1. DSpace at West Ukrainian National University

Перегляд зібрання за групою - Теми Political regimes also play an important role from the perspective of the introduction of counter-cyclical fiscal buffers. Where fiscal policy does not create reliable prerequisites for macroeconomic stability, central banks’ capability to offset the pro-cyclicality of commodity prices is a result of institutional quality – to a much greater extent than the way in which institutional quality generates a counter-cyclical bias in fiscal policy. Put differently, price stability and its inflationtargeting-based maintenance is associated mainly with democratic political regimes that enable financial development, thereby positively impacting the accessibility of flexible-exchange-rate setting with a counter-cyclical objective.