Words speak louder than actions : the impact of politics on economic performance


Osterloh, Steffen


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URL: http://ub-madoc.bib.uni-mannheim.de/3092
URN: urn:nbn:de:bsz:180-madoc-30921
Document Type: Working paper
Year of publication: 2010
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O40 H11 P16 ,
Subject headings (SWD): OECD , Ideologie , Parteiprogramm , Neoliberalismus , Wirkungsanalyse , Wirtschaftswachstum , Public-Choice-Theorie
Keywords (English): economic growth , political economy , ideology , panel data , model averaging
Abstract: In this paper, a new approach to disclose the impact of politics on economic growth is presented: we use data derived from content analysis of party manifestos as measures of party preferences. In a panel of 23 OECD countries, we detect a positive impact of party support for various market-liberal policies on economic performance. In particular, we show that parties which were more concerned with market interventions and – to a lesser extent – welfare state policies impacted on growth negatively; those which proposed incentives for business as well as technology and infrastructure had a positive impact. Moreover, the robustness of the results is demonstrated in a model averaging framework.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Osterloh, Steffen (2010) Words speak louder than actions : the impact of politics on economic performance. Open Access [Working paper]
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