclicality and show that this relationship is nonlinear; countries in the bottom tail of the fiscal space distribution need to make significant improvements before they can perform countercyclical policy. Given the increasingly dominant role of fiscal action in downturns, as is highlighted during the Covid‐19 crisis, these findings clearly indicate the importance of building fiscal space in good times to provide capacity for countercyclical policy in bad times. |
| Author | McManus, Richard Ahmad, Asif Ozkan, F. Gulcin |
| Author_xml | – sequence: 1 givenname: Asif surname: Ahmad fullname: Ahmad, Asif organization: University of York – sequence: 2 givenname: Richard surname: McManus fullname: McManus, Richard organization: Canterbury Christ Church University – sequence: 3 givenname: F. Gulcin surname: Ozkan fullname: Ozkan, F. Gulcin email: gulcin.ozkan@kcl.ac.uk organization: King's College London |
| BookMark | eNp9kMFOwzAMhiM0JLbBhSeIxA2pw2mWtuGGpg0mTXAZ58pNE5rRpaXZNPXtyVbO-GLJ_vzb_idk5BqnCblnMGMhnrSybsY4QHZFxmyeiCiNpRiRMYAUUSwyfkMm3u8AgCdCjEmxsl5hTX2LSlN0JT1UmrZdo3pV29Cxh542hpoBa5tQ7J_pNkAKvaam6egev637ohX29FTZWl8k_NFRX1mn_S25Nlh7ffeXp-Rztdwu3qLNx-t68bKJFE8hiwyiNFAYGWMGqA1wlGkieRxLhAKZKVCwMuFSgS7RKFHqskyNKtg845Ain5KHQTdc_3PU_pDvmmPnwso8Fmky54xLHqjHgVJd432nTd52do9dnzPIzx7mZw_zi4cBZgN8Cm_1_5D5crF-H2Z-AT_Cdqk |
| CitedBy_id | crossref_primary_10_1016_j_eap_2024_04_005 crossref_primary_10_1016_j_ejpoleco_2023_102457 crossref_primary_10_1007_s10663_022_09545_w crossref_primary_10_1080_00220388_2024_2361158 crossref_primary_10_1016_j_electstud_2024_102761 crossref_primary_10_1007_s11079_023_09724_7 |
| Cites_doi | 10.1111/j.1475-5890.2015.12044.x 10.1016/j.jdeveco.2012.07.001 10.1093/icc/11.2.355 10.1016/j.jdeveco.2004.07.002 10.1257/pol.20120218 10.1016/j.jdeveco.2013.07.012 10.3386/w14191 10.2307/2297968 10.1162/JEEA.2008.6.5.1006 10.1257/jep.14.3.21 10.7208/chicago/9780226018584.003.0003 10.1086/ma.19.3585327 10.1086/250038 10.1257/aer.103.3.141 10.1086/260807 10.1111/0022-1082.00494 10.1111/1468-2362.00109 10.1093/jae/ejm029 10.3386/w25768 10.1596/1813-9450-8157 10.1111/ecca.12258 10.1086/654320 10.1162/rest_a_00706 10.1162/rest.91.4.850 10.1086/659312 10.1111/ecca.12340 10.1257/aer.89.1.22 |
| ContentType | Journal Article |
| Copyright | 2021 The Authors. Economic Inquiry published by Wiley Periodicals LLC on behalf of Western Economic Association International. 2021. This article is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. |
| Copyright_xml | – notice: 2021 The Authors. Economic Inquiry published by Wiley Periodicals LLC on behalf of Western Economic Association International. – notice: 2021. This article is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. |
| DBID | 24P WIN AAYXX CITATION 7TQ 8BJ DHY DON FQK JBE K9. |
| DOI | 10.1111/ecin.13008 |
