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Government Spending, Trade Openness and Economic Growth in India: A Time Series Analysis

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  • Hrushikesh Mallick

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    Abstract

    The study examines the impact of aggregate government expenditure and its two broader components such as revenue expenditure and capital expenditure on the growth rate of output in the Indian context along with other key potential determinants of economic growth such as trade openness and private investment. It utilizes structural vector autoregression (SVAR) methodology for examining the dynamic response of output growth to the shocks in major macro economic variables wherein public expenditure is considered to be an important fiscal policy instrument. [WP No. 403].

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:1809.

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    Date of creation: Dec 2008
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    Handle: RePEc:ess:wpaper:id:1809

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    Related research

    Keywords: public; output; growth; time series; analysis; india; government; expenditure; revenue; capital; private investment; economic growth; structural vextor; autoregression; SVAR; macro economic variables; fiscal policy; expenditure;

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    1. Niloy Bose & M. Emranul Haque & Denise R. Osborn, 2007. "Public Expenditure And Economic Growth: A Disaggregated Analysis For Developing Countries," Manchester School, University of Manchester, vol. 75(5), pages 533-556, 09.
    2. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 417-458, December.
    3. Kneller, Richard & Bleaney, Michael F. & Gemmell, Norman, 1999. "Fiscal policy and growth: evidence from OECD countries," Journal of Public Economics, Elsevier, vol. 74(2), pages 171-190, November.
    4. Agell, Jonas & Lindh, Thomas & Ohlsson, Henry, 1998. "Growth and the Public Sector: A reply," Working Paper Series 1999:1, Uppsala University, Department of Economics.
    5. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    6. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October.
    7. Nijkamp, Peter & Poot, Jacques, 2004. "Meta-analysis of the effect of fiscal policies on long-run growth," European Journal of Political Economy, Elsevier, vol. 20(1), pages 91-124, March.
    8. Fölster, Stefan & Henrekson, Magnus, 1998. "Growth Effects of Government Expenditure and Taxation in Rich Countries," Working Paper Series 503, Research Institute of Industrial Economics, revised 20 Jun 2000.
    9. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    10. Folster, Stefan & Henrekson, Magnus, 1999. "Growth and the public sector: a critique of the critics," European Journal of Political Economy, Elsevier, vol. 15(2), pages 337-358, June.
    11. Henning, John A & Tussing, A Dale, 1974. "Income Elasticity of the Demand for Public Expenditures in the United States," Public Finance = Finances publiques, , vol. 29(3-4), pages 325-41.
    12. Lin, Chi-Ang, 1995. "More Evidence on Wagner's Law for Mexico," Public Finance = Finances publiques, , vol. 50(2), pages 267-77.
    13. Shantayanan Devarajan & Vinaya Swaroop & Heng-fu Zou, 1996. "The composition of public expenditure and economic growth," CEMA Working Papers 77, China Economics and Management Academy, Central University of Finance and Economics.
    14. Gupta, Sanjeev & Clements, Benedict & Baldacci, Emanuele & Mulas-Granados, Carlos, 2005. "Fiscal policy, expenditure composition, and growth in low-income countries," Journal of International Money and Finance, Elsevier, vol. 24(3), pages 441-463, April.
    15. Khundrakpam, Jeeavn Kumar, 2003. "Public Sector Spending and Economic Growth in India," MPRA Paper 51105, University Library of Munich, Germany, revised 2003.
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