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2.
The purpose of this study is to investigate the relationship between government expenditures and private investment in Canada during the period 1961 to 2000. To this end, effects of five categories of government expenditures on investment are examined within the cointegration and error-correction framework. The empirical results show that government expenditure on education and health has positive effects whereas government expenditures on capital and infrastructure have negative effects on private investment. The other expenditure categories, including government expenditure on protection of persons and property, expenditure on debt charges, and expenditure on government and social services have no significant effects on private investment.I wish to thank Baldev Raj for his valuable comments on this study which have led to an important improvement in the paper. I would also like to thank my colleagues Tomson Ogwang, Paul Bowles, Jalil Safaei, and an anonymous referee for their comments. However, the usual disclaimer applies.First version Received: May 2002/Final version received:20 May 2004 相似文献
3.
Abstract. Some recent empirical evidence suggests that private consumption is crowded-in by government spending. This outcome violates neoclassical macroeconomic theory, according to which the negative wealth effect brought about by a rise in public expenditure should decrease consumption. In this paper, we develop a simple real business cycle model where preferences depend on private and public spending, and households are habit forming. The model is estimated by the maximum-likelihood method using U.S. data. Estimation results indicate a strong Edgeworth complementarity between private and public spending. This feature enables the model to generate a positive response of consumption following a government spending shock. In addition, the impulse-response functions generated by the estimated model are generally consistent with those obtained from a benchmark vector autoregression. 相似文献
4.
ABSTRACTThis study investigates the effects of government spending shocks on various key macro variables in China, Korea, and Japan using structural VAR models. The main empirical findings are as follows. Government spending multipliers of all three countries are far larger than 1 in recent years. The effectiveness of fiscal expansion has not changed markedly in China but substantially increased in Korea (after the Asian financial crisis) and Japan (during zero lower bound period). Increases in the effectiveness of fiscal expansion are associated with changes in the monetary and exchange rate policy regimes and institutions of these countries. Among the three countries, the government spending multiplier is relatively large in China but relatively small in Japan in recent years. Although the effects on exchange rate and trade balance vary across countries and sample periods, real exchange rate tends to depreciate, whereas trade balance tends to improve under flexible exchange rate regimes. Some empirical findings are consistent with standard theory, but others are not. Abbreviations: NK: New Keynesian VAR: Vector Autoregressive ZLB: Zero Lower Bound 相似文献
5.
This paper incorporates a distinction between spending for government employment and spending for non-wage government consumption in a ‘new open economy macroeconomics’ model. Our results show that a permanent reduction in public employment in one country increases relative private consumption and appreciates the domestic exchange rate. We also compare announced reductions in domestic government employment and consumption, showing that these two policies have the same qualitative effects. When the reduction in public employment is used to finance increased government non-wage spending, the analytical results of the model are ambiguous, but a numerical analysis shows that relative consumption increases for a reasonable parameterization. 相似文献
6.
Standard business cycle models face difficulties generating (i) government spending multipliers exceeding unity and (ii) stabilizing effects of government size. Using a simple model with externality in labor supply, we show that a sufficient degree of complementarity between aggregate and private labor supplies is key to reproducing these stylized facts. 相似文献
7.
We examine how taxes impact charitable giving and how this relationship is affected by the degree of wasteful government spending. In our model, individuals make donations to charities knowing that the government collects a flat-rate tax on income (net of charitable donations) and redistributes part of the tax revenue. The rest of the tax revenue is wasted. The model predicts that a higher tax rate increases charitable donations. Surprisingly, the model shows that a higher degree of waste decreases donations (when the elasticity of marginal utility with respect to consumption is high enough). We test the model’s predictions using a laboratory experiment with actual donations to charities and find that the tax rate has an insignificant effect on giving. The degree of waste, however, has a large, negative and highly significant effect on giving. 相似文献
8.
ABSTRACTIn response to increasing debt paths, governments often implement fiscal consolidation programs. This paper studies the impact of these programs on the composition of government spending. System-GMM estimations performed on a sample of 53 developed and emerging countries over 1980–2011 reveal that fiscal consolidations significantly reduce the government investment-to-consumption ratio, i.e. a composition effect. Robust to a wide set of tests, including when using the narrative approach to identify fiscal consolidations, this significantly stronger contraction of government investment with respect to government consumption is at work particularly when debt is high and in the low phase of the economic cycle. Therefore, in such contexts, fiscal consolidations aimed at short-run stabilization may hurt the economy in the long-run through their detrimental effect on public investment, calling for a reflection upon how they could be re-designed to allow avoiding such undesirable consequences. 相似文献
9.
二十多年经济的快速发展使我国逐渐成为世界上最大的项目市场,目前我国由政府投资的项目占全部项目总投资额的70%-80%。但是,根据近年来国家审计署公布的对有关部委和部分重点工程的审计报告来看,部分政府投资的重点工程存在着资金挪用、工期拖延、质量低劣、甚至腐败问题十分严重的情况。这些问题引发了人们对如何提高政府投资效益的思考。本文通过对我国现行的政府投资项目管理的现状的分析,提出了提高政府投资效益的一些对策。 相似文献
10.
