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The Effect of the Expansionary Fiscal Policies on economic growth in OECD Countries Abstract

Year 2019, , 59 - 74, 30.07.2019
https://doi.org/10.30927/ijpf.479622

Abstract

Although
monetary and fiscal policies are discussed in different economic approaches,
the main discussion is focused on fiscal policy. Because while the central bank
leads the monetary policy independently with its own policy goals and tools,
the government leads the fiscal policy via budget as a basic tool of the
economic policy.



In
this study, we analyze the relationship between economic growth and fiscal
impulse which is used to measure changes in public budget impacts by using the
panel data analysis with fixed effects in 33 OECD countries. We use the International
Monetary Fund and World Bank data. According to the results; the expansionary
effect of fiscal policies has no effect on economic growth between the period
of 2011 – 2017.

References

  • Afonso, A. & Claeys, P. (2008). The Dynamic Behaviour of Budget Components and Output. Economic Modelling, 25, 93-117.
  • Ay, H. & Uçar, Ö. (2015) Üç Küresel Ekonomik Krizin Analizi. Sosyal Bilimler Enstitüsü Dergisi. 17(1). 11-32.Baltagi, B. H. (2008). Econometric analysis of panel data (4th ed.). Chichester, UK ; John Wiley & Sons.
  • Barro, R. J. (1995). Inflation and Economic Growth (NBER Working Paper No. 5326).
  • Barro, R. J. (1996). Determinants of Economic Growth: A Cross-Country Empirical Study (NBER Working Paper No. 5698). Cambridge, MA.
  • Bassanini, A., Scarpetta, S., & Hemmings, P. (2001). Economic Growth: The Role of Policies and Institutions. Panel Data Evidence from OECD Countries. SSRN Electronic Journal. http://doi.org/10.2139/ssrn.265091.
  • Brown, E. Cary. (1949). Some Evidence on Business Expectations. The Review of Economics and Statistics. 31(3). 236-238.
  • Brown, E. Cary. (1956). Fiscal Policy in the 'Thirties: A Reappraisal. The American Economic Review. 46(5). 857-879.
  • Buluş, A.& Kabaklarlı, E. (2010). 1929 Ekonomik Buhran İle Son Dönem Global Krizin Karşılaştırılması. Sosyal Ekonomik Araştırmalar Dergisi. 10(19). 1 – 22.
  • Burda, M., & Wyplosz, C. (2001). Macroeconomics (Third Edit). New York, NY: Oxford University Press.
  • Caldentey, Esteban P. (2003). Chicago, Keynes and Fiscal Policy. Investigación Económica. 62(246) 15-45.
  • Câmara, A. F. N. & and Vernengo, M. (2004) Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective. Journal of Post Keynesian Economics. 27(2). 333- 343.
  • Chand, S.K. (1977). Summary Measures of Fiscal Influence. IMF Staff Papers. 24(2). ss. 405-449
  • Chand, S.K. (1977). Summary Measures of Fiscal Influence. International Monetary Fund Staff Papers. XXIV(2). 405-449.
  • Chand, S.K. (1992) Fiscal Impulses and Their Fiscal Impact. International Monetary Fund Working Paper. 92/38.
  • Charbit, Yves. (2002). The Political Failure of an Economic Theory: Physiocracy. Population-E. 57(6). 855-884.
  • Cole, H. L. & Ohanian Lee E. (1999). The Great Depression in the United States From a Neoclassical Perspective. Federal Reserve Bank of Minneapolis Quarterly Review. 23(1).
  • Crafts, N. & and Fearon, P. (2010) Lessons from the 1930s Great Depression. Oxford Review of Economic Policy. 26(3). 285-317
  • Dökmen, G. & Vural, T. (2011). Maliye Politikalarının Keynesyen Olmayan Etkileri: Türkiye Örneği. Maliye Dergisi. 161. 118-132.
