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Fiscal Expenditure Policy and Non-Oil Economic Growth: Evidence from GCC Countries
Author:
Mr. Qing Wang
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Mr. Ugo Fasano-Filho
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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 195
Language:
English
Publication Date:
01 Dec 2001
DOI:
https://doi.org/10.5089/9781451859911.001
ISBN:
9781451859911
ISSN:
1018-5941
Pages:
21
Keywords:
WP; GCC country; government expenditure; fiscal policy; non-oil real growth; GCC countries; GCC government; government policy; government saving; government capital; government size; GCC countries in the sample; Current spending; Capital spending; Total expenditures; Oil prices; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Through the use of a multivariate cointegration and error-correction model, this study investigates the short- and long-run relationship over the past two decades between fiscal expenditure policy and non?oil real GDP growth in member countries of the Gulf Cooperation Council (GCC). Despite the important role of the government, the empirical results do not strongly support that increases in fiscal expenditures tend to slow or accelerate non?oil real growth in these countries. However, the breakdown into current and capital expenditures is useful for assessing the effects of each spending category on short- and long-run non?oil real GDP growth.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund