{
  "title": "Fiscal Discourse and Fiscal Policy",
  "publication": "IMF Working Papers, September 16, 2024",
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  "summary": "We study the supply of fiscal ideas leveraging thousands of electoral platforms from 65 countries in the Manifesto Project to link how political parties discuss fiscal policy with fiscal outcomes. We provide three sets of results.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Yongquan Cao, Era Dabla-Norris, Enrico Di Gregorio\n- Publication date: September 16, 2024\n- Format: IMF Working Papers, Working Paper No. 2024/194\n- Scope: Analysis leveraging thousands of electoral platforms from 65 countries in the Manifesto Project to link how political parties discuss fiscal policy with fiscal outcomes."
    },
    {
      "heading": "Key findings",
      "content": "- Rising pro-spending discourse:\n  - Fiscal discourse has become increasingly favourable to higher government spending since at least the 1990s in advanced and emerging economies and across the political spectrum.\n  - This upward trend in party discourse does not track survey trends in voter preferences, suggesting parties have played a role in shifting the focus of political campaigns to fiscal issues to win over voters.\n- Conditional conservatism:\n  - Fiscal discourse turns conservative under more adverse fiscal conditions, including in the aftermath of debt surges and after the adoption of fiscal rules, but only to a limited extent.\n- Medium-run fiscal effects:\n  - Over the medium-run, relative discourse changes in favor of government expansion and away from fiscal restraint are followed by higher fiscal deficits.\n- Overall implication:\n  - Together, the results suggest that adverse shifts in the supply of fiscal ideas could add to fiscal pressures over time."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Emerging and frontier financial markets, Expenditure, Financial markets, Fiscal policy, Fiscal rules, Government debt management, Public debt, Public financial management (PFM)\n- Keywords: Elections, Emerging and frontier financial markets, expansion discourse, Fiscal Discourse, Fiscal Policy, Fiscal rules, Global, Government debt management, IMF working paper No. 2024/194, Manifesto, survey trend, trend increase\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2024/09/12/fiscal-discourse-and-fiscal-policy-554774"
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    "Authors: Yongquan Cao, Era Dabla-Norris, Enrico Di Gregorio",
    "Published: September 16, 2024",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400286780.001",
    "Authors: Yongquan Cao, Era Dabla-Norris, Enrico Di Gregorio",
    "Publication date: September 16, 2024",
    "Format: IMF Working Papers, Working Paper No. 2024/194",
    "Scope: Analysis leveraging thousands of electoral platforms from 65 countries in the Manifesto Project to link how political parties discuss fiscal policy with fiscal outcomes.",
    "Rising pro-spending discourse:",
    "Conditional conservatism:",
    "Medium-run fiscal effects:",
    "Overall implication:",
    "Subject: Emerging and frontier financial markets, Expenditure, Financial markets, Fiscal policy, Fiscal rules, Government debt management, Public debt, Public financial management (PFM)",
    "Keywords: Elections, Emerging and frontier financial markets, expansion discourse, Fiscal Discourse, Fiscal Policy, Fiscal rules, Global, Government debt management, IMF working paper No. 2024/194, Manifesto, survey trend, trend increase",
    "**Working Paper**"
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