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Estimating Income Elasticity of Government Expenditures

其他書名	Evidence from Oil Price Shocks
出版	Centre for Economic Policy Research, 2011
URL	http://books.google.com.hk/books?id=GTaD0AEACAAJ&hl=&source=gbs_api

註釋We estimate the income elasticity of government expenditures using variation in the international oil price as a plausibly exogenous source of within-country variation of countries' permanent income. Our short run elasticity estimates, between 0.25-0.50, are generally somewhat smaller than the previously obtained ones, and they, in particular, indicate that Wagner's law does not hold; long run elasticities are larger, but still smaller than unity. We also explore the correlates of the income elasticity of government spending and find no support for views that either democracy, inequality, or openness are associated with a larger elasticity. However, we find evidence consistent with 'voracity' theories: cross-country differences in ethnic polarization are associated with a significantly higher oil price driven income elasticity of government spending.