Fiscal Structures and Economic Growth: International Evidence
This paper systematically examines the effects of fiscal structure on economic growth. The authors find that, for developing countries, debt-financed increases in government expenditure retard growth and tax-financed increases stimulate growth, while for developed countries, debt-financed increases in government expenditure do not affect growth and tax-financed increases lower growth. The authors impose the government budget constraint on the regression equations so that the precise changes in fiscal policy can be identified (e.g., the effect of a debt-financed increase in health expenditure), employing a pooled cross-section, time-series sample and fixed- and random-effect methods. Copyright 1997 by Oxford University Press.
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Volume (Year): 35 (1997)
Issue (Month): 3 (July)
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