| DatabaseName | Wiley Open Access Wiley Online Library Journals CrossRef PAIS Index International Bibliography of the Social Sciences (IBSS) PAIS International PAIS International (Ovid) International Bibliography of the Social Sciences International Bibliography of the Social Sciences ProQuest Health & Medical Complete (Alumni) |
| DatabaseTitle | CrossRef International Bibliography of the Social Sciences (IBSS) ProQuest Health & Medical Complete (Alumni) PAIS International |
| DatabaseTitleList | CrossRef International Bibliography of the Social Sciences (IBSS) |
| Database_xml | – sequence: 1 dbid: 24P name: Wiley Online Library Open Access url: https://authorservices.wiley.com/open-science/open-access/browse-journals.html sourceTypes: Publisher |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics |
| EISSN | 1465-7295 |
| EndPage | 1701 |
| ExternalDocumentID | 10_1111_ecin_13008 ECIN13008 |
| Genre | article |
| GroupedDBID | --Z -DZ -ET -~X .3N .GA .L6 .Y3 0-V 05W 0R3 0R~ 10A 1OB 1OC 1OL 24P 29G 2XV 31~ 33P 3R3 3V. 4.4 50Y 50Z 51W 51Y 52M 52O 52Q 52S 52T 52U 52W 5GY 5HH 5LA 5VS 66C 6TJ 702 7PT 7WY 7X7 8-0 8-1 8-3 8-4 8-5 85S 88E 8AO 8FI 8FJ 8FL 8G5 8R4 8R5 8UM 930 9M8 A04 AABCJ AABNI AACLR AAESR AAHHS AAONW AAOUF AARRQ AASGY AATGF AAXRX AAYOK AAZKR ABCQN ABCUV ABDBF ABEML ABGZZ ABJNI ABLJU ABPPZ ABPVW ABSOO ABUWG ACAHQ ACBKW ACBWZ ACCFJ ACCZN ACFII ACGFO ACGFS ACHQT ACIOK ACMRT ACNCT ACPOU ACPQN ACREJ ACSCC ACXQS ADBBV ADEMA ADEOM ADIZJ ADKYN ADMGS ADPVW ADSFD ADXAS ADZMN ADZOD AEEZP AEGXH AEIGN AEIMD AEQDE AETEA AEUQT AEUYR AFAZI AFBPY AFFNX AFFPM AFGKR AFKFF AFKRA AFPWT AFZJQ AHBTC AHEFC AI. AIAGR AIFKG AIURR AIWBW AJBDE AJGPC ALAGY ALIPV ALMA_UNASSIGNED_HOLDINGS ALSLI ALUQN AMBMR AMYDB ARALO ASPBG ASTYK AVWKF AZBYB AZFZN AZQEC AZVAB BAAKF BAFTC BCR BCU BDRZF BEC BENPR BEZIV BFHJK BKOMP BLC BMXJE BNVMJ BPHCQ BQESF BROTX BRXPI BVXVI BY8 CAG CCPQU COF CS3 D-C D-D DCZOG DJZPD DPXWK DR2 DRFUL DRSSH DU5 DWQXO EAD EAP EAS EBS ECVKH EJD EMK EOH ESX F00 F01 F5P FEDTE FRNLG FYUFA G-S G.N G50 GNUQQ GODZA GROUPED_ABI_INFORM_COMPLETE GROUPED_ABI_INFORM_RESEARCH GUQSH H13 HGLYW HMCUK HVGLF HYQOX HZ~ IAO IBB IBG IEA IGG IOF IPO ITC IX1 J0M K48 K60 K6~ KC5 LATKE LC2 LC4 LEEKS LH4 LITHE LOXES LP6 LP7 LPU LUTES LW6 LYRES M0C M1P M2O M2R M49 MEWTI MK4 MRFUL MRSSH MSFUL MSSSH MS~ MVM MXFUL MXSSH N04 N06 N95 N9A NF~ NHB NU- O-F O66 O9- OHT OIG P2P P2W P2Y P4C PALCI PEA PQBIZ PQBZA PQQKQ PRG PROAC PSQYO PV9 Q.N Q11 Q2X Q5E QB0 QF4 QN7 QO5 R.K RIG RIWAO RJQFR RNI ROL RWL RX1 RZL RZO SAMSI SJFOW SUPJJ TAE TH9 TN5 TWZ U5U UB1 UHB UKHRP ULY UPT V8K VH1 VQA W8V W99 WBKPD WEBCB WH7 WIH WII WIN WOHZO WQZ WRC WSUWO WXSBR XG1 XI7 XSW YQJ YSK ZCA ZCG ZHY ZKX ZZTAW ~45 ~IA ~OB ~OC ~OG ~PJ ~PM ~PN ~WP AAYXX CITATION 7TQ 8BJ ADMHG DHY DON FQK JBE K9. |
| ID | FETCH-LOGICAL-c3708-faa9f0bf92a80aef03a97693229a0ba1fba51d639c0edafc5dedd7fcb148307a3 |
