caa a22 4500 388051256 CHVBK 20180307125054.0 cr unu---uuuuu 161130s1998 xx s 000 0 eng 10.1162/002081898550563 doi S0020818398440293 pii (NATIONALLICENCE)cambridge-10.1162/002081898550563 International and Domestic Constraints on Political Business Cycles in OECD Economies [Elektronische Daten] The effect of increased capital mobility on the national control of macroeconomic policy continues to be a topic of debate. Empirical contributions to this debate share the assumption that domestic macroeconomic policy is driven by either partisan or countercyclical motivations, and that the effects of international financial flows have roughly similar effects in all countries. This article reevaluates the integration hypothesis in a framework in which manipulations of the macroeconomy derive from opportunistic motivations. The article emphasizes the ways in which prior institutional choices effect the way these motivations are translated into actions. Evidence from individual country and pooled time-series tests suggests that opportunistic cycles are less likely to occur when (1) a government maintains a fixed exchange rate in the presence of highly mobile capital or (2) when the central bank enjoys above-average independence. Copyright © The IO Foundation 1998 Clark William Roberts Reichert Usha Nair Lomas Sandra Lynn Parker Kevin L. International Organization Cambridge University Press 52/1(1998), 87-120 0020-8183 52:1<87 1998 52 INO https://doi.org/10.1162/002081898550563 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1162/002081898550563 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Clark William Roberts NATIONALLICENCE 700 1- Reichert Usha Nair NATIONALLICENCE 700 1- Lomas Sandra Lynn NATIONALLICENCE 700 1- Parker Kevin L. NATIONALLICENCE 773 0- International Organization Cambridge University Press 52/1(1998), 87-120 0020-8183 52:1<87 1998 52 INO CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge