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  1. Fiscal Policy, Public Expenditure Composition, and Growth: Theory and Empirics

    Semmler, Willi; Greiner, Alfred; Diallo, Bobo; Rajaram, Anand; Rezai, Armon
    This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays...
    (application/pdf) - 23-dic-2016

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