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Fiscal Expenditure Policy and Non-Oil Economic Growth

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  • Qing Wang
  • Ugo Fasano-Filho
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    Abstract

    Through the use of a multivariate cointegration and error-correction model, this study investigates the short- and long-run relationship over the past two decades between fiscal expenditure policy and non?oil real GDP growth in member countries of the Gulf Cooperation Council (GCC). Despite the important role of the government, the empirical results do not strongly support that increases in fiscal expenditures tend to slow or accelerate non?oil real growth in these countries. However, the breakdown into current and capital expenditures is useful for assessing the effects of each spending category on short- and long-run non?oil real GDP growth.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/195.

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    Length: 21
    Date of creation: 01 Dec 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/195

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    References

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    1. repec:fth:coluec:754 is not listed on IDEAS
    2. Ghali , Khalifa H. & Al - Shamsi, Fatima, 1997. "Fiscal Policy and Economic Growth: A Study Relating to the United Arab Emirates," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 50(4), pages 519-533.
    3. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S103-26, October.
    4. Alberto Alesina & Roberto Perotti, 1995. "Fiscal Expansions and Fiscal Adjustments in OECD Countries," NBER Working Papers 5214, National Bureau of Economic Research, Inc.
    5. Vito Tanzi, 2000. "The Role of the State and the Quality of the Public Sector," IMF Working Papers 00/36, International Monetary Fund.
    6. David Alan Aschauer, 1990. "Why is infrastructure important?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 34, pages 21-68.
    7. Anwar, Muhammad Sarfraz & Davies, Stephen & Sampath, R K, 1996. "Causality between Government Expenditures and Economic Growth: An Examination Using Cointegration Techniques," Public Finance = Finances publiques, , , vol. 51(2), pages 166-84.
    8. Sinha, Dipendra, 1998. "Economic growth and government expenditure in China," MPRA Paper 18347, University Library of Munich, Germany.
    9. Alberto Alesina & Roberto Perotti & José Tavares, 1998. "The Political Economy of Fiscal Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 197-266.
    10. Sachs, Jeffrey D. & Warner, Andrew M., 1999. "The big push, natural resource booms and growth," Journal of Development Economics, Elsevier, Elsevier, vol. 59(1), pages 43-76, June.
    11. Turnovsky, Stephen J. & Fisher, Walter H., 1995. "The composition of government expenditure and its consequences for macroeconomic performance," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 19(4), pages 747-786, May.
    12. Ahsan, Syed M & Kwan, Andy C C & Sahni, Balbir S, 1989. "Causality between Government Consumption Expenditure and National Income: OECD Countries," Public Finance = Finances publiques, , , vol. 44(2), pages 204-24.
    13. Bruce Morley & Nicholas Perdikis, 2000. "Trade liberalisation, government expenditure and economic growth in Egypt," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(4), pages 38-54.
    14. Alesina, Alberto Francesco & Perotti, Roberto & Tavares, Jose, 1998. "The Political Economy of Fiscal Adjustments," Scholarly Articles 12553724, Harvard University Department of Economics.
    15. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, Econometric Society, vol. 49(4), pages 1057-72, June.
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    Cited by:
    1. Eifert, Benn & Gelb, Alan & Borje Tallroth, Nils, 2002. "The political economy of fiscal policy and economic management in oil exporting countries," Policy Research Working Paper Series 2899, The World Bank.
    2. Alessandro Cologni & Matteo Manera, 2011. "Exogenous Oil Shocks, Fiscal Policy and Sector Reallocations in Oil Producing Countries," Working Papers, Fondazione Eni Enrico Mattei 2011.55, Fondazione Eni Enrico Mattei.
    3. World Bank, 2003. "Azerbaijan : Public Expenditure Review," World Bank Other Operational Studies 13825, The World Bank.

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