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Essay on Fiscal Policy, Public Debt, and Growth

其他書名	Applications to Vietnam
出版	2017
URL	http://books.google.com.hk/books?id=7JEh0AEACAAJ&hl=&source=gbs_api

註釋This thesis aims to contribute to recent studies which carry out the effects of government expenditure, taxation, public debt, and total factor productivity on economic growth, especially in case of Vietnam. Before going to further, this thesis introduces an overview onVietnam's economy context in some recent decades. For instance, economic growth, inflation control, taxation system and its renewal, poverty reduction, and public debt issue. First, this thesis distinguishes public debt by two types, domestic and external debt and delivers a main message that an increase of tax on returns to assets can positively impact the steady-state values of main macroeconomic variables expressed in ratios of physical capital (consumption, public expenditure, domestic debt). Second, among other production factors, only provincial labor force exerts a positive impact on the provincial economic growth while government expenditure has no significant effect on growth for our sample during the 2000-2007 period. Finally, decentralization in government expenditure will promote economic growth if the share of local government expenditure is low enough that determined by the ratio of elasticity of local government expenditure to sum of local government and central government elasticities. Estimation results show that decentralization in government expenditure in case of Vietnam has a positive impact on economic growth, the higher level of decentralization in government expenditure leads to higher economic growth.