| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8709 |
| DP8709 Fiscal spending for economic growth in the presence of imperfect markets | |
| Ramón López; Asif Islam | |
| 发表日期 | 2011-12-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Political economy factors tend to induce many governments to spend on private goods (non-social subsidies) to the detriment of spending on social and public goods. We show that this bias in spending patterns is particularly costly for economic growth when capital markets are imperfect. We thus provide a simple taxonomy of government spending: spending in goods that mitigate market failures versus spending in non-social subsidies which frequently have the sole purpose of benefiting special interest groups. We develop a theoretical model and link it quite closely to an empirical model. The empirical results fully corroborate the hypothesis that spending biases in favor of non-social subsidies reduce the rate of economic growth over the long run. The empirical findings are exceptionally robust. |
| 主题 | International Macroeconomics |
| 关键词 | Government spending Non-social subsidies Market imperfections Economic growth investment |
| URL | https://cepr.org/publications/dp8709 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537544 |
| 推荐引用方式 GB/T 7714 | Ramón López,Asif Islam. DP8709 Fiscal spending for economic growth in the presence of imperfect markets. 2011. |
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