Political foundations of economic credibility: Austria and Switzerland in a comparative perspective

Freitag, Markus (2001). Political foundations of economic credibility: Austria and Switzerland in a comparative perspective. Österreichische Zeitschrift für Politikwissenschaft ÖZP, 30(3), pp. 275-290. Facultas.wuv

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This article examines the political foundations of economic credibility in Austria and Switzerland in comparative perspective. Unlike other western democracies these two countries come off very well regarding country risk evaluations from international investors and expert opinions. How can we explain this standing? The contribution starts from the findings of comparative research on credibility, asking to what extent the Austrian and Swiss experiences can be explained in the light of the theories and empirical analyses. The author argues that in a comparative perspective these two countries are characterised by a peculiar accumulation of political foundations of economic credibility. In short, these are an independent central bank, social partnership promoting labor quiescence, consensus democracy, the difficulty of centralised fiscal policy and the continuity of participating in exchange-rate regimes without frequent changes between them.

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