  • Eecke, W. Ver.(2003) Adam Smith and Musgrave’s Concept of Merit Good. Journal of Socio-Economics. 31(6). 701–720
  • Fisher, S. (1983). Inflation and Growth (NBER Working Paper Series No. 1235).
  • Grampp, William D. (2000). What Did Smith Mean by the Invisible Hand? Journal of Political Economy, 108(3). 441-465.
  • Heller, P. S., Hass, R.D. & Mansur, D.H. (1986). A Review Of The Fiscal İmpulse Measure. International Monetary Fund, Washington D.C.
  • Hsiao, C. (2003). Analysis of panel data (2nd ed.). Cambridge ; Cambridge University Press.
  • Janssen, J., & Philip, R. (2002). Indicators of Fiscal Impulse for New Zealand | The Treasury New Zealand (No. 02/30).
  • McGrattan, Ellen R., 2012. Capital taxation during the U.S. great depression. Q. J. Econ. 127 (3), 1515–1550.
  • Karadam, D. Y. (2015). Reel Döviz Kurları ve Ekonomik Büyüme: Ülkelerarası Ampirik Bir Analiz. Pamukkale Journal of Eurasian Socioeconomic Studies, 2(1), 20–38.
  • LonRam, R. (1987). Exports and Economic Growth in Developing Countries: Evidence from Time-Series and Cross-Section Data. Economic Development and Cultural Change, 36(1), 51–72. http://doi.org/10.1086/451636
  • Long, J. B. De, & Summers, L. H. (1991). Equipment Investment and Economic Growth. The Quarterly Journal of Economics, 106(2), 445. http://doi.org/10.2307/2937944
  • Musgrave, Richard A. (1987). U.S. Fiscal Policy, Keynes, and Keynesian Economics. Journal of Post Keynesian Economics. 10(2). 171- 182.
  • Neill, Thomas P. (1949). The Physiocrats' Concept of Economics P. The Quarterly Journal of Economics, 63(4). 532-553
  • Parker, J. A. (2011). On Measuring the Effects of Fiscal Policy in Recessions. Journal of Economic Literature. 49(3). 703-718.
  • Perotti R., 2005. Estimating the Effects of Fiscal Policy in OECD Countries. CEPR Discussion Paper. No: 4842.
  • SSala-i-Martin, X. (1997). I Just Ran Two Million Regressions. American Economic Review, 87(2), 178–183
  • Schinasi, G.J. & Lutz, M.S. (1991) Fiscal Impulse. Internatıonal Monetary Fund-IMF Working Paper WP/91/91.
  • Schinasi, G. J., & Lutz, M. S. (1991). Fiscal Impulse (IMF Working Paper No. 91/91
  • Spengler, Joseph J. (1945). The Physiocrats and Say's Law of Markets. II. Journal of Political Economy, 53(4). 317-347.
  • Spilimbergo, A., Symansky, S. &Schindler, M.(2009). Fiscal Multipliers. IMF Staff Position Note, SPN/09/11.
  • Steindl, Frank G. (1966). On the Existence of the Liquidity Trap. Nebraska Journal of Economics and Business. 5(2). 24- 33.
  • Temple, J. (1999). The New Growth Evidence. Journal of Economic Literature, 37(1), 112–156.
  • Thorndike, Joseph J. (2010) The Fiscal Revolution And Taxation: The Rise Of Compensatory Taxation, 1929-1938. Law and Contemporary Problems. 73(1). 95-122.

OECD Ülkelerinde Genişletici Maliye Politikalarının Ekonomik Büyüme Üzerine Etkisi

Year 2019, , 59 - 74, 30.07.2019
https://doi.org/10.30927/ijpf.479622

Abstract

Para
ve maliye politikaları farklı ekonomik yaklaşımlar içinde ele alınan
politikalar olmasına rağmen, yaklaşımlar arasındaki temel tartışma maliye
politikası üzerindedir. Bunun nedeni, para politikasına amaç ve araç bağımsızlığı
çerçevesinde merkez bankası yön verirken; hükümetin bütçe aracılığı ile maliye
politikasını temel iktisat politikası aracı olarak kullanmasıdır.



