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Using 74 consolidation episodes derived from the narrative approach in 17 advanced economies during 1978\u20132015, the paper shows that promise gaps were sizeable (about 0.3% of gross domestic product per year or 1.1% of gross domestic product during an average fiscal adjustment episode). Both economic and political factors explain the gaps: for example, greater electoral proximity, stronger political cohesion and higher accountability were all associated with smaller promise gaps. Finally, governments that delivered on their fiscal consolidation plans were rewarded by financial markets and not penalized by voters.<\/jats:p>","DOI":"10.1177\/1465116518778807","type":"journal-article","created":{"date-parts":[[2018,6,6]],"date-time":"2018-06-06T07:57:45Z","timestamp":1528271865000},"page":"383-407","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":12,"title":["Planned fiscal adjustments: Do governments fulfil their commitments?"],"prefix":"10.1177","volume":"19","author":[{"given":"Sanjeev","family":"Gupta","sequence":"first","affiliation":[{"name":"Centennial Group, Center for Global Development, Washington, D.C., USA"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7171-5076","authenticated-orcid":false,"given":"Jo\u00e3o T","family":"Jalles","sequence":"additional","affiliation":[{"name":"Research Department, International Monetary Fund, Washington, D.C., USA"}]},{"given":"Carlos","family":"Mulas-Granados","sequence":"additional","affiliation":[{"name":"Fiscal Affairs Department, International Monetary Fund, Washington D.C., USA"}]},{"given":"Michela","family":"Schena","sequence":"additional","affiliation":[{"name":"Fiscal Affairs Department, International Monetary Fund, Washington, D.C., USA"}]}],"member":"179","published-online":{"date-parts":[[2018,6,6]]},"reference":[{"key":"bibr56-1465116518778807","doi-asserted-by":"crossref","unstructured":"Afonso A and Jo\u00e3o J (2014) Assessing fiscal episodes.\n                      Economic Modelling\n                      37: 255\u2013270.","DOI":"10.1016\/j.econmod.2013.10.035"},{"issue":"2","key":"bibr1-1465116518778807","first-page":"1318","volume":"35","author":"Afonso A","year":"2015","journal-title":"Economics Bulletin"},{"key":"bibr2-1465116518778807","doi-asserted-by":"publisher","DOI":"10.1093\/epolic\/eiv006"},{"key":"bibr3-1465116518778807","doi-asserted-by":"crossref","unstructured":"Alesina A and Perotti R (1995) Fiscal expansions and fiscal adjustments in OECD countries. 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