Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?
---- Acknowledgements -----
We are grateful to Ari Aisen, Ugo Panizza, Roberto Rigobon, Martin Uribe, Guillermo Vuletin and seminar participants at the University of Maryland, Universit? Libre de Bruxelles, and International Economic Association Meetings (Istanbul) for helpful comments and suggestions and to Inci Gumus, James John, Francisco Parodi, and Ioannis Tokatlidis for help in obtaining data. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.