What drives political parties' commitment to the 'stability culture'? An empirical analysis based on the electoral manifestos issued in EU member states

By using data extracted from the political manifestos released by national political parties from 27 European Union countries over the 1990–2012 period, we estimate non‐linear econometric models whose aim is to understand the determinants of cross‐country political concern for the ‘stability culture’. This expression describes an economic policy perspective based on the aims of providing price stability, fiscally disciplined budgets, and rules and procedures that favor public expenditure ceilings. Our findings reveal that parties' commitment to the ‘stability culture’ is determined by their ideological background and by the national macroeconomic situation in the pre‐electoral year.