Fiscal Spending And Economic Performance Some Stylized Facts
Fiscal Spending And Economic Performance: Some Stylized Facts

This paper complements the cross-country approach by examining the correlates of growth acceleration in per capita gross domestic product around "significant" public expenditure episodes by reorganizing the data around turning points, or events. The authors define a growth event as an incr...

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Bibliographische Detailangaben
1. Verfasser: Carrere, Céline (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2008
Schlagworte:
Debt Markets
Economic Conditions and Volatility
Finance and Financial Sector Development
Fiscal Adjustment
Fiscal Deficit
Fiscal Expenditure
Fiscal Policy
Gross Domestic Product
Growth Rate
Macroeconomic Environment
Macroeconomic Stability
Macroeconomics and Economic Growth
Poverty Reduction
Pro-Poor Growth
Public Disclosure
Public Expenditure
Public Sector Expenditure Analysis and Management
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Zusammenfassung:This paper complements the cross-country approach by examining the correlates of growth acceleration in per capita gross domestic product around "significant" public expenditure episodes by reorganizing the data around turning points, or events. The authors define a growth event as an increase in average per capita growth of at least 2 percentage points sustained for 5 years. A fiscal event is an increase in the annual growth rate of primary fiscal expenditure of approximately 1 percentage point sustained for 5 years and not accompanied by an aggravation of the fiscal deficit beyond 2 percent of gross domestic product. These definitions of events are applied to a database of 140 countries (118 developing countries) for 1972-2005. After controlling for the growth-inducing effects of positive terms-of-trade shocks and of trade liberalization reform, probit estimates indicate that a growth event is more likely to occur in a developing country when surrounded by a fiscal event. Moreover, the probability of occurrence of a growth event in the years following a fiscal event is greater the lower is the associated fiscal deficit, confirming that success of a growth-oriented fiscal expenditure reform hinges on a stabilized macroeconomic environment (through a limited primary fiscal deficit)
Beschreibung:Weitere Ausgabe: Carrere, Celine : Fiscal Spending And Economic Performance
Beschreibung:1 Online-Ressource (1 online resource (49 p.))
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