| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9672 |
| DP9672 Limiting Fiscal Procyclicality: Evidence from Resource-Rich Countries | |
| Alexander Michaelides | |
| 发表日期 | 2013-10-06 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We provide evidence that fiscal policy in resource-rich countries is strongly procyclical. The empirical analysis reveals that on average real government consumption in these countries tends to significantly rise (fall) in good (bad) times. To control for endogeneity we use an instrumental variable for GDP growth that arises naturally, namely the growth in commodity prices of the main natural resource export. We also find that fiscal policy procyclicality is lower in more democratic regimes, and that operating a sovereign wealth fund is more successful in limiting fiscal policy procyclicality than introducing fiscal rules. |
| 主题 | International Macroeconomics |
| 关键词 | Commodity prices Fiscal procyclicality Fiscal rules Natural resources Sovereign wealth funds |
| URL | https://cepr.org/publications/dp9672 |
| 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/538508 |
| 推荐引用方式 GB/T 7714 | Alexander Michaelides. DP9672 Limiting Fiscal Procyclicality: Evidence from Resource-Rich Countries. 2013. |
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