Wagner's Law and Peacock and Wiseman's Displacement Effect In European Union Countries PDF Download
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Author: Cosimo Magazzino
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
Wagner's Law is the first model of public expenditure in the history of public finance. It suggests that during the process of economic development the share of public spending in national income tends to expand (Wagner, 1883). Nevertheless, Peacock and Scott in 2000 wrote a paper entitled “The curious attraction of Wagner's law,” explaining the reasons for why this (apparently) outworn theory is still studied by modern economists. On the other hand, Keynes (1936) considered public spending as an exogenous factor to be used as a policy instrument to influence growth. Moreover, Peacock and Wiseman (1961) presented the displacement effect, according to which during times of war tax rates are increased to generate more revenues, sustaining the increase in defense spending. While Peacock and Wiseman (1979) surveys the literature on public expenditure growth. This paper aims to analyze the relationship between public expenditure and aggregate income in European Union countries, for the period 1980-2013, using panel data methodologies. After a brief introduction, a survey of the economic literature on this issue is discussed. Then, panel data tests on stationarity, cross-dependence, cointegration, and causality are shown. Finally, some notes on policy implications conclude the paper.
Author: Cosimo Magazzino
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
Wagner's Law is the first model of public expenditure in the history of public finance. It suggests that during the process of economic development the share of public spending in national income tends to expand (Wagner, 1883). Nevertheless, Peacock and Scott in 2000 wrote a paper entitled “The curious attraction of Wagner's law,” explaining the reasons for why this (apparently) outworn theory is still studied by modern economists. On the other hand, Keynes (1936) considered public spending as an exogenous factor to be used as a policy instrument to influence growth. Moreover, Peacock and Wiseman (1961) presented the displacement effect, according to which during times of war tax rates are increased to generate more revenues, sustaining the increase in defense spending. While Peacock and Wiseman (1979) surveys the literature on public expenditure growth. This paper aims to analyze the relationship between public expenditure and aggregate income in European Union countries, for the period 1980-2013, using panel data methodologies. After a brief introduction, a survey of the economic literature on this issue is discussed. Then, panel data tests on stationarity, cross-dependence, cointegration, and causality are shown. Finally, some notes on policy implications conclude the paper.
Author: David Procházka
Publisher: Springer Nature
ISBN: 3030998738
Category : Business & Economics
Languages : en
Pages : 462
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Book Description
This edition provides a mix of research perspectives to examine the economic and non-economic outcomes of global developments in financial regulation, monetary and fiscal measures, or sustainable development, with a tailored focus on specifics in emerging and transitioning countries. The volume combines a mix of approaches to investigate relevant newly emerged topics (e.g., economics of emissions, corporate social responsibility reporting) as well as traditional issues requiring new approaches (e.g., exchange rate mechanisms, investment strategies, the impact of corporate reporting on economic fundamentals). Such a comprehensive view of contemporary economic phenomena makes the volume attractive not only to academia, but also to regulators and policymakers, when deliberating on the potential outcomes of competing regulatory mechanisms.
Author: James M. Poterba
Publisher: University of Chicago Press
ISBN: 0226676307
Category : Political Science
Languages : en
Pages : 402
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Book Description
The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies particularistic explanations aimed at internal economic developments within a specific country. Fiscal Institutions and Fiscal Performance shifts emphasis away from narrow economic factors to more broadly defined political and institutional factors that affect government policy and national debt. This collection brings together new theoretical models, empirical evidence, and a series of in-depth case studies to analyze the effect of political institutions, fiscal regulations, and policy decisions on accumulating deficits. It provides a fascinating overview of the political and economic issues involved and highlights the role of budgetary institutions in the formation of budget deficits.
Author: Wonderful Hope Khonje
Publisher: Commonwealth Secretariat
ISBN: 1849291896
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
Strengthening Disaster Resilience in Small States: Commonwealth Perspectives offers timely and expert analysis of differentiated exposure of small states to natural disasters, including an examination of specific interventions for strengthening small states’ resilience to this phenomenon
Author: Benin, Samuel
Publisher: Intl Food Policy Res Inst
ISBN:
Category : Political Science
Languages : en
Pages : 64
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Book Description
Annual data on Kenya from 1950 to 2014 are used to analyze the determinants of the level and composition of government expenditures and estimate the agricultural-output returns to the different types of government expenditures. The paper analyzes expenditures for six functions (general administration, defense, education, health, agriculture, and other economic functions—transport, communications, etc.) as well as the capital-to-recurrent expenditure ratios within each of the six functions. Simultaneous equations modeling methods are employed, and different diagnostic tests are used to check for and address issues with stationarity, causality, and autocorrelation. Different model specifications are used to assess the sensitivity of the results to using different measures and combinations of the conceptual variables that are hypothesized to affect the composition of government expenditures and agricultural production.
