Government expenditure and economic growth in the EU : long-run tendencies and short term adjustment /
This paper analyses both the long and the short-run relation between government expenditure and potential output in EU countries by means of pooled mean group estimation (Pesaran, Shin, and Smith (1999)). Results show that, over a sample comprising EU-15 countries over the 1970-2003 period, it canno...
| Κύριος συγγραφέας: | Arpaia, Alfonso. |
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| Corporate συγγραφέας: | European Commission : Directorate-General for Economic and Financial Affairs. |
| Άλλοι συγγραφείς: | Turrini, Alessandro 1966- |
| Μορφή: | Βιβλίο |
| Γλώσσα: | English |
| Στοιχεία έκδοσης: |
Brussels- Belgium :
European Comission : Directorate-General for Economic and Financial Affairs,
2008.
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| Σειρά: |
European Economy. Economic papers ;
300. |
| Διαθέσιμο Online: |
http://ec.europa.eu/economy_finance/publications/publication_summary12026_en.htm. |
| Ετικέτες: |
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| Περίληψη: |
This paper analyses both the long and the short-run relation between government expenditure and potential output in EU countries by means of pooled mean group estimation (Pesaran, Shin, and Smith (1999)). Results show that, over a sample comprising EU-15 countries over the 1970-2003 period, it cannot be rejected the hypothesis of a common long-term elasticity between cyclically-adjusted primary expenditure and potential output close to unity. However, the long-run elasticity decreased considerably over the decades and is significantly higher than unity in catching-up countries, in fast-ageing countries, in low-debt countries, and in countries with weak numerical rules for the control of government spending. The average speed of adjustment of government expenditure to its long-tem relation is 3 years, but there are significant differences across countries. Anglo-Saxon and Nordic countries exhibit in general a faster adjustment process, while adjustment in Southern European countries appears somehow slower. |
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| Φυσική περιγραφή: |
51 σ. : διαγ. πιν. ; 30 εκ. |
| ISBN: |
9789279082252 |
| ISSN: |
1016-8060 (print) 1725-3187 (online) |
| Σχετικά τεκμήρια: |
Economic Papers. |