| Description |
1 online resource (44 pages) |
| Series |
IMF working paper ; no. 13/162.
|
| Contents |
Cover; Contents; I. Introduction; II. The Dataset; A. Construction of the Dataset; 1. Merging GFSM1986 with GFSM2001; 2. Subcomponents of Expenditure: Economic and Functional Classifications; 3. Government Level; 4. Additional Macro Variables; B. Graphical Description; Figures; 1. Economic Development and Composition of Expenditure; 2. Long-Run Trends in Expenditure; 3. Composition of Expenditure: Functional Classification; C. Descriptive Statistics; III. Regression Analysis; A. Empirical Specification and Methodology; B. Results; 1. Economic Classification; Tables |
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1. Expenditure Composition and Growth: Economic Classification2. Functional Classification; 2. Summary Results of Compositional Effects: Functional Classification; 3. Effects of Public Education Spending on Growth; C. Robustness; 1. Lagged Fiscal Variables; 4. Effects of Transport and Communication Spending on Growth; 2. Different Development Levels; 5. Robustness Check with Lagged Fiscal Variables; 3. Additional Explanatory Variables; 6. Robustness Check without G20-Advanced Countries; 7. Robustness Check with Additional Variables; D. Central vs General Government Level |
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8. Effects of Education Spending at the Central and General Government LevelsIV. Concluding Remarks; Appendix; A. List of 56 Countries Used in Main Regressions; B. Summary Statistics: CG Dataset; C. Estimation Results Behind Table 2; 9. Summary Statistics (in percent); 10. Effects of Compositional Changes on Growth: Functional Classification; D. Preliminary Estimation Results by Country Groups; D.1. Economic Classification; D.2. Functional Classification; 11. Regressions by Country Groups: Economic Classification; 12. Regressions by Country Groups: Education |
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13. Regressions by Country Groups: Transport and CommunicationE. Summary Statistics: CG vs GG Datasets; 14. Government Expenditure Composition: Central and General Government Levels (in percent); References |
| Summary |
This paper studies the effects of public expenditure reallocations on long-run growth. To do this, we assemble a new dataset based on the IMF's GFS yearbook for the period 1970-2010 and 56 countries (14 low-, 16 medium-, and 26 high-income countries). Using dynamic panel GMM estimators, we find that a reallocation involving a rise in education spending has a positive and statistically robust effect on growth, when the compensating factor remains unspecified or when this is associated with an offsetting reduction in social protection spending. We also find that public capital spending relative to current spending appears to be associated with higher growth, yet results are non-robust in this latter case |
| Notes |
"July 2013." |
| Bibliography |
Includes bibliographical references |
| Subject |
Economic development -- Government policy
|
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Government spending policy.
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Economic development -- Government policy
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Government spending policy
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| Form |
Electronic book
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| Author |
Morozumi, Atsuyoshi
|
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International Monetary Fund.
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| ISBN |
9781475550597 |
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1475550596 |
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9781484376898 |
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1484376897 |
|
