Download Budgetary Policy Modelling: Public Expenditures (Routledge by P. Capros PDF

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 ( ).

J. (1985) ‘Debt, Deficits and Finite Horizons’, Journal of Political Economy (93), 235–247. Brock, Ph. L. (1988) ‘Investment, the Current Account, and the Relative Price of Non-Traded Goods in a Small Open Economy’, Journal of International Economics (24), 235–253. H. (1980) ‘Crowding Out of Private Capital Formation by Government Borrowing in the Presence of Intergenerational Gifts and Bequests’, Greek Economic Review (2), 111–142. ——(1988) ‘Death, Birth, Productivity Growth and Debt Neutrality’, Economic Journal (98), 279– 293.

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