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Dynamics and Macroeconomic Interaction of Government Expenditure in BELL and PIIGS: A Comparative Analysis


  • Nikolay Velichkov

    (University of National and World Economy, Sofia, Bulgaria)


The paper looks at the dynamics of government expenditure in the BELL (Bulgaria, Estonia, Latvia and Lithuania) and PIIGS (Portugal, Ireland, Italy, Greece and Spain) countries for the period 2000-2019, emphasizing its relationship with changes in macroeconomic activity. The empirical results show clear peculiarities both in time and in relation to the two distinct groups of countries. These differences between the BELL and PIIGS countries are reflected both in the own government expenditure dynamics and in the share of GDP, as well as in the cyclical interaction of government spending.

Suggested Citation

  • Nikolay Velichkov, 2021. "Dynamics and Macroeconomic Interaction of Government Expenditure in BELL and PIIGS: A Comparative Analysis," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 119-128, November.
  • Handle: RePEc:nwe:natrud:y:2021:i:4:p:119-128

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    More about this item


    government expenditure; macroeconomic activity; BELL countries; PIIGS countries;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General


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