Author:
Publisher: BoD – Books on Demand
ISBN: 1837692491
Category : Medical
Languages : en
Pages : 330
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Book Description
The current book, Global Health Security - Contemporary Considerations and Developments, represents a collective work of multiple authors from around the world, with an ultimate goal of providing the reader with a comprehensive exploration of critical issues shaping modern global health security, especially in the post-COVID-19 reality of today. It not only highlights the latest trends, challenges, and advancements shaping the field but also delves into unique topics like the impact of geopolitical tensions and barriers, funding gaps, intentional and unintentional misuse of social media platforms, medical and health misinformation, and the need for greater equity and inclusivity. Moreover, the book outlines potential future directions for strengthening global health security, including the enhancement of multisectoral collaboration, investment in research and development, and promotion of health equity. These are critical measures that can help address the current challenges facing our planet following the most devastating pandemic in over a century. This collection of expert manuscripts provides valuable insights and practical recommendations that can help inform policy decisions and guide future research and development efforts. We hope that the reader will find this book to be an essential resource, especially for those looking to gain a deeper understanding of the issues surrounding global health security.
Author: Norman Flynn
Publisher: SAGE Publications Limited
ISBN: 1529679656
Category : Political Science
Languages : en
Pages : 277
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Book Description
In an era marked by unprecedented challenges, from the climate crisis to the rise of populism, the ways to manage public sector organisations have dramatically changed. In the eighth edition of this bestselling textbook, Flynn and Asquer offer the definitive introduction to public administration. Now substantially revised and updated throughout, this text reflects the latest approaches, tools and techniques that help governments respond to the multifaceted problems facing societies today and pre-empt those of tomorrow. Recognising the importance of context, Public Sector Managementunderscores that one-size-fits-all management practices are inadequate. Learn how public sector management adapts to changing political climates and societal pressures and be guided through the intricacies of making evidence-based policies while acknowledging the political dynamics that shape them. Updates to the eighth edition include: · A Global Perspective: Explore variations in public sector management shaped by cultural, historical, and institutional contexts, and gain a deep understanding of how governments address challenges in unique ways. · Balancing Theory and Practice: the new edition offers amore detailed and holistic perspective on public sector management by bringing in the latest theoretical insights and real-world public sector management practices. · Adapting to Change and tacking today’s issues: Confront the challenges faced in the age of technology, from artificial intelligence to Big Data; the climate crisis and clean energy transitions; and resulting from the latest geopolitical shifts including workforce migration to the erosion of trust in democracies. · A Call for Contextual Understanding: Learn how factors such as heterogeneity, population, income inequality, and technological access influence public sector management practices. Public Sector Management is essential reading for upper undergraduate and postgraduate students studying public sector management or public administration and is perfect for those studying on a Master of Public Administration programme. Norman Flynn was Director of the Centre for Financial and Management Studies, SOAS, University of London and Programme Director of the MSc in Public Policy and Management. Alberto Asquer is Head of the School of Finance and Management, Programme Director, MSc Public Policy and Management, and Senior Lecturer of Public Policy and Management at SOAS University of London
Author: Mr.Paolo Mauro
Publisher: International Monetary Fund
ISBN: 1616358777
Category : Business & Economics
Languages : en
Pages : 53
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Book Description
We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of fiscal prudence or profligacy for each country over the past several decades. Specifically, our dataset consists of fiscal revenues, primary expenditures, the interest bill (and thus both the primary and the overall fiscal deficit), the government debt, and gross domestic product, for 55 countries for up to two hundred years. For the first time, a large cross country historical data set covers both fiscal stocks and flows. Using Bohn’s (1998) approach and other tests for fiscal sustainability, we document how the degree of prudence or profligacy varies significantly over time within individual countries. We find that such variation is driven in part by unexpected changes in potential economic growth and sovereign borrowing costs.
Author: Alan T. Peacock
Publisher: Ashgate Publishing
ISBN: 9780751202564
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
This work examines public expenditure, explaining the size and the structure of the system of public finance. Suitable for use as a course text, it can function as a point of departure for empirical and analytical studies on the behaviour of governments.
Author: Jürgen Backhaus
Publisher: Springer
ISBN: 3319789937
Category : Business & Economics
Languages : en
Pages : 191
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Book Description
This book discusses the work of German economists Gustav von Schmoller and Adolph Wagner, its influence on the tradition of German and Austrian economic and social thought, and its implications for the discipline today. Schmoller and Wagner integrated philosophical, historical, sociological and political approaches into the science of economics, focusing specifically on economic development. Schmoller, who is considered the head of the second generation of the German Historical School, argued that general propositions of economic theory had to be based on historical-empirical studies. In contrast, Wagner was a systematologist who preferred to start his investigations into economic problems from abstract principles. Schmoller and Wagner share, however, a common focus on institutions and the role of the state; Wagner favored state policy initiatives, while Schmoller was concerned with the risks of state policy failure. One hundred years after their deaths, the contributions to this book look into their approach, trace the influence of their ideas, and explore the relevance of their thought in a global economy. This book will be useful for students and scholars interested in socio-economics, the history of economic thought, economic policy, and political science.
