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Public Infrastructure Investment, Output Dynamics, and Balanced Budget Fiscal Rules
Duarte Bom, P.R.; Ligthart, J.E. - Tilburg University, Center for Economic Research - 2011
We study the dynamic output and welfare effects of public infrastructure investment under a balanced budget fiscal rule, using an overlapping generations model of a small open economy. The government finances public investment by employing distortionary labor taxes. We find a negative short-run...
Persistent link: https://www.econbiz.de/10011090750
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Output Dynamics, Technology, and Public Investment
Duarte Bom, P.R.; Heijdra, B.J.; Ligthart, J.E. - Tilburg University, Center for Economic Research - 2010
The paper studies the dynamic output effects of public infrastructure investment in a small open economy. We develop an overlapping generations model that includes a production externality of public capital and a wealth effect on labor supply. Public capital enters the firm's production function...
Persistent link: https://www.econbiz.de/10011090760
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Fiscal and Monetary Policy in an Endogenous Growth Model with Public Capital
Tamai, Toshiki - In: FinanzArchiv: Public Finance Analysis 64 (2008) 4, pp. 403-421
This paper develops an endogenous growth model in which the government finances its public investment using both income taxation and seigniorage. Arguments presented in this paper show that public investment financed by seigniorage gradually pulls up the growth rate of consumption and overshoots...
Persistent link: https://www.econbiz.de/10005823480
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African Development: Beyond Income Convergence
Asongu, Asongu Simplice - African Governance and Development Institute (AGDI) - 2012
indicators could support both endogenous and neoclassical growth theories in the convergence debate. This paper investigates … convergence in real per capita GDP and inequality adjusted human development in 38 African countries, disaggregated into 10 … is that the income component of the human development index moves slower than others in the convergence process and thus …
Persistent link: https://www.econbiz.de/10010695998
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African Development: Beyond Income Convergence
Simplice A, Asongu - Volkswirtschaftliche Fakultät, … - 2012
indicators could support both endogenous and neoclassical growth theories in the convergence debate. This paper investigates … convergence in real per capita GDP and inequality adjusted human development in African countries, disaggregated into 11 … the contrary. As a policy implication, looking beyond income convergence can provide a concrete agenda for development …
Persistent link: https://www.econbiz.de/10009422021
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Public Infrastructure Investment and Fiscal Sustainability in Latin America: Incompatible Goals?
Carranza, Luis; Daude, Christian; Melguizo, Ángel - Centre de développement, Organisation de Coopération … - 2011
Latin American countries exhibit a significant gap in infrastructure stocks, due to low and in many cases inefficient public investment, which is furthermore not compensated by private sector projects. In this paper we analyse trends in public and total infrastructure investment in six large...
Persistent link: https://www.econbiz.de/10009131539
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Fiscal Prospects and Reforms in India
Herd, Richard; Hill, Sam; Koen, Vincent - Economics Department, Organisation de Coopération et … - 2011
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...
Persistent link: https://www.econbiz.de/10009364448
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: a Non-Ricardian DSGE Approach
Algozhina, Aliya - FIW - 2012
The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...
Persistent link: https://www.econbiz.de/10010856781
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Vision Versus Prudence: Government Debt Financing of Investment
Freebairn, John; Corden, Max - Melbourne Institute of Applied Economic and Social … - 2013
This article explores the arguments for and against the use of government debt to finance large-scale public investments. Relative to the options of higher taxation or lower other expenditures, debt finance means that both the costs and the benefits of the investment fall on future generations....
Persistent link: https://www.econbiz.de/10010858809
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: A Non-Ricardian DSGE Approach
Algozhina, Aliya - Center for Economic Research and Graduate Education and … - 2012
The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural...
Persistent link: https://www.econbiz.de/10010842892