Consumption and government spending substitutability revisited: Evidence from Taiwan

Tsung Wu Ho*

*此作品的通信作者

研究成果: 雜誌貢獻期刊論文同行評審

2 引文 斯高帕斯(Scopus)

摘要

Bailey (1971) first documented the idea that there may be a degree of substitutability of the relationship between government spending and private consumption. In this paper, this is embedded in a Markov-switching framework where the relationship is subject to shifting between to different regimes. To control small-sample bias, the bootstrap maximum likelihood estimator is used. Evidence from Taiwan indicates that the crowding-in effect dominated the pre-1980 period; the substitutability dominates the post-1980 period. It renders unconvincing the Keynesian plea for expansionary fiscal policy of Taiwan since the 1980s. A Mundell-Fleming approach is proposed to explain this dating.

原文英語
頁(從 - 到)589-604
頁數16
期刊Scottish Journal of Political Economy
48
發行號5
DOIs
出版狀態已發佈 - 2001 十一月
對外發佈

ASJC Scopus subject areas

  • 社會學與政治學
  • 經濟學與計量經濟學

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