Analyzing the Crowding-out Problems of Taiwan
This paper examines the crowding-out hypothesis of Taiwan, under which, the policy problem of Taiwan are evaluated. To account for the effect of underlying regime change such as financial openness, a Markov regime-switching framework is employed. Evidence from Taiwan indicates that government spending on investment, instead of that on goods and services, substitutes for private consumption since 1990, which renders unconvincing the policy plea for expansionary government investment since financial openness.
Volume (Year): 26 (2001)
Issue (Month): 1 (June)
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