Table 7 - uploaded by Yaniv Reingewertz
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Context 1
... α i are municipality fixed effects. While the model specified in Eq. (1) can be used to estimate the existence of political budget cycles, our main interest is to understand whether they are more pronounced under certain fiscal institutions, specifically when a municipality is characterized 18 Robustness tests with respect to these specifications are reported in Table 7. 19 As noted above, we cannot include year dummies because the local elections in our sample are held in all municipalities at the same date. ...
Context 2
... Table 7 we examine the robustness of our results to various changes in the specification. In Column (I) we report the results when the dependent variable is the change in the debt per capita of each municipality, rather than the log, to ensure that our results are not driven by large percentage changes in the debt of municipalities with small per capita debts. ...
Context 3
... The dependent variables are presented in levels per capita in order to facilitate the comparison between the different budgetary components. We note that the point estimate of net development expenditures is equivalent to 83% of the total change in debt per-capita in election years, as reported in Column 1 of Table 7. revenues, do not reflect current revenues nor current expenditures. Column (IV) completes the picture by identifying significant effects of all our key variables on net development expenditure. ...
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