| IEDL.DBID | 24P |
| ISSN | 0095-2583 |
| IngestDate | Thu Oct 10 19:40:05 EDT 2024 Thu Sep 26 18:58:49 EDT 2024 Sat Aug 24 00:59:59 EDT 2024 |
| IsDoiOpenAccess | true |
| IsOpenAccess | true |
| IsPeerReviewed | true |
| IsScholarly | true |
| Issue | 4 |
| Language | English |
| License | Attribution |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c3708-faa9f0bf92a80aef03a97693229a0ba1fba51d639c0edafc5dedd7fcb148307a3 |
| OpenAccessLink | https://onlinelibrary.wiley.com/doi/abs/10.1111%2Fecin.13008 |
| PQID | 2576431393 |
| PQPubID | 48061 |
| PageCount | 15 |
| ParticipantIDs | proquest_journals_2576431393 crossref_primary_10_1111_ecin_13008 wiley_primary_10_1111_ecin_13008_ECIN13008 |
| PublicationCentury | 2000 |
| PublicationDate | October 2021 2021-10-00 20211001 |
| PublicationDateYYYYMMDD | 2021-10-01 |
| PublicationDate_xml | – month: 10 year: 2021 text: October 2021 |
| PublicationDecade | 2020 |
| PublicationPlace | Huntington Beach |
| PublicationPlace_xml | – name: Huntington Beach |
| PublicationTitle | Economic inquiry |
| PublicationYear | 2021 |
| Publisher | Western Economic Association |
| Publisher_xml | – name: Western Economic Association |
| References | 2018; 100 2015; 36 2011; 119 1991; 58 2021; 88 2002; 57 2002; 11 2008; 17 2013; 100 2008 1999; 89 2018; 85 2008; 6 2013a 2015; 7 1999 2013b; 103 2014; 106 2000; 14 2009; 91 2021 2003; 6 1997; 12 2019 2018 2017 1998; 106 2004; 2004 1979; 87 2005; 78 e_1_2_10_23_1 e_1_2_10_24_1 e_1_2_10_21_1 e_1_2_10_22_1 e_1_2_10_20_1 e_1_2_10_2_1 e_1_2_10_4_1 e_1_2_10_18_1 e_1_2_10_3_1 e_1_2_10_19_1 e_1_2_10_6_1 IMF (e_1_2_10_16_1) 2021 e_1_2_10_5_1 e_1_2_10_17_1 e_1_2_10_8_1 e_1_2_10_14_1 e_1_2_10_7_1 e_1_2_10_12_1 e_1_2_10_9_1 e_1_2_10_13_1 e_1_2_10_10_1 e_1_2_10_11_1 e_1_2_10_31_1 Velasco A. (e_1_2_10_30_1) 1999 IMF. (e_1_2_10_15_1) 2018 e_1_2_10_29_1 e_1_2_10_27_1 e_1_2_10_28_1 e_1_2_10_25_1 e_1_2_10_26_1 |
| References_xml | – start-page: 63 year: 2013a end-page: 98 – volume: 6 start-page: 89 issue: 1 year: 2003 end-page: 108 article-title: Business cycles and macroeconomic policy in emerging market economies publication-title: International Finance – volume: 100 start-page: 32 issue: 1 year: 2013 end-page: 47 article-title: On graduation from fiscal procyclicality publication-title: Journal of Development Economics – volume: 12 start-page: 11 year: 1997 end-page: 61 article-title: Fiscal policy in Latin America publication-title: NBER Macroeconomics Annual – volume: 100 start-page: 831 issue: 5 year: 2018 end-page: 843 article-title: Why you should never use the Hodrick‐Prescott filter publication-title: The Review of Economics and Statistics – volume: 7 start-page: 327 issue: 3 year: 2015 end-page: 370 article-title: How is tax policy conducted over the business cycle? publication-title: American Economic