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41.
We re-examine the tax-spending nexus using a panel of 50 US state-local government units between 1963 and 1997. We find that, unlike tax revenues, expenditures adjust to revert back to a long-term equilibrium relationship. The evidence on the short-term dynamics is also consistent with the tax-and-spend hypothesis. One implication of this finding is that the size of the government at the state-local level is not determined by expenditure demand, but rather by resource supply. This is consistent with the fact that many US state and local governments operate under constitutional or legislative limitations that seek to constrain deficits. 相似文献
42.
Joakim Westerlund 《Oxford bulletin of economics and statistics》2007,69(6):709-748
This paper proposes new error correction‐based cointegration tests for panel data. The limiting distributions of the tests are derived and critical values provided. Our simulation results suggest that the tests have good small‐sample properties with small size distortions and high power relative to other popular residual‐based panel cointegration tests. In our empirical application, we present evidence suggesting that international healthcare expenditures and GDP are cointegrated once the possibility of an invalid common factor restriction has been accounted for. 相似文献
43.
44.
Panel cointegration and the neutrality of money 总被引:1,自引:0,他引:1
Most econometric methods for testing the proposition of long-run monetary neutrality rely on the assumption that money and
real output do not cointegrate, a result that is usually supported by the data. This paper argues that these results can be
attributed in part to the low power of univariate tests, and that a violation of the noncointegration assumption is likely
to result in a nonrejection of the neutrality proposition. To alleviate this problem, two new and more powerful panel cointegration
tests are proposed that can be used under quite general conditions. The empirical results obtained from applying these tests
to a panel covering ten countries between 1870 and 1986 suggest money and real output are cointegrated, and hence that the
neutrality proposition must be rejected.
相似文献
45.
Mika Westerlund Author Vitae Senja Svahn Author Vitae 《Industrial Marketing Management》2008,37(5):492-501
Utilizing theories on social capital, business networks, social networks and relationship value, we explore the aspects that provide specific value in relationships with different actors in the software industry. The motive for the study is the assumption that some relationships are regarded as more important than others, and companies strive to focus on fewer relationships with greater outcomes. The study is guided by the premise that social capital is a foundation for relationship value, and its identified elements differ among relationships. We take the perspective of software companies and classify their relationships with business partners into three distinctive types according to their function in the value creation process. The findings of our empirical analysis, based on a qualitative case study of eight software SMEs indicate that the aspects of social capital, like the sources of relationship value, vary systematically by the types of relationships. Thus, we are able to provide some theoretical and managerial implications on the management of small- and medium-sized companies. 相似文献
46.
Mette Anthonsen ?sa L?fgren Klas Nilsson Joakim Westerlund 《Economics of Governance》2012,13(2):145-168
This paper introduces quality of government rather than regime type as dependent variable in studies of political effects
of natural resources. It consists of two parts. First, it argues for an effect of fiscal dependency of oil and gas rents on
quality of government. Second, it finds significant, negative effects of oil and gas rent dependency on three empirical indicators
of quality of government—low corruption, bureaucratic quality and legal impartiality—in a sample of 139 states in the period
1984–2006. The results hold for inclusion of control variables such as regime type, income, region and religion. 相似文献