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Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

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Nội dung chi tiết: Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002- canhnguycn@uch.cdu.vnAbstractrhe effectiveness of fiscal policy is an interesting field in literature of macroeconomics. In this paper, we use panel

data from 2002 to 2014 from 20 emerging markets to investigate rhe effects of fiscal policy on economic growth under contributions from the differenc Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

es in institutions and external debt levels. By using GMM estimators for unbalanced panel data, our results show positive growth effects of fiscal pol

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

icy across emerging markets in the examined periods. Notably, the improvement in institutions promotes higher crowding-in effects of fiscal policy. In

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002of fiscal policy on economic growth as positive effects in low indebted level and negative effect in high indebted level may explain the mechanism of

this non-linear relationship. The results have significant contributions to the literature and useful implications for authorizes in promoting sustain Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

ability of the economy. The authorizers are strongly recommended to focus on improving the institutional quality that not only boosts the effectivenes

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

s of fiscal policy in general, but also solves the dilemma of high indebted countries when the fiscal policy loses the effectiveness.Keyword: external

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002e aims at sustainable development for the economy. So, fiscal policy and its impacts on the economic growth tend to be at the center of macroeconomic

and political debates. The field of the effectiveness of fiscal policy has re-highlighted in light of the 2008 global financial crisis with the new co Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

ntemporary drivers such as external debt (Ruscáková & Semancikova, 2016). Due to the complexity of the fiscal process by which it is not fully capture

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

d, that why different theories provide different answers regarding macroeconomic effects of fiscal policy and arguments about the suitability and real

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002 Whereas, the main question in the literature of the fiscal policy’s effectiveness is that whether fiscal policy presents crowding-out and/or crowding

-in effects in a country7 and what its drivers. In fact, many researchers try to find evidences with the parallel existence of both and mixed conclusi Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

ons (sec Ahmed and Miller (2000), Heutel (2014), Sen and Kaya (2014)).rhe studies of the effectiveness of fiscal policy have developed and conducted i

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

n long history7 through many economic growth models. Many studies use versions of the Solow (1956) model to study the dynamic effects of taxation on e

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002vernment expenditures on economic growth follow two different regimes including crowding-out effects and crowding-in effects. The neoclassical theory

states that government expenditure crowds out private investment then has negative impacts on economic growth, while, Keynesian view, in contrast, sta Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

tes that government expenditure stimulates private investment in the case of un-fully employment, which then has positive impacts on economic growth,

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

especially in developing countries (.-Mimed & Miller, 2000).Moreover, the effects of fiscal policy on economic grow th is driven by many factors such

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002(2013), Arestis (2011), Kasselaki and Tagkalakis (2016), Hemming, Kell, and Mahfouz (2002)). In empirical literature about the determinants of fiscal

policy’s effectiveness, there are, in fact, some studies that consider the role of institutional framework such as corruption situation, economic free Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

dom, democracy (see Baldacci, Hillman, and Kojo (2004 ), Martinez-Vazquez, Boex, and Arzc del Granado (2007), Nelson and Singh (1998)).Meanwhile, the

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

burdens of external debt on the sustainability of fiscal policy7 arc also concerned. For instance, Amato and Tronzano (2000) find the evidence that th

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002 Indian economic growth is impacted by central government debt, total factor productivity7 growth, and debt-services in the short-run. They also recom

mend that Indian government should follow the objective of inter-generational equity in fiscal management over the long term to stabilize debt level.• Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

166 IICƯEH2017Which means that the external debt may influence the effectiveness of fiscal policy. Recent Study, Dogan and Bilgili (2014) find that ex

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

ternal borrowing has negative impact on growth both in regime at zero and regime at one, but the public debt has higher negative effects on economic g

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002 studies about the effects fiscal policy such as Smith (1937), Bailey (1971), Buiter (1977). and Arcstis (1979), and many recent studies try to invest

igate the impacts of both government expenditures on private investment and especially economic growth. However, the debate with regard to the effecti Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

veness of fiscal policy is Still ongoing (Bouakez Ct al., 2014; Ilcutcl, 2014; Kamcda, 2014a; ộen & Kaya, 2014). Precisely, the literature of fiscal p

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

olicy is lacking of the studies about the effectiveness of fiscal policy under the contributions from the institutions and external debts in a compreh

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002 fiscal policy on economic growth under the relationships with the changes in the institutions and the burdens of external debt in the context of 20 e

merging markets including Argentina, Bangladesh, Brazil. Bulgaria, China, Colombia, Egypt. India. Indonesia, Malaysia, Mexico, Pakistan, Peru, Philipp Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

ines, Romania, Russia, South Africa, Thailand, Turkey, and Vietnam.In this paper, we achieve our objectives by implementing following strategy. We fir

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

stly examine the impacts of fiscal policy on economic grow th through the modified model of endogenous growth theory’ by incorporating government expe

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002and capital flows). Then, the institutional factors including government effectiveness, regulatory quality’, and control of corruption are incorporate

d, respectively, to test the impacts of institutions on economic growth. Next, we use the interaction terms between government expenditure and institu Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

tions to examine the effectiveness of fiscal policy’ under the associations of institutional framework. We then estimate the growth model with the exp

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

lanatory-variables including both external debt level to GNI and its square to examine the nonlinear relationship between external debt and economic g

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002te the effectiveness of fiscal policy under two regimes. At last, we use GDP per capita growth rate in replacing GDP growth rate to check robustness o

f results.By doing this strategy, we believe that this study has significant contributions to both theory and practice. Firstly, this study has contri Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

bution to the literature of fiscal policyeffectiveness and fiscal indebtedness by adding the effects of government expenditures under the external deb

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

t level and the associations with institutional quality. The results find significant evidences that the institutions enhance the effectiveness of fis

464 I ICVEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PIIUC CANIIUniversity of Economics IICMC -

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002as the heterogeneous effects on economic growth: the crowding-in effect in low indebted level and crowding-out effects in high indebted one. Secondly,

this study has significant implications for the authorizes in implementing the long-term sustainable fiscal policy in line with borrowing policy' and Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

the solutions for the high indebted countries that face to the dilemma of ineffective fiscal policy.This paper is structured as following. Section 1

Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002

states our motivations of this study. Section 2 briefly presents literature reviews and then our arguments on the effectiveness of fiscal policy under

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