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Why Higher Fiscal Spending Persists when a Boom in Primary Commodities Ends

Bruno Boccara

出版	World Bank Publications, 1994
URL	http://books.google.com.hk/books?id=kBSV1XzYFS8C&hl=&source=gbs_api
EBook	SAMPLE

註釋

After the initial boom in fiscal spending that accompanies a commodity boom, why do commodity- exporting countries tend to maintain higher spending levels despite a drop in commodity prices? Probably because of liquidity constraints and the costs of policy reversal.