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Title: Fiscal Policy and Growth: Do Financial Crises make a Difference?
Author: Afonso, António
Grüner, Hans Peter
Kolerus, Christina
Keywords: fiscal policy
financial crisis
panel analysis
Issue Date: 2010
Publisher: ISEG - Departamento de economia
Citation: Afonso, António, Hans Peter Grüner e Christina Kolerus. 2010. "Fiscal Policy and Growth: Do Financial Crises make a Difference?". Instituto Superior de Economia e Gestão - DE Working papers nº 10-2010/DE/UECE
Series/Report no.: DE Working papers;nº 10-2010/DE/UECE
Abstract: In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the period 1981-2007. The fiscal multiplier for the full sample for instrumented regular and crisis spending is about 0.6-0.8 considering the sample average government spending share of GDP of about one third. Altogether, we cannot reject the hypothesis that crisis spending and regular spending have the same impact using a variation of controls, sub-samples and specifications.
ISSN: 0874-4548
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Appears in Collections:DE - Documentos de trabalho / Working Papers
UECE - Documentos de Trabalho / UECE - Working Papers

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