Fuest, Clemens; Xing, Jing - 2015
In this study, we analyze the cyclicality of fiscal policies in China during the period 1978-2013. We find that the … during the 1980s, but it became counter-cyclical with respect to nationwide output fluctuations and acyclical with respect to … region-specific output shocks since the mid-1990s. We argue that these are likely to be consequences of the 1994 fiscal …