By P. Capros
The point of interest of this quantity is at the ecu context of public funds coverage and quite a few diverse techniques are used - theoretical modelling, econometrics and utilized common equilibrium modelling. Empirical proof and case reviews of eu nations are contained in all of the papers. The papers hide the 4 normal subject matters of public price range coverage: * financial stabilization, in view of the industrial and fiscal Union within the ecu neighborhood * reinforcing structural switch, all in favour of marketplace liberalization and harmonization of monetary buildings * its distributional results and implications for social fairness * endogenous monetary progress.
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Additional info for Budgetary Policy Modelling: Public Expenditures (Routledge New International Studies in Economic Modelling)
The properties of the long-run endogenous growth equilibria and the effects of budgetary policies are discussed in the second section. The third section summarizes the main findings of the paper. THE ANALYTICAL FRAMEWORK This section describes a two-sector, non-monetary open economy, producing internationally traded and non-traded goods. The economy consists of consumers, firms and the government. All consumers of a given generation and firms are assumed to be identical and they act competitively.
Net foreign asset holdings unambiguously decline but, now, there is some uncertainty as to the final incidence on the long-run rate of growth. On the one hand, as in the case of an increase in external position induced by the rise in , the worsening in the net limits investment in traded goods and, therefore, leads to a fall in the rate of growth. 24)) and this induces a fall in the consumption of traded goods as a percentage of output ( ). This crowding-out effect improves the trade balance and sustains a higher level of investment in traded goods that may prevent the rate of growth from falling.
3–32. J. Schwartz (1992) ‘State infrastructure and productive performance’, NBER Working Paper no. 3981 (January). M. (1986) ‘Increasing returns and long-run growth’, Journal of Political Economy, vol. 94, pp. 1002–37. ——(1987) ‘Growth based on increasing returns due to specialization’, American Economic Review (May) pp. 56–62. ——(1989) ‘Human capital and growth: theory and evidence’, NBER Working Paper, no. 3173. ——(1990) ‘Endogenous technological change’, Journal of Political Economy, no. 98 (October) pp.