Economic theory has yet to come up with a general guidance regarding the dynamic effects and welfare implications of shocks to public spending. With the aim to provide a theoretical benchmark, we analyse if a rise in private consumption following an exogenous rise in government spending is a feature of the economy under optimal stabilization in a standard New Keynesian setting augmented for the presence of liquidity-constrained agents and non-separable preferences. Our results provide little evidence in support of a crowding-in effect under ‘timelessly optimal’ policy. 相似文献
11.
二十多年经济的快速发展使我国逐渐成为世界上最大的项目市场,目前我国由政府投资的项目占全部项目总投资额的70%-80%.但是,根据近年来国家审计署公布的对有关部委和部分重点工程的审计报告来看,部分政府投资的重点工程存在着资金挪用、工期拖延、质量低劣、甚至腐败问题十分严重的情况.这些问题引发了人们对如何提高政府投资效益的思考.本文通过对我国现行的政府投资项目管理的现状的分析,提出了提高政府投资效益的一些对策. 相似文献
12.
本文在对资产净值、信贷扩张与投资支出关系进行理论分析的基础上,运用Granger因果检验、VAR模型等方法实证分析了资产价格波动与我国信贷的关系,结果发现,房价变动率对我国贷款变动率有显著的正向影响,说明存在房价影响投资的资产负债表渠道.文章最后提出政策当局应注意资产价格波动对企业净值和银行信贷的影响,尤其要避免房价暴跌带来的"金融加速器"效应及随之而来的金融风险. 相似文献
13.
This paper examines the role of institutions in the nexus between public spending and economic growth. Empirical results based on a newly assembled dataset of 80 countries over the 1970–2010 period suggest that particularly when institutions prompt governments to be accountable to the general citizen does public capital spending promote growth. Taking account of the type of financing for this spending, we show that the growth-promoting effect under an accountable government appears to prevail for various financing sources, including a reallocation from current spending, an increase in revenue, and a rise in the budget deficit. However, government accountability does not seem to play a key role in the growth effects of current spending. 相似文献
14.
The main objective of this study is to make a contribution to the empirical literature of investment by examining the effects of FDI inflows on private investment in developing host countries. We employ panel data for 91 developing host countries over the period 1970–2000 and estimate our model by a means of system generalized method of moments. The results show that FDI stimulates private domestic investment which supports the “crowd-in-hypothesis”. Moreover, after grouping countries based on their level of income, we find that the positive effects of FDI on private investment in low-income countries depend on the availability of human capital. 相似文献
15.
We calibrate a dynamic stochastic general equilibrium model that features a transmission mechanism with different types of government spending, while the literature usually treats government spending as a homogenous compound. In this regard, we manage to distinguish between different types of government spending (namely: government investment, government wage component consumption and non-wage component consumption) where each type of spending has a varied role in the economy. The government wage increase has the largest positive effect both on private consumption and output by affecting the economy through the government production. This is a natural consequence of government production being complementary to private consumption in our model. Other two government spending types, namely government non-wage consumption and government investment, also have positive effects on output, whereas their responses on (private) consumption are mostly negative. These results provide an alternative explanation for the wide range of multipliers existing in the literature as our setup enables them to produce different effects on macroeconomic variables. 相似文献
16.
The objective of this study is to determine whether federal government purchases negatively impact private investment using
times series regression analysis. This study uses quarterly data from the years 1986.1 to 2004.4 in order to provide a relatively
contemporary evaluation of the effects of federal purchases on private investment. The empirical results in this study reveal
that increases in federal urchases, expressed as a percent of GDP, act to reduce new investment, which provides further support
for the theory that government expenditures crowd out private investment. ( JEL: E22, E62) 相似文献
17.
We examine the theoretical interrelations between equilibrium (in)determinacy and economic growth in a one‐sector representative‐agent model of endogenous growth with progressive taxation of income and productive flow of public spending. We analytically show that, if the demand‐side effect of government purchases is weaker, the economy exhibits an indeterminate balanced‐growth equilibrium and belief‐driven growth fluctuations when the tax schedule is sufficiently progressive or regressive. If the supply‐side effect of public expenditures is weaker, indeterminacy and sunspots arise under progressive income taxation. In sharp contrast to traditional Keynesian‐type stabilization policies, our analysis finds that raising the tax progressivity may destabilize an endogenously growing economy with fluctuations driven by agents’ self‐fulfilling expectations. 相似文献
18.
There exists a kind of growth imbalance in China’s current development process, which is essentially characterized by the
imbalance between the nation’s wealth and the people’s welfare. This paper points out that growth imbalance results mostly
from insufficient government social spending on people’s welfare. Consequently, the government should shoulder the basic responsibility
for the provision of education, health and social security, quicken the transformation of government expenditure structure
and increase the share of social spending, in order to improve the people’s welfare and achieve the rebalancing of growth.
The increase in social spending can also promote the accumulation of human capital, which will help the conversion of economic
growth pattern and the realization of sustainable and healthy economic development.
Translated from Jingji Yanjiu 经济研究 (Economic Research Journal), 2006, (10): 4–17 相似文献
19.
This paper tests for differences in the cyclicality of government spending across functional categories. Evidence from 20 OECD countries suggests that procyclicality is more likely in smaller functional budgets, but capital spending is more likely to be procyclical for the larger spending categories. 相似文献
20.
We investigate the size of the multiplier at the ZLB in a New Keynesian model. It ranges from around −0.25 to +1.5, depending on the extent to which the government spending is productive, substitutable or not for private consumption. 相似文献
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