Structural characteristics and non-linear fiscal multipliers

IF 2.8 2区 经济学 Q1 ECONOMICS
Mahima Gupta, Amlendu Dubey
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引用次数: 0

Abstract

We identify structural characteristics of economies which determine the fiscal multipliers in normal times. We find that structural variables determine fiscal multipliers in a non-linear fashion where fiscal multipliers change significantly across the threshold of structural variables. Using the recently developed Panel Latent Threshold Model, we identify latent groups of countries intrinsic to the structural characteristics of the variables. Results suggest that improvement in human development and financial infrastructure measures play a prominent role in enhancing the fiscal multiplier effects across the economies. We also find that economies can achieve higher fiscal multipliers by keeping a check on the import propensity. We identify female labour force participation as one of the significant structural determinants of the fiscal multiplier, where many latent groups find parallels with the declining portion of the feminisation U-shaped hypothesis. Overall, the results suggest that countries should pursue targeted structural change-oriented fiscal policy to achieve higher economic growth.
结构特点和非线性财政乘数
我们确定了在正常时期决定财政乘数的经济体的结构特征。我们发现结构变量以非线性方式决定财政乘数,其中财政乘数在结构变量的阈值上发生显著变化。使用最近开发的面板潜在阈值模型,我们确定了变量结构特征内在的潜在国家群体。结果表明,人力资源发展和金融基础设施措施的改善在增强各经济体财政乘数效应方面发挥着突出作用。我们还发现,经济体可以通过控制进口倾向来实现更高的财政乘数。我们将女性劳动力参与率确定为财政乘数的重要结构性决定因素之一,其中许多潜在群体发现与女性化u型假设的下降部分相似。总体而言,研究结果表明,各国应采取有针对性的结构性变革导向的财政政策,以实现更高的经济增长。
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来源期刊
Economic Systems
Economic Systems ECONOMICS-
CiteScore
4.90
自引率
0.00%
发文量
83
审稿时长
48 days
期刊介绍: Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.
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