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Capital privado y competencia internacional: la armonización fiscal nunca es suficiente

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Author Info

  • Jorge Blázquez

    ()
    (BBVA)

  • José M. Martín-Moreno

    ()
    (Universidade de Vigo)

Abstract

This paper analyzes the international transmission of the fiscal policy when the public expenditure presents a positive externality on the private factors of production, capital and labor. We propose a general equilibrium model with N symmetric countries where there exists perfect mobility in private capital but not in labor. The results show that a fiscal expansion generates a "crowding-out" effect on capital of the neighbor countries. Whenever the number of countries is large enough, an increase in public expenditure always causes a "crowding-in" on the domestic private capital. (Copyright: Fundación Empresa Pública)

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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 26 (2002)
Issue (Month): 2 (May)
Pages: 359-372

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Handle: RePEc:iec:inveco:v:26:y:2002:i:2:p:359-372

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Related research

Keywords: Harmonization; productivity; public capital; transmition of fiscal policy;

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References

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  1. Stephen J. Turnovsky, 1987. "The Gains from Fiscal Cooperation in the Two Commodity Real Trade Model," NBER Working Papers 2466, National Bureau of Economic Research, Inc.
  2. Ghosh, Atish R., 1991. "Strategic aspects of public finance in a world with high capital mobility," Journal of International Economics, Elsevier, vol. 30(3-4), pages 229-247, May.
  3. Beetsma, R.M.W.J. & Bovenberg, A.L., 1995. "Monetary union without fiscal coordination may discipline policymakers," Discussion Paper 1995-59, Tilburg University, Center for Economic Research.
  4. Gordon, Roger H, 1992. " Can Capital Income Taxes Survive in Open Economies?," Journal of Finance, American Finance Association, vol. 47(3), pages 1159-80, July.
  5. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
  6. Robert J. Barro, 1988. "Government Spending in a Simple Model of Endogenous Growth," NBER Working Papers 2588, National Bureau of Economic Research, Inc.
  7. Barro, Robert J. & Mankiw, N Gregory & Sala-i-Martin, Xavier, 1994. "Capital Mobility in Neoclassical Models of Growth," CEPR Discussion Papers 1019, C.E.P.R. Discussion Papers.
  8. V.V. Chari & Patrick J. Kehoe, 1989. "International coordination of fiscal policy in limiting economies," Staff Report 121, Federal Reserve Bank of Minneapolis.
  9. Evans, Paul & Karras, Georgios, 1994. "Is government capital productive? Evidence from a panel of seven countries," Journal of Macroeconomics, Elsevier, vol. 16(2), pages 271-279.
  10. Jose Manuel Gonzalez-Paramo, 1995. "Infraestructuras, productividad y bienestar," Investigaciones Economicas, Fundación SEPI, vol. 19(1), pages 155-168, January.
  11. Chang, Roberto, 1990. "International coordination of fiscal deficits," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 347-366, June.
  12. Patrick J. Kehoe, 1986. "Coordination of fiscal policies in a world economy," Staff Report 98, Federal Reserve Bank of Minneapolis.
  13. Dixon, Huw David & Santoni, Michele, 1997. "Fiscal Policy Coordination with Demand Spillovers and Unionised Labour Markets," Economic Journal, Royal Economic Society, vol. 107(441), pages 403-17, March.
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