On graduation from fiscal procyclicality by Jeffrey A. Frankel, Carlos A. Végh and Guilhermo Vuletin published by NBER (11/2011). “In this past, industrial countries have tended to pursue countercyclical or, at worst, acyclical fiscal policy. In sharp contrast, emerging and developing countries have followed procyclical fiscal policy, thus exacerbating the underlying business cycle. We show that, over the last decade, about a third of the developing world has been able to escape the procyclicality trap and actually become countercyclical…”
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