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|Title:||Public expenditure and national income - Time series evidence from Greece|
|Keywords:||Fiscal policy; GDP; Public expenditure; Cointegration, Weak;exogeneity/causality|
|Citation:||Economics and Finance Working papers, Brunel University, 00-05|
|Abstract:||The paper investigates the existence and nature of long-run relationships between Greek national income and four categories of public expenditure. Our results suggest that there exists a positive long-run relationship between GDP on the one hand; and public expenditure and “productive” public consumption on the other, with causality running both ways. There appears to be no long-run relationship between GDP and public-sector personnel expenditure; and GDP and public-debt service expenditure. From that point of view, it would appear that in terms of output growth, the fiscal policy followed by Greece during the 1975-1990 period has rather been ineffective.|
|Appears in Collections:||Dept of Economics and Finance Research Papers|
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