Bu
çalışmada, kamu bütçesindeki meydana gelen değişmeleri ölçmek içinde kullanılan
mali etki ile ekonomik büyüme arasında ilişki 33 OECD için panel veri analizi
sabit etkiler modeli kullanılarak analiz edilmiştir. Çalışmada Uluslararası
Para Fonu ve Dünya Bankası verileri kullanılmıştır. 2011 – 2017 yılları arasını
kapsayan analiz sonuçlarına göre; maliye politikalarının genişletici etkisinin
ekonomik büyüme üzerindeki etkisinin olmadığı görülmektedir. 

References

  • Afonso, A. & Claeys, P. (2008). The Dynamic Behaviour of Budget Components and Output. Economic Modelling, 25, 93-117.
  • Ay, H. & Uçar, Ö. (2015) Üç Küresel Ekonomik Krizin Analizi. Sosyal Bilimler Enstitüsü Dergisi. 17(1). 11-32.Baltagi, B. H. (2008). Econometric analysis of panel data (4th ed.). Chichester, UK ; John Wiley & Sons.
  • Barro, R. J. (1995). Inflation and Economic Growth (NBER Working Paper No. 5326).
  • Barro, R. J. (1996). Determinants of Economic Growth: A Cross-Country Empirical Study (NBER Working Paper No. 5698). Cambridge, MA.
  • Bassanini, A., Scarpetta, S., & Hemmings, P. (2001). Economic Growth: The Role of Policies and Institutions. Panel Data Evidence from OECD Countries. SSRN Electronic Journal. http://doi.org/10.2139/ssrn.265091.
  • Brown, E. Cary. (1949). Some Evidence on Business Expectations. The Review of Economics and Statistics. 31(3). 236-238.
  • Brown, E. Cary. (1956). Fiscal Policy in the 'Thirties: A Reappraisal. The American Economic Review. 46(5). 857-879.
  • Buluş, A.& Kabaklarlı, E. (2010). 1929 Ekonomik Buhran İle Son Dönem Global Krizin Karşılaştırılması. Sosyal Ekonomik Araştırmalar Dergisi. 10(19). 1 – 22.
  • Burda, M., & Wyplosz, C. (2001). Macroeconomics (Third Edit). New York, NY: Oxford University Press.
  • Caldentey, Esteban P. (2003). Chicago, Keynes and Fiscal Policy. Investigación Económica. 62(246) 15-45.
  • Câmara, A. F. N. & and Vernengo, M. (2004) Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective. Journal of Post Keynesian Economics. 27(2). 333- 343.
  • Chand, S.K. (1977). Summary Measures of Fiscal Influence. IMF Staff Papers. 24(2). ss. 405-449
  • Chand, S.K. (1977). Summary Measures of Fiscal Influence. International Monetary Fund Staff Papers. XXIV(2). 405-449.
  • Chand, S.K. (1992) Fiscal Impulses and Their Fiscal Impact. International Monetary Fund Working Paper. 92/38.
  • Charbit, Yves. (2002). The Political Failure of an Economic Theory: Physiocracy. Population-E. 57(6). 855-884.
  • Cole, H. L. & Ohanian Lee E. (1999). The Great Depression in the United States From a Neoclassical Perspective. Federal Reserve Bank of Minneapolis Quarterly Review. 23(1).
  • Crafts, N. & and Fearon, P. (2010) Lessons from the 1930s Great Depression. Oxford Review of Economic Policy. 26(3). 285-317
  • Dökmen, G. & Vural, T. (2011). Maliye Politikalarının Keynesyen Olmayan Etkileri: Türkiye Örneği. Maliye Dergisi. 161. 118-132.
  • Eecke, W. Ver.(2003) Adam Smith and Musgrave’s Concept of Merit Good. Journal of Socio-Economics. 31(6). 701–720
  • Fisher, S. (1983). Inflation and Growth (NBER Working Paper Series No. 1235).
