Skip to main content Accessibility help
×
Hostname: page-component-586b7cd67f-l7hp2 Total loading time: 0 Render date: 2024-11-20T15:30:58.659Z Has data issue: false hasContentIssue false

7 - Fiscal Needs and Low Interest Rates Policy in an Olsonian Setting

from Part III - The Political Economy of CBI in the Real Economy

Published online by Cambridge University Press:  25 April 2024

Stan Du Plessis
Affiliation:
University of Stellenbosch, South Africa
Andreas Freytag
Affiliation:
Friedrich-Schiller-Universität, Jena, Germany
Get access

Summary

Chapter 7 takes an Olsonian perspective. We ask the question of what drove central bank balance sheet policies in democracies. This development is understood from the perspective of Mancur Olson’s ground-breaking theory of the ‘rise and decline of nations’ which accounts for the increasing difficulty to reform as distributional coalitions impose the ‘slavery of the rent-seeking society’ (as the former chief economist of the GATT, Jan Tumlir, so appropriately put it) on democratic societies. In light of these considerations, the factual degree of central bank independence might lower than it appears at first glance.

Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2024

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×