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US State constitutional entrenchment and default in the 19th century

机译:19世纪美国国家宪法的确立和违约

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摘要

Constitutional scholars emphasize the importance of an enduring, stable constitutional order, which North and Weingast (1989) argue is consistent with credible commitments to sustainable fiscal policies. However, this view is controversial and has received little empirical study. We use 19th-century US state-level data to estimate relationships between constitutional design and the likelihood of a government default. Results indicate that more entrenched and less specific constitutions are associated with a lower likelihood of default.
机译:宪政学者强调了持久,稳定的宪政秩序的重要性,诺斯和温格斯特(1989)认为,这与对可持续财政政策的可靠承诺是一致的。但是,这种观点是有争议的,还没有进行任何实证研究。我们使用19世纪美国的州级数据来估计宪法设计与政府违约可能性之间的关系。结果表明,根深蒂固和较少具体的构成与较低的违约可能性相关联。

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