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Impact of Fiscal Policy on the Cumulative Production in the Bulgarian Economy

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  • Maria Neycheva

Abstract

In the contemporary researches on fiscal policy the idea about Nonkeynesian effect is broadly debated. Contrary to the orthodox Keynesian paradigm this theory suggests a stimulating impact of budget consolidations on cumulative activity. The trends towards fiscal restrictions and balanced budget in the Eurozone stimulate the research on Nonkeynesian effects in the European countries. In connection with this the theoretical fundament and the results of the relevant empirical research are presented. A confirmation of the hypothesis for Nonkeynesian impact of the budget policy on the growth of GDP in the Bulgarian economy is sought.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2007)
Issue (Month): 3 ()
Pages: 82-101

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Handle: RePEc:bas:econth:y:2007:i:3:p:82-101

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  1. Selma Mahfouz & Richard Hemming & Michael Kell, 2002. "The Effectiveness of Fiscal Policy in Stimulating Economic Activity--A Review of the Literature," IMF Working Papers 02/208, International Monetary Fund.
  2. Lane, Philip R. & Perotti, Roberto, 2003. "The importance of composition of fiscal policy: evidence from different exchange rate regimes," Journal of Public Economics, Elsevier, vol. 87(9-10), pages 2253-2279, September.
  3. Prammer, Doris, 2004. "Expansionary Fiscal Consolidations? An Appraisal of the Literature on Non-Keynesian Effects of Fiscal Policy and a Case Study for Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 34–52.
  4. António Afonso & Christiane Nickel & Philipp C. Rother, 2006. "Fiscal Consolidations in the Central and Eastern European Countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 142(2), pages 402-421, July.
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  11. Maria Neicheva, 2006. "Non-Keynesian Effects of Government Expenditure on Output in Bulgaria: An HP Filter Approach," Post-Communist Economies, Taylor & Francis Journals, vol. 18(1), pages 1-12.
  12. Piotr Bujak & Joanna Siwinska-Gorzelak, 2003. "Short-run Macroeconomic Effects of Discretionary Fiscal Policy Changes," CASE Network Studies and Analyses 0261, CASE-Center for Social and Economic Research.
  13. Catriona Purfield, 2003. "Fiscal Adjustment in Transition : Evidence from the 1990s," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 39(1), pages 43-62, January.
  14. Roberto Perotti, 1999. "Fiscal Policy In Good Times And Bad," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1399-1436, November.
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  16. Olivier J. Blanchard & Stanley Fischer, 1990. "NBER Macroeconomics Annual 1990, Volume 5," NBER Books, National Bureau of Economic Research, Inc, number blan90-1.
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