Journal: Economic Policy – volume: 119 start-page: 78 issue: 1 year: 2011 end-page: 121 article-title: When is the government spending multiplier large? publication-title: Journal of Political Economy – volume: 17 start-page: 451 issue: 3 year: 2008 end-page: 464 article-title: Explaining procyclical fiscal policy in African countries publication-title: Journal of African Economies – volume: 36 start-page: 29 issue: 1 year: 2015 end-page: 50 article-title: On the consequences of pro‐cyclical fiscal policy publication-title: Fiscal Studies – year: 2021 – volume: 87 start-page: 940 issue: 5, Part 1 year: 1979 end-page: 971 article-title: On the determination of the public debt publication-title: Journal of Political Economy – volume: 58 start-page: 277 issue: 2 year: 1991 end-page: 297 article-title: Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations publication-title: The Review of Economic Studies – volume: 106 start-page: 92 year: 2014 end-page: 106 article-title: Was this time different?: fiscal policy in commodity republics publication-title: Journal of Development Economics – volume: 78 start-page: 156 issue: 1 year: 2005 end-page: 190 article-title: Tax base variability and procyclical fiscal policy in developing countries publication-title: Journal of Development Economics – start-page: 37 year: 1999 end-page: 58 – volume: 91 start-page: 850 issue: 4 year: 2009 end-page: 870 article-title: Why do more polarized countries run more procyclical fiscal policy? publication-title: Review of Economics and Statistics – year: 2018 – volume: 2004 start-page: 11 year: 2004 end-page: 53 article-title: When it rains, it pours: procyclical macropolicies and capital flows publication-title: NBER Macroeconomics Annual – volume: 88 start-page: 32 issue: 349 year: 2021 end-page: 69 article-title: Why are fiscal multipliers asymmetric? The role of credit constraints publication-title: Economica – volume: 106 start-page: 997 issue: 5 year: 1998 end-page: 1032 article-title: Why do more open economies have bigger governments? publication-title: Journal of Political Economy – volume: 89 start-page: 22 issue: 1 year: 1999 end-page: 46 article-title: The voracity effect publication-title: American Economic Review – year: 2008 – volume: 14 start-page: 21 issue: 3 year: 2000 end-page: 36 article-title: Reassessing discretionary fiscal policy publication-title: Journal of Economic Perspectives – volume: 6 start-page: 1006 issue: 5 year: 2008 end-page: 1036 article-title: Why is fiscal policy often procyclical? publication-title: Journal of the European Economic Association – volume: 57 start-page: 2223 issue: 5 year: 2002 end-page: 2261 article-title: No contagion, only interdependence: measuring stock market comovements publication-title: The Journal of Finance – year: 2017 – volume: 103 start-page: 