Luận văn thạc sĩ the effectiveness of fiscal policy, contributions from institutions and external debts 002
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội 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 002es in institutions and external debt levels. By using GMM estimators for unbalanced panel data, our results show positive growth effects of fiscal polLuận 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. In464 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 002ability of the economy. The authorizers are strongly recommended to focus on improving the institutional quality that not only boosts the effectivenesLuận 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: external464 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 002ntemporary drivers such as external debt (Ruscáková & Semancikova, 2016). Due to the complexity of the fiscal process by which it is not fully captureLuận 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 real464 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 002ons (sec Ahmed and Miller (2000), Heutel (2014), Sen and Kaya (2014)).rhe studies of the effectiveness of fiscal policy have developed and conducted iLuận 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 e464 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 002tes 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 002dom, democracy (see Baldacci, Hillman, and Kojo (2004 ), Martinez-Vazquez, Boex, and Arzc del Granado (2007), Nelson and Singh (1998)).Meanwhile, theLuận 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 th464 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 recommend 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 002166 IICƯEH2017Which means that the external debt may influence the effectiveness of fiscal policy. Recent Study, Dogan and Bilgili (2014) find that exLuận 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 g464 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 investigate 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 002veness of fiscal policy is Still ongoing (Bouakez Ct al., 2014; Ilcutcl, 2014; Kamcda, 2014a; ộen & Kaya, 2014). Precisely, the literature of fiscal pLuận 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 compreh464 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 emerging 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 002ines, Romania, Russia, South Africa, Thailand, Turkey, and Vietnam.In this paper, we achieve our objectives by implementing following strategy. We firLuận 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 expe464 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 incorporated, 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 002tions to examine the effectiveness of fiscal policy’ under the associations of institutional framework. We then estimate the growth model with the expLuận 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 g464 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 of 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 002bution to the literature of fiscal policyeffectiveness and fiscal indebtedness by adding the effects of government expenditures under the external debLuận 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 fis464 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 1Luận 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 underGọi ngay
Chat zalo
Facebook