  • Grampp, William D. (2000). What Did Smith Mean by the Invisible Hand? Journal of Political Economy, 108(3). 441-465.
  • Heller, P. S., Hass, R.D. & Mansur, D.H. (1986). A Review Of The Fiscal İmpulse Measure. International Monetary Fund, Washington D.C.
  • Hsiao, C. (2003). Analysis of panel data (2nd ed.). Cambridge ; Cambridge University Press.
  • Janssen, J., & Philip, R. (2002). Indicators of Fiscal Impulse for New Zealand | The Treasury New Zealand (No. 02/30).
  • McGrattan, Ellen R., 2012. Capital taxation during the U.S. great depression. Q. J. Econ. 127 (3), 1515–1550.
  • Karadam, D. Y. (2015). Reel Döviz Kurları ve Ekonomik Büyüme: Ülkelerarası Ampirik Bir Analiz. Pamukkale Journal of Eurasian Socioeconomic Studies, 2(1), 20–38.
  • LonRam, R. (1987). Exports and Economic Growth in Developing Countries: Evidence from Time-Series and Cross-Section Data. Economic Development and Cultural Change, 36(1), 51–72. http://doi.org/10.1086/451636
  • Long, J. B. De, & Summers, L. H. (1991). Equipment Investment and Economic Growth. The Quarterly Journal of Economics, 106(2), 445. http://doi.org/10.2307/2937944
  • Musgrave, Richard A. (1987). U.S. Fiscal Policy, Keynes, and Keynesian Economics. Journal of Post Keynesian Economics. 10(2). 171- 182.
  • Neill, Thomas P. (1949). The Physiocrats' Concept of Economics P. The Quarterly Journal of Economics, 63(4). 532-553
  • Parker, J. A. (2011). On Measuring the Effects of Fiscal Policy in Recessions. Journal of Economic Literature. 49(3). 703-718.
  • Perotti R., 2005. Estimating the Effects of Fiscal Policy in OECD Countries. CEPR Discussion Paper. No: 4842.
  • SSala-i-Martin, X. (1997). I Just Ran Two Million Regressions. American Economic Review, 87(2), 178–183
  • Schinasi, G.J. & Lutz, M.S. (1991) Fiscal Impulse. Internatıonal Monetary Fund-IMF Working Paper WP/91/91.
  • Schinasi, G. J., & Lutz, M. S. (1991). Fiscal Impulse (IMF Working Paper No. 91/91
  • Spengler, Joseph J. (1945). The Physiocrats and Say's Law of Markets. II. Journal of Political Economy, 53(4). 317-347.
  • Spilimbergo, A., Symansky, S. &Schindler, M.(2009). Fiscal Multipliers. IMF Staff Position Note, SPN/09/11.
  • Steindl, Frank G. (1966). On the Existence of the Liquidity Trap. Nebraska Journal of Economics and Business. 5(2). 24- 33.
  • Temple, J. (1999). The New Growth Evidence. Journal of Economic Literature, 37(1), 112–156.
  • Thorndike, Joseph J. (2010) The Fiscal Revolution And Taxation: The Rise Of Compensatory Taxation, 1929-1938. Law and Contemporary Problems. 73(1). 95-122.
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Fatih Deyneli 0000-0003-1867-1075

Hilmi Çoban This is me

Publication Date July 30, 2019
Submission Date November 7, 2018
Acceptance Date April 18, 2019
Published in Issue Year 2019

Cite

APA Deyneli, F., & Çoban, H. (2019). OECD Ülkelerinde Genişletici Maliye Politikalarının Ekonomik Büyüme Üzerine Etkisi. International Journal of Public Finance, 4(1), 59-74. https://doi.org/10.30927/ijpf.479622

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