141 issue: 3 year: 2013b end-page: 146 article-title: Output spillovers from fiscal policy publication-title: American Economic Review – volume: 85 start-page: 1 issue: 337 year: 2018 end-page: 40 article-title: Phillips lecture—why some times are different: macroeconomic policy and the aftermath of financial crises publication-title: Economica – year: 2019 – volume: 11 start-page: 355 issue: 2 year: 2002 end-page: 389 article-title: The institutional environment for infrastructure investment publication-title: Industrial and Corporate Change – ident: e_1_2_10_21_1 doi: 10.1111/j.1475-5890.2015.12044.x – ident: e_1_2_10_10_1 doi: 10.1016/j.jdeveco.2012.07.001 – ident: e_1_2_10_13_1 doi: 10.1093/icc/11.2.355 – ident: e_1_2_10_25_1 doi: 10.1016/j.jdeveco.2004.07.002 – ident: e_1_2_10_29_1 doi: 10.1257/pol.20120218 – ident: e_1_2_10_7_1 doi: 10.1016/j.jdeveco.2013.07.012 – ident: e_1_2_10_14_1 doi: 10.3386/w14191 – ident: e_1_2_10_3_1 doi: 10.2307/2297968 – ident: e_1_2_10_2_1 doi: 10.1162/JEEA.2008.6.5.1006 – ident: e_1_2_10_26_1 doi: 10.1257/jep.14.3.21 – ident: e_1_2_10_4_1 doi: 10.7208/chicago/9780226018584.003.0003 – ident: e_1_2_10_17_1 doi: 10.1086/ma.19.3585327 – ident: e_1_2_10_22_1 doi: 10.1086/250038 – start-page: 37 volume-title: Fiscal institutions and fiscal performance year: 1999 ident: e_1_2_10_30_1 contributor: fullname: Velasco A. – ident: e_1_2_10_5_1 doi: 10.1257/aer.103.3.141 – ident: e_1_2_10_6_1 doi: 10.1086/260807 – ident: e_1_2_10_9_1 doi: 10.1111/0022-1082.00494 – ident: e_1_2_10_19_1 doi: 10.1111/1468-2362.00109 – ident: e_1_2_10_27_1 doi: 10.1093/jae/ejm029 – ident: e_1_2_10_24_1 doi: 10.3386/w25768 – volume-title: Capitalizing on Good Times: IMF Fiscal Monitor year: 2018 ident: e_1_2_10_15_1 contributor: fullname: IMF. – volume-title: A Fair Shot: IMF Fiscal Monitor year: 2021 ident: e_1_2_10_16_1 contributor: fullname: IMF – ident: e_1_2_10_18_1 doi: 10.1596/1813-9450-8157 – ident: e_1_2_10_23_1 doi: 10.1111/ecca.12258 – ident: e_1_2_10_11_1 doi: 10.1086/654320 – ident: e_1_2_10_12_1 doi: 10.1162/rest_a_00706 – ident: e_1_2_10_31_1 doi: 10.1162/rest.91.4.850 – ident: e_1_2_10_8_1 doi: 10.1086/659312 – ident: e_1_2_10_20_1 doi: 10.1111/ecca.12340 – ident: e_1_2_10_28_1 doi: 10.1257/aer.89.1.22 |
| SSID | ssj0003655 |
| Score | 2.3711684 |
| Snippet | Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies. We find... Abstract Utilizing data from 133 countries over the period 1950–2014, we identify fiscal space as a key factor underlying the cyclicality of fiscal policies.... |
| SourceID | proquest crossref wiley |
| SourceType | Aggregation Database Publisher |
| StartPage | 1687 |
| SubjectTerms | COVID-19 fiscal cyclicality Fiscal policy fiscal space recession |
| Title | Fiscal space and the procyclicality of fiscal policy: The case for making hay while the sun shines |
