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Dynamic Fiscal Policies and Endogenous Growth

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  • Park, Hyun

    ()
    (Kyung-Hee University)

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    Abstract

    This paper studies the dynamic properties of an endogenous growth model in which government consumption and production services are financed by capital taxes. I generalize the existence and its stability property of commitment Ramsey equilibria when government spending is productive and taxation is distortionary. I then establish a sufficient condition for uniqueness of the (positive) balanced growth path and determinacy of transitional dynamics. The same sufficient condition ensures growth convergence in Barro-type endogenous fiscal policies. This modeling approach can be used by a large class of endogenous growth models which allow for market imperfections and optimal policies. In particular, a few implications for main results are discussed on economic integration.

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    Bibliographic Info

    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 20 (2005)
    Issue (Month): ()
    Pages: 347-365

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    Handle: RePEc:ris:integr:0319

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    Web page: http://econo.sejong.ac.kr/
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    Related research

    Keywords: Optimal tax policy; Transitional dynamics; Determinacy; Growth convergence;

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