Late Budgets

Author:

Andersen Asger Lau1,Lassen David Dreyer2,Nielsen Lasse Holbøll Westh3

Affiliation:

1. Danmarks Nationalbank, Havnegade 5, DK-1093 Copenhagen K, Denmark.

2. Department of Economics, University of Copenhagen, Øster Farimagsgade 5, DK-1353 Copenhagen K, Denmark.

3. Goldman Sachs International, 133 Fleet Street, Peterborough Court, London, EC4A 2BB, UK.

Abstract

The budget forms the legal basis for government spending, and timely budgets, enacted before the new fiscal year, are an integral part of good governance. This paper examines the causes of late budgets using a unique dataset of budget completion dates for US state governments 1988–2007, constructed from news reports and state budget office surveys. We find 23 percent of state budgets to be late. We show that changing economic circumstances and divided government are the driving forces behind late budgets, which is consistent with a war-of-attrition bargaining model featuring budget baselines and preferences over deviations from such baselines. (JEL C78, D72, H61, H72)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

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