The composition of public expenditure and economic growth
The composition of public expenditure and economic growth
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DOI：
10.1016/s0304-3932(96)90039-2
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发表时间：
1996-04-01
影响因子：
4.1
通讯作者：
Zou, HF
中科院分区：
文献类型：
--
作者：
Devarajan, S;Swaroop, V;Zou, HF
注意到文献重点关注公共支出水平与增长之间的联系，我们得出了支出构成变化导致经济稳态增长率更高的条件。这些条件不仅取决于公共支出不同组成部分的实际生产力，还取决于初始份额。我们使用 43 个发展中国家 20 年来的数据表明，经常支出份额的增加具有积极且统计显着的增长效应。相比之下，公共支出的资本部分与人均增长之间呈负相关。因此，看似富有成效的支出，如果使用过度，可能会变得毫无成效。这些结果表明，发展中国家政府一直在错误地分配公共支出，以牺牲经常性支出为代价，转而支持资本支出。
Noting that the literature has focused on the link between the level of public expenditure and growth, we derive conditions under which a change in the composition of expenditure leads to a higher steady-state growth rate of the economy. The conditions depend not just on the physical productivity of the different components of public expenditure but also on the initial shares. Using data from 43 developing countries over 20 years we show that an increase in the share of current expenditure has positive and statistically significant growth effects. By contrast, the relationship between the capital component of public expenditure and per-capita growth is negative. Thus, seemingly productive expenditures, when used in excess, could become unproductive. These results imply that developing-country governments have been misallocating public expenditures in favor of capital expenditures at the expense of current expenditures.