Regierung , Finanzpolitik , Berufserfahrung , Persönlichkeitspsychologie , Öffentliche Schulden , Europa , 1980-2010
Keywords (English):
Public finance , public debt , finance minister , personal characteristics
Abstract:
Using a unique dataset of personal characteristics of national finance ministers in Europe
(1980 – 2010), I show that especially a finance minister’s experience affects the development
of public debt. Both a finance minister’s experience gained in office and his political
experience have an impact: The change of the debt to GDP ratio is negative the more
experience a finance minister has gained as a minister of finance or in former positions as a
national cabinet member. While the former result suffers from potential endogeneity, several
arguments support that the latter result can be interpreted in a causal way. In contrast, a
finance minister’s educational background or ideology have no significant impact on public
debt changes.
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