(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 ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 anhnguyen@ueh.edu.vnAbstractThe 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 the effects of fiscal policy on economic growth under contributions from the differences (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 in institutions and external debt levels. By using GMM estimators for unbalanced panel data, our results show positive growth effects of fiscal policy(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
across emerging markets in the examined periods. Notably, the improvement in institutions promotes higher crowding-in effects of fiscal policy'. In a464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 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 sustainab (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ility of the economy. The authorizers are strongly recommended to focus on improving the institutional quality that not only boosts the effectiveness(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
of fiscal policy in general, but also solves the dilemma of high indebted countries when the fiscal policy loses the effectiveness.Keyword: external d464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 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 con (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 temporary' drivers such as external debt (Ruscáková & Semancíková, 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 real464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (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 country and what its drivers. In fact, many researchers try to find evidences with the parallel existence of both and mixed conclusio (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ns (see .Mimed and Miller (2000), Heulel (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 history through many economic growth models. Many studies use versions of the Solow (1956) model to study the dynamic effects of taxation on ec464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ernment expenditures on economic growth follow two different regimes including crowding-out effects and crowding-in effects, rhe neoclassical theory states that government expenditure crowds out private investment then has negative impacts on economic growth, while, Keynesian view, in contrast, stat (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 es that government expenditure stimulates private investment in the case of un-fully employment, which then has positive impacts on economic growth, e(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
specially in developing countries (Ahmed & Miller. 2000).Moreover, the effects of fiscal policy on economic growth is driven by many factors such as t464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 13), 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 freedom (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 , democracy (see Baldacci, Hillman, and Kojo (2004 ), Martinez-Vazquez, Bocx, and Arzc del Granado (2007), Nelson and Singh (1998)).Meanwhile, the bur(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
dens of external debt on the sustainability of fiscal policy' arc also concerned. For instance, .Mnato and Tronzano (2000) find the evidence that the 464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ndian economic growth is impacted by central government debt, total factor productivity' 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.466 (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 I ICƯEH2017Which means that the external debt may influence the effectiveness of fiscal policy. Recent Study. Dogan and Bilgili (2014) find that exte(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
rnal 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 gro464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 tudies about the effects fiscal policy such as Smith (1937), Bailey (1971), Butter (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 effectiv (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 eness of fiscal policy is Still ongoing (Bouakez et al., 2014; Ileutel, 2014; Kameda, 2014a: ộen & Kaya. 2014). Precisely, the literature of fiscal po(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
licy’ is lacking of the studies about the effectiveness of fiscal policy under the contributions from the institutions and external debts in a compreh464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 f 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, Philip (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 pines, Romania, Russia, South Africa, Thailand, Turkey, and Vietnam.In this paper, we achieve our objectives by implementing following strategy. We fi(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
rstly examine the impacts of fiscal policy on economic growth through the modified model of endogenous growth theory’ by incorporating government expe464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 and 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 instit (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 utions to examine the effectiveness of fiscal policy’ under the associations of institutional framework. We then estimate the growth model with the ex(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
planatory-variables including both external debt level to GNI and its square to examine the nonlinear relationship between external debt and economic 464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ate 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 contr (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 ibution to the literature of fiscal policy effectiveness and fiscal indebtedness by adding the effects of government expenditures under the external d(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
ebt level and the associations with institutional quality. The results find significant evidences that the institutions enhance the effectiveness of f464 I ICUEH2017The effectiveness of fiscal policy: Contributions from institutions and external debtsNGUYEN PHUC CANHUniversity of Economics HCMC - ca (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 has 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 authorizers in implementing the long-term sustainable fiscal policy in line with borrowing polity a (LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002 nd the solutions for the high indebted countries that face to the dilemma of ineffective fiscal polity'.This paper is structured as following. Section(LUẬN văn THẠC sĩ) the effectiveness of fiscal policy, contributions from institutions and external debts 002
1 states our motivations of this study. Section 2 briefly presents literature reviews and then our arguments on the effectiveness of fiscal policy unGọi ngay
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