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ததாடர் நீர்மூழ்கி கப்பல்[sub-marine] விபத்துகளுக்கு தபாறுப்தபற்று சமீபத்தில் பதவி விலகிய கடற்படட தளபதி [admiral]

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Journal of International Money and Finance24 (2005) 441e463www.elsevier.com/locate/econbaseFiscal policy, expenditure composition,and growth in low-income countriesSanjeev Gupta*, Benedict Clements,Emanuele Baldacci, Carlos Mulas-GranadosInternational Monetary Fund, Fiscal Aairs Department, 700 19th Street,NW Washington, DC 20431, USAAbstractThis paper assesses the eects of scal consolidation and expenditure composition oneconomic growth in a sample of 39 low-income countries during the 1990s. The paper ndsthat strong budgetary positions are generally associated with higher economic growth in boththe short and long terms. The composition of public outlays also matters: countries wherespending is concentrated on wages tend to have lower growth, while those that allocate highershares to capital and nonwage goods and services enjoy faster output expansion. Finally,initial scal conditions also have a bearing on the nexus between scal decits and growth. 2005 Elsevier Ltd. All rights reserved.JEL classication: E62; E23; H50Keywords: Fiscal policy; Economic growth; Public expenditure composition1. IntroductionA large body of empirical research supports the notion that healthy budgetarybalances are, over the long run, good for growth (Easterly et al., 1994). The eect ofscal consolidation on growth in the short run, however, remains open to question as* Corresponding author. Tel.: C1 202 623 8872; fax: C1 202 623 4022.E-mail

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