Economic growth and budgetary components: a panel assessment for the EU |
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Authors: | António Afonso Juan González Alegre |
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Institution: | (1) School of Business, Department of Economics, Auburn University at Montgomery, Montgomery, AL 36124, USA |
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Abstract: | In this article, we test to determine whether a reallocation of government budgetary components can enhance long-term GDP
growth in a set of 15 EU countries. We apply panel data techniques to the period 1971–2006, and use three alternative dependent
variables in a growth regression: economic growth, total factor productivity and labour productivity. Our results also identify
the distortions induced by public expenditure in the private factors allocation. In particular, we detect a strong crowding-in
effect associated to public investment, which has enhanced economic growth by boosting private investment. We also associate
a dependence of productivity on public expenditure on social security. |
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Keywords: | |
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