| URI | https://onlinelibrary.wiley.com/doi/abs/10.1111%2Fecin.13008 https://www.proquest.com/docview/2576431393 |
| Volume | 59 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwlZ3NS8MwFMAfUw96ET9xOkdAT0KhS5quES9zrkzBIaLgrSRpwnawG3ZD9t_7kq46L4K3FtJQXvPe-yV9HwCXBpECvYYOGO-yIGJGBCLkKjA8VlFuIyETlzv8OIqHr9HDG39rwE2dC1PVh_g-cHOa4e21U3CpyjUlN3pS-F7GyQZsuZIxrnI-jZ6-7TCLedW_QPCA8oStipO6OJ6fZ3-7ox_GXCdV72rSPdhdMSLpVR91HxqmOIDtOoW4PASVTkqULUFroA2RRU4Q44jzRUvtDuEcWpOpJbYaNvO1f68JLgmi0WsRBFXy7ttQkbFcks8xvoWfolwUxJ1JmfIIXtPBS38YrJolBJp1wySwUgobKiuoTEJpbMikcH0OKRUyVLJjleSdHHlEhyaXVvPc5HnXaoX7IdRzyY5hs5gW5gRIyBxUUIWkoCOtZKJp3KWRZixGgOC2CRe1zLJZVRMjq_cSTrL-F1nShFYtzmylF2XmtjeILEywJlx5Ef8xQzbo34_81el_Bp_BDnWBJz7irgWb84-FOUdymKu2XyBt2Ord3t2meHf3TL8AfGLAKw |
| link.rule.ids | 315,783,787,1378,11574,27936,27937,46064,46306,46488,46730 |
| linkProvider | Wiley-Blackwell |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwlZ3NT8IwFMAbxQNejJ8RRW2iJ5Mlo1231ZshEFAgHiDhtrRdGzg4iIMY_ntfuw3wYuJth65p3t7r-_Xt9T2EnjQgBXgN5VEWUS-gmnvcZ9LTLJRBagIuYnt3eDgKe5PgbcqmZW6OvQtT1IfYBtysZbj92hq4DUjvWblW88w1M44P0VEQgibaws7Bx3YjpiErGhhw5hEW07I6qU3k2b372x_tIHMfVZ2v6Z6ikxIS8WvxVc_Qgc7OUb26Q5xfINmd5yBcDNuB0lhkKQaOw9YZbZSNwlm2xguDTTFs6Yr_vmDQCazAbWEgVfzp-lDhmdjg7xmswk2RrzNsg1I6v0STbmfc7nlltwRP0ciPPSMEN740nIjYF9r4VHDb6JAQLnwpWkYK1koBSJSvU2EUS3WaRkZJOBCBoQt6hWrZItPXCPvUUgWRgAoqUFLEioQRCRSlIRAEMw30WMksWRZFMZLqMGEl6_6RxQ3UrMSZlIaRJ_Z8A8xCOW2gZyfiP2ZIOu3-yD3d_GfwA6r3xsNBMuiP3m_RMbFZKC79rolqq6-1vgOMWMl7pyw_bcbBRA |
| linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnZ3dS8MwEMAPnaC--C3Oz4A-CR21abpGfJHpmF9DRMEXKUma4BC7YTdk_vVe0tVNHwR960Ma0lwu98v1cgdwoBEp0Gooj7I69UKqucd9Jj3NIhmmJuQitneHb9pR6yG8fGSPU3BS3oUp8kN8OdysZrj92ip4LzUTSq5VJ3O1jONpmAkjRF-LRHfj5FE0YkX9As68gMV0lJzUxvGM3_1ujsaMOUmqztQ0F-GpHGQRYfJSG_RlTX38yN_4369YgoURg5LTYtEsw5TOVmCuvKKcr4JsdnKUHcHdRmkispQgJhJr64bKOvksupOuIaZo1nO5hY8JLjmi0CoSBGHy6spckWcxJO_PODTXRT7IiPV56XwNHprn942WNyrG4Cla92PPCMGNLw0PROwLbXwquK2jGARc-FIcGSnYUYq8o3ydCqNYqtO0bpTE8xbuI4KuQyXrZnoDiE8ttAQSSUSFSopYBVE9CBWlEQIKM1XYL2WS9IqcG0l5VrHz5X7BxVXYLsWVjPQuT-zxCZGIclqFQzfvv_SQnDcu2u5p8y-N92D29qyZXF-0r7ZgPrAxLi64bxsq_beB3kFI6ctdtxY_ATem4Ps |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fiscal+space+and+the+procyclicality+of+fiscal+policy%3A+The+case+for+making+hay+while+the+sun+shines&rft.jtitle=Economic+inquiry&rft.au=Ahmad%2C+Asif&rft.au=McManus%2C+Richard&rft.au=Ozkan%2C+F.+Gulcin&rft.date=2021-10-01&rft.issn=0095-2583&rft.eissn=1465-7295&rft.volume=59&rft.issue=4&rft.spage=1687&rft.epage=1701&rft_id=info:doi/10.1111%2Fecin.13008&rft.externalDBID=n%2Fa&rft.externalDocID=10_1111_ecin_13008 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0095-2583&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0095-2583&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0095-2583&client=summon |