The Composition Of Public Expenditure And Growth
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The Composition Of Public Expenditure And Growth A Small Scale Intertemporal Model For Low Income Countries
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Author : Emmanuel Pinto Moreira
language : en
Publisher: World Bank Publications
Release Date : 2012
The Composition Of Public Expenditure And Growth A Small Scale Intertemporal Model For Low Income Countries written by Emmanuel Pinto Moreira and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This paper presents a small-scale intertemporal model of endogenous growth that accounts for the composition of public expenditure and externalities associated with public capital. Government spending is disaggregated into various components, including maintenance, security, and investment in education, health, and core infrastructure. After studying its long-run properties, the model is calibrated for Haiti, using country-specific information as well as parameter estimates from the literature. A variety of policy experiments are then reported, including a reallocation of spending aimed at creating fiscal space to promote public investment; an improvement in fiscal management that leads to a reduction in tax collection costs; higher spending on security; and a composite fiscal package.
Fiscal Policy Public Expenditure Composition And Growth
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Author : Willi Semmler
language : en
Publisher:
Release Date : 2012
Fiscal Policy Public Expenditure Composition And Growth written by Willi Semmler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.
Fiscal Policy Public Expenditure Composition And Growth
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Author : Willi Semmler
language : en
Publisher: World Bank Publications
Release Date : 2007
Fiscal Policy Public Expenditure Composition And Growth written by Willi Semmler and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Access to Finance categories.
Abstract: This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.
Fiscal Policy Public Expenditure Composition And Growth Theory And Empirics
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Author : Willi Semmler
language : en
Publisher:
Release Date : 2016
Fiscal Policy Public Expenditure Composition And Growth Theory And Empirics written by Willi Semmler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of quot;fiscal spacequot; in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.
Can A Government Enhance Long Run Growth By Changing The Composition Of Public Expenditure
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Author : Mr.Santiago Acosta Ormaechea
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-08
Can A Government Enhance Long Run Growth By Changing The Composition Of Public Expenditure written by Mr.Santiago Acosta Ormaechea and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-08 with Business & Economics categories.
This paper studies the effects of public expenditure reallocations on long-run growth. To do this, we assemble a new dataset based on the IMF’s GFS yearbook for the period 1970-2010 and 56 countries (14 low-, 16 medium-, and 26 high-income countries). Using dynamic panel GMM estimators, we find that a reallocation involving a rise in education spending has a positive and statistically robust effect on growth, when the compensating factor remains unspecified or when this is associated with an offsetting reduction in social protection spending. We also find that public capital spending relative to current spending appears to be associated with higher growth, yet results are non-robust in this latter case.
The Composition Of Public Expenditure And Growth
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Author : Nihal Bayraktar
language : en
Publisher:
Release Date : 2016
The Composition Of Public Expenditure And Growth written by Nihal Bayraktar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper presents a small-scale intertemporal model of endogenous growth that accounts for the composition of public expenditure and externalities associated with public capital. Government spending is disaggregated into various components, including maintenance, security, and investment in education, health, and core infrastructure. After studying its long-run properties, the model is calibrated for Haiti, using country-specific information as well as parameter estimates from the literature. A variety of policy experiments are then reported, including a reallocation of spending aimed at creating fiscal space to promote public investment; an improvement in fiscal management that leads to a reduction in tax collection costs; higher spending on security; and a composite fiscal package.
What Do Governments Buy
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Author : Shantayanan Devarajan
language : en
Publisher:
Release Date : 1993
What Do Governments Buy written by Shantayanan Devarajan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Compras estatales - Paises en desarrollo categories.
The traditional views that public capital spending strengthens economic growth and current spending does not are not borne out by experience in developing countries. In fact, the only category of public spending associated with higher economic growth is current spending -- although spending on preventive care and "other education" has some positive effect.
Government Expenditure And Economic Growth
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-05-15
Government Expenditure And Economic Growth written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-05-15 with Business & Economics categories.
This paper examines the empirical evidence on the contribution that government and, in particular, capital expenditure make to the growth performance of a sample of developing countries. Using the Denison growth accounting approach, this study finds that social expenditures may have a significant impact on growth in the short run, but infrastructure expenditures may have little influence. While current expenditures for directly productive purposes may exert a positive influence, capital expenditure in these sectors appears to exert a negative influence. Experiments with other explanatory variables confirm the importance of the growth of exports to the overall growth rate.
How Does The Composition Of Public Spending Matter
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Author : Stefano Paternostro
language : en
Publisher: World Bank Publications
Release Date : 2005
How Does The Composition Of Public Spending Matter written by Stefano Paternostro and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Absolute Poverty categories.
Abstract: Public spending has effects which are complex to trace and difficult to quantify. But the composition of public expenditure has become the key instrument by which development agencies seek to promote economic development. In recent years, the development assistance to heavily indebted poor countries (HIPCs) has been made conditional on increased expenditure on categories that are thought to be "pro-poor". This paper responds to the growing concern being expressed about the conceptual foundations and the empirical basis for the belief that poverty can be reduced through targeted public spending. While it is widely accepted that growth and redistribution are important sources of reduction in absolute poverty, a review of the literature confirms the lack of an appropriate theoretical framework for assessing the impact of public spending on growth as well as poverty. There is a need to combine principles of both public economics and growth theory to develop appropriate theoretical guidance for public expenditure policy. This paper identifies a number of approaches that are beginning to address this gap. Building on these approaches, it proposes a framework that has its foundation in a broadly articulated development strategy and its economic goals such as growth, equity, and poverty reduction. It recommends the use of public economics principles to clarify the roles of the private and public sectors and to recognize the complementarity of spending, taxation, and regulatory instruments available to affect public policy. With regard to the impact of any given type of public spending, policy recommendations must be tailored to countries and be based on empirical analysis that takes account of the lags and leads in their effects on equity and growth and ultimately on poverty. The paper sketches out such a framework as the first step in what will have to be a longer-term research agenda to provide theoretically and empirically robust and verifiable guidance to public spending policy.
The Growth Of Public Expenditure In The United Kingdom
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Author : Alan Peacock
language : en
Publisher: Taylor & Francis
Release Date : 2024-09-02
The Growth Of Public Expenditure In The United Kingdom written by Alan Peacock and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-02 with Business & Economics categories.
Originally published in 1961, this book became widely used as a textbook, as an important source of primary data on British government expenditure statistics and as the point of departure for further empirical and analytical studies of the behaviour of governments. The book was recognised as one of the formative influences in the development of a positive theory of government expenditure which sought to explain the size and structure of the system of public finance rather than justify it