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The Displacement Effect on Government Expenditure of Two Oil Crises: Japan, the United Kingdom and the United States

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  • Nomura, Masuo

Abstract

The purpose of this paper is to examine the displacement effect on government expenditure for Japan, the United Kingdom, and the United States over the periods of the first and second oil price shocks. Following J. Diamond (1977) and P. A. Watt (1978), the displacement effect can be interpreted as a structural change. The author examines the displacement effect by using the Chow test and the modified Wald test proposed by Y. Honda and K. Ohtani (1986). Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Nomura, Masuo, 1991. "The Displacement Effect on Government Expenditure of Two Oil Crises: Japan, the United Kingdom and the United States," The Manchester School of Economic & Social Studies, University of Manchester, vol. 59(4), pages 408-418, December.
    • Handle: RePEc:bla:manch2:v:59:y:1991:i:4:p:408-18
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    Cited by:

    1. Gemmell, Norman & Morrissey, Oliver & Pinar, Abuzer, 1999. "Fiscal illusion and the demand for government expenditures in the UK," European Journal of Political Economy, Elsevier, vol. 15(4), pages 687-704, November.
    2. Fernando Martín-Mayoral & Juan Fernández Sastre, 2017. "Determinants of social spending in Latin America during and after the Washington consensus: a dynamic panel error-correction model analysis," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 26(1), pages 1-32, December.

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