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Business Perceptions, Fiscal Policy and Growth

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  • Florian Misch
  • Norman Gemmell
  • Richard Kneller

Abstract

This paper develops endogenous growth models in which the government uses income taxation to finance different types of public services, public investment, or both. The paper then assesses the merits of business perceptions of alternative fiscal policy related growth constraints as guides for imperfectly informed governments. The models demonstrate that business perceptions may be misleading except when firms compare different types of public services or different types of public capital. It is also shown that the theoretical predictions regarding how firms most likely rank constraints correspond fairly well to the ranking of constraints by firms in the World Bank's Enterprise Surveys.

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File URL: http://www.nottingham.ac.uk/credit/documents/papers/08-10.pdf
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Bibliographic Info

Paper provided by University of Nottingham, CREDIT in its series Discussion Papers with number 08/10.

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Handle: RePEc:not:notcre:08/10

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
Phone: (44) 0115 951 5620
Fax: (0115) 951 4159
Web page: http://www.nottingham.ac.uk/economics/
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Related research

Keywords: Economic Growth; Productive Public Spending; Imperfectly Informed Governments; Optimal Fiscal Policy; Constraints to Growth; Investment Climate Assessments;

References

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  1. Shantayanan Devarajan & Vinaya Swaroop & Heng-fu Zou, 1996. "The composition of public expenditure and economic growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 77, China Economics and Management Academy, Central University of Finance and Economics.
  2. Tsoukis, Chris & Miller, Nigel J., 2003. "Public services and endogenous growth," Journal of Policy Modeling, Elsevier, Elsevier, vol. 25(3), pages 297-307, April.
  3. Sala-I-Martin, X. & Barro, R.J., 1991. "Public Finance in Models of Economic Growth," Papers, Yale - Economic Growth Center 640, Yale - Economic Growth Center.
  4. Pierre-Richard Agénor, 2008. "Fiscal policy and endogenous growth with public infrastructure," Oxford Economic Papers, Oxford University Press, Oxford University Press, vol. 60(1), pages 57-87, January.
  5. Gelb, Alan & Ramachandran, Vijaya & Shah, Manju Kedia & Turner, Ginger, 2007. "What matters to African firms ? the relevance of perceptions data," Policy Research Working Paper Series, The World Bank 4446, The World Bank.
  6. Futagami, Koichi & Morita, Yuichi & Shibata, Akihisa, 1993. " Dynamic Analysis of an Endogenous Growth Model with Public Capital," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 95(4), pages 607-25, December.
  7. Goncalo Monteiro & Stephen J. Turnovsky, 2008. "The composition of productive government expenditure: consequences for economic growth and welfare," Indian Growth and Development Review, Emerald Group Publishing, Emerald Group Publishing, vol. 1(1), pages 57-83, April.
  8. George Clarke & James Habyarimana & David Kaplan & Vijaya Ramachandran, 2008. "Why isn't South Africa growing faster? Microeconomic evidence from a firm survey," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 20(7), pages 837-868.
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