The paper investigates the existence and nature of long run relationships between Greek national income and four categories of public expenditure.Our results suggest that there exists a positive long-run relationship between GDP on the one hand; and public expenditure and "productive" public consumption on the other, with causality running both ways. There appears to be no long-run relationship between GDP ans public-sector personnel expenditure; and GDP and public-debt service expenditure.From that point of view, it would appear that in terms of output growth, the fiscal policy followed by Greece during the 1975-1990 period has rather been ineffective.
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Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.
Volume (Year): 4 (2000) Issue (Month): 2 (Winter) Pages: 173-191 Download reference. The following formats are available: HTML,
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Find related papers by JEL classification: E0 - Macroeconomics and Monetary Economics - - General E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook