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The Impact of Financial and Fiscal Variables on Economic Growth: The Case of India and Korea

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  • Dua Pami
  • Rashid Aneesa Ismail
  • Salvatore Dominick
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Abstract

This paper applies a simple macroeconomic model developed by Green and Murinde (1993) to Korea and India and studies the potency of fiscal and financial policies. The fiscal variables are real government spending, the income tax rate, and the export tax rate; while financial policy variables are the official interest rate, loans from commercial banks, foreign reserves or the exchange rate and foreign capital inflows. Dummies for political instability and financial reforms specific to the two countries are also included. We find that while government expenditure, income taxes and foreign capital inflow have the same effects in the two countries, interest rates, money supply, foreign reserves and financial liberalization have different effects, bringing out the differences in the two economies, [E63, 011, 053]

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 14 (2000)
Issue (Month): 2 ()
Pages: 133-150

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Handle: RePEc:taf:intecj:v:14:y:2000:i:2:p:133-150

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  1. Godfrey, Leslie G, 1978. "Testing against General Autoregressive and Moving Average Error Models When the Regressors Include Lagged Dependent Variables," Econometrica, Econometric Society, vol. 46(6), pages 1293-1301, November.
  2. Krugman, Paul & Taylor, Lance, 1978. "Contractionary effects of devaluation," Journal of International Economics, Elsevier, vol. 8(3), pages 445-456, August.
  3. Van Wijnbergen, Sweder, 1986. "Exchange rate management and stabilization policies in developing countries," Journal of Development Economics, Elsevier, vol. 23(2), pages 227-247, October.
  4. Green, Christopher & Murinde, Victor, 1993. "The potency of stabilization policy in developing economies: Kenya, Tanzania, and Uganda," Journal of Policy Modeling, Elsevier, vol. 15(4), pages 427-462, August.
  5. Van Wijnbergen, S., 1983. "Interest rate management in LDC's," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 433-452, September.
  6. Mosley, Paul, 1980. "Aid, Savings and Growth Revisited," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 42(2), pages 79-95, May.
  7. Green, Christopher J & Murinde, Victor, 1998. "Modelling the Macroeconomic Policy Framework for an Emerging Market Economy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(3), pages 302-30, June.
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Cited by:
  1. Anusorn Tamajai, . "The Impact of Capital Inflows of Asian Economic Growth," Fordham Economics Dissertations, Fordham University, Department of Economics, number 2000.4, spring.

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