By P. Capros
The point of interest of this quantity is at the eu context of public funds coverage and quite a few diverse ways are used - theoretical modelling, econometrics and utilized normal equilibrium modelling. Empirical facts and case reports of ecu nations are contained in the entire papers. The papers conceal the 4 normal issues of public finances coverage: * financial stabilization, in view of the industrial and fiscal Union within the ecu neighborhood * reinforcing structural switch, focused on industry liberalization and harmonization of financial constructions * its distributional results and implications for social fairness * endogenous fiscal development.
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6), we can express the relative capital intensities in the two sectors (in comparison to the economy-wide capital-labour ratio) as functions of the relative price p. 7b) This is because, if the non-tradables sector is relatively more labour-intensive, an increase in p implies a higher w/r ratio that leads to substitution of capital to labour in both sectors of production. 10) is therefore unambiguously The share of the non-traded goods sector increasing with p. 11) features the Stolper-Samuelson theorem: an increase in the relative price of the non-traded goods, which are relatively labour-intensive in production, leads to a decline in the rental price of capital.
Consider next the long-run incidence of an increase in government spending on traded ). 2. Since directly crowds out investment in traded goods, the long-run rate of the increase in growth unambiguously declines. By contrast, the economy’s net external position improves, since the worsening of the long-run trade balance has to be matched by a higher amount of interest income from foreign asset holdings. 27b). Consider finally the case of an increase in government spending on non-traded goods ( ).
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