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Fiscal policy and growth: new results for the Spanish regions, 1967-1995

Author

Listed:
  • Bajo Rubio , Óscar

    (Universidad de Castilla-La Mancha)

  • Díaz Roldán, Carmen

    (Universidad de Castilla-La Mancha)

Abstract

In this paper we present a new assessment of the effects of fiscal policy on economic growth, focusing on the role of public expenditure. Starting from a theoretical model where only those public expenditure items strictly presumed to influence the production process (i.e., public capital and transfers) are incorporated into the production function, we provide an empirical application for the case of the Spanish regions during the period 1967-1995. The results confirm the positive effect on growth from both public capital and transfers, being relatively more intense that of public capital for the more productive regions, and that of transfers for the less productive ones.

Suggested Citation

  • Bajo Rubio , Óscar & Díaz Roldán, Carmen, 2003. "Fiscal policy and growth: new results for the Spanish regions, 1967-1995," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 3, pages 99-111.
    • Handle: RePEc:ris:invreg:0206
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    More about this item

    Keywords

    economic growth; public capital; public transfers; Spanish regions;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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