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Growth, Governance, and Fiscal Policy Transmission Channels in Low-Income Countries
Naoko C. KojoMr.Emanuele BaldacciMr.Arye L. Hillman
出版International Monetary Fund, 2003-12-01
主題Business & Economics / Public FinanceBusiness & Economics / Investments & Securities / General
ISBN14518757389781451875737
URLhttp://books.google.com.hk/books?id=4YUYEAAAQBAJ&hl=&source=gbs_api
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註釋Private investment is the principal transmission channel through which fiscal policy affects growth in high-income countries. In low-income countries, governance and also other considerations suggest that the primary channel is factor productivity. Empirical results reported in this paper confirm this expectation: in low-income countries, factor productivity is some four times more effective than investment as a channel for increasing growth through fiscal policy. Although the private investment response to fiscal contraction may be minor, high-deficit, low-income countries can nonetheless benefit from a reduction in unsustainable fiscal deficits because of governance-related factor productivity responses that increase growth.