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Fiscal policies and endogenous growth in integrated capital markets

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Author Info
Lejour, A.M.
Verbon, H.A.A. (Tilburg University, Center for Economic Research)

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Abstract

This paper examines the effects of policy coordination in a two-country world with endogenous growth and imperfect capital mobility. Public investment and a public consumption good are financed by a source-based capital-income tax. By comparing the cases in which countries do and do not coordinate their fiscal policies, it follows that spending on investment and redistribution can be inefficiently high if fiscal policies are not coordinated. This is caused by the negative effects of fiscal policy on economic growth abroad. This externality can dominate the well-known tax-base externality. Coordination of only investment policy decreases the inefficiency of that policy, but it increases the inefficiency of noncoordinated provision of the public good.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 76.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199676

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Find related papers by JEL classification:
H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Alesina, Alberto & Rodrik, Dani, 1994. "Distributive Politics and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 109(2), pages 465-90, May. [Downloadable!] (restricted)
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  2. Barro, Robert J. & Sala-i-Martin, Xavier, 1992. "Public Finance in Models of Economic Growth," CEPR Discussion Papers 630, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Clarida, Richard & Findlay, Ronald, 1994. "After Maastricht: Public Investment, Economic Integration and International Capital Mobility," Economica, London School of Economics and Political Science, vol. 61(243), pages 319-29, August. [Downloadable!] (restricted)
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  1. Inaki Erauskin-Iurrita, 2004. "Risk, productive government expenditure, and the world economy," International Finance 0412003, EconWPA. [Downloadable!]
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This page was last updated on 2009-11-25.

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