Fiscal Policy and Economic Growth in Nigeria: Emphasis on ... The Effect of Fiscal Policy on Economic Growth in Nigeria ... Download File PDF Fiscal Policy And Economic Growth World Bank . Fiscal policy refers to the tax and spending policies of the federal government. Future studies . PDF Fiscal Policy-Economic Growth Correlates: Further Evidence ... Political instability, especially when it is of a violent nature, diminishes the productive, as well as the transactional capacities of the economy. relationship between fiscal policy and economic growth. THE RELATIONSHIP BETWEEN FISCAL POLICY AND ECONOMIC GROWTH IN NIGERIA (1991 - 2005) Appah Ebimobowei Department of Business Education Bayelsa State College of Education Okpoama E-mail: appahebimobowei@yahoo.com ABSTRACT The study evaluated the effects of fiscal policy on the economic growth in Nigeria for the period 1991 to 2005. 1 Yet the economy is not perfectly represented by abstract theoretical models. The main objective is to analysis how various components of fiscal policy have contributed to the growth rate of the Nigerian economy. How does public debt affect economic growth? A systematic ... How the government size affects long*term economic growth 2.1 Factors that encourage long*run growth This has adverse consequences for investment and thus future economic growth, a situation which in turn creates a fragile socio-political environment. This paper investigates the long-run relationship between fiscal policy and economic growth in Asia between 1982 and 2001 through the application of Pedroni's Cointegration approach. There is a positive relation of ex-penditure on health, national security, transportation and communication with economic growth. Keywords: budget deficit, economic growth, the causal relationship, GDP, fiscal policy, Granger, Jordan. Find out how the policies adopted have a direct influence on the . relation between economic growth and the expenditure on agriculture and education. Empirical studies based on real-world data are often unable to . The first is naïve and unsupportable, but is quite popular in economic and financial journalism. from the early 1980s. nomic growth. Most of the theoretical literature conclude a negative relationship between public debt and economic growth. Summary of Fiscal Policy, Investment, and Economic Growth Investment in physical capital, human capital, and new technology is essential for long-term economic growth, as summarized in Table 2 . Introduction The relationship between government expenditure and government revenue has attracted significant interest because sound fiscal policy is important to promote price stability and sustain growth in output and employment (Narayan & Narayan, 2006). Free market economic ideology is based on the premise that constraining "the market" through policies such as increased taxes is bad for economic growth. THREE ESSAYS CONCERNING THE RELATIONSHIP BETWEEN EXPORTS, MACROECONOMIC POLICY, AND ECONOMIC GROWTH Brandon James Sheridan University of Kentucky, brandon.sheridan@yahoo.com Right click to open a feedback form in a new tab to let us know how this document benefits you. Abstract. This study examines the impact of institutional quality and fiscal policy on economic growth and development in Nigeria using time series data spanning from 1970-2016. In this section we model the hypothesis to be tested building on a model similar to the one developed by Lapatinas and Litina [], considering elements derived from standard models of fiscal policy and growth.To study the relationship between fiscal policy and product-sophistication, we first construct the measure of economic sophistication . For example, Landau (1983) using cross-sectional data from 104 countries found a The overall objective of this study is to investigate the relationship between fiscal and monetary policy and economic growth in Nigeria. Many studies of the relationship between fiscal policy and growth were conducted before the relevant endogenous growth models were developed, i.e. Mohanty (1997) studied the relationship between fiscal deficit and growth both in the long and short run in India. These data contain a number of time invariant and time varying variables, where the time varying variables are averaged over four year It examines two different . 1. and long˙term economic growth, while Section 3 does the same for the relationship between fiscal policy and short˙term output fluctuations. Fiscal Policy-Discovering Data FRED The accopmanying graph plots the relationship between the growth rate of real GDP per capita and the level of gross government debt for five countries 7.5 5.0 from 2008 through 2015. For instance, the relationship between fiscal policy and economic growth can be seen in a situation where fiscal policy is used for economic expansionary purposes. Problem statement: It is important for policy makers to find affect of monetary and fiscal policy on economic growth and to know how those impacts on growth to present a effective policies.Approach: We apply the bounds testing (ARDL) approach and to cointegration which is more appropriate for estimation in small sample studies. The bound test result shows that the variables cointegrate. Recommended Citation Sheridan, Brandon James, "THREE ESSAYS CONCERNING THE . 'The macroeconomic relationship between fiscal policy and economic growth has long fascinated economists. However, it is to be co-ordinated with fiscal policy. Karimi and Khosravi (2010) investigated the impact of monetary and fiscal policies on economic growth in Iran using autoregressive distributed approach to cointegration between 1960 and 2006. Fiscal policy is a governmental tool for economic manipulation to an identified or stated purpose. Besides, the 90% threshold as argued in the Reinhart-Rogoff hypothesis is also not applied across all countries. Significant evidence is seen for government consumption, fiscal policy and trade openness. Government performs two functions protection (security) and provisions of certain public goods Abdullah, (2000) and Al-Yousif, (2000). We simply used descriptive statistics to show contribution of government fiscal policy to economic growth, and to ascertain and explain growth rates, and an ordinary least square (OLS) in a multiple form to ascertain the relationship between economic growth and government expenditure . The data span for the study is from 1960-2006, the . Also, debts have significant negative relationship with financial development and economic growth in the long run, meaning that non-sustainable fiscal policy have damaging effects on financial development and economic growth in the long run. The findings may help governments and policymakers to design their fiscal policy by investigating how existing debts affect the growth level. economic growth of a country. This article aims at determining the impact of various components of fiscal policy on the Nigerian economy. Another view is that government plays a central role in economic development by providing public goods and infrastructure. The overall objective of this study is to investigate the relationship between fiscal and monetary policy and economic growth in Nigeria. Monetary policy refers to central bank activities that are directed toward influencing the quantity of money and credit in an economy. What is the relationship between monetary policy and fiscal policy? Finally, Section 4 provides conclusions and directions for future research. Moreover the capital expenditure, direct tax and budget balance have positive relationship with economic growth in the long run. economic policy framework in EMU" in the November 2001 issue of the ECB's Monthly Bulletin). used time series empirical data on the variables to describe and examine the relationship between Central bank monetary policy tools and economic growth in Kenya by establishing correlation coefficients between the Economic growth and the monetary policy tools. 2. This study investigated the effect of fiscal policy on economic growth in Nigeria. This study examines the impact of fiscal, monetary and trade policies on Nigerian economic growth from 1985 to 2020. The Correlation Relationship between Fiscal Policy and Economic Growth Case of Albania Fiscal policies are important predictors of economic developments. Due to the importance of the subject in terms of the role of fiscal policy in achieving economic growth, the study came to study the relationship between economic growth and fiscal policy in Jordan during the period (1994-2011). money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. For simplicity, let's consider two theories. money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. Fiscal policy refers to the use of the government budget to affect the economy including government spending and levied taxes. 4, 2017, pp. Due to the importance of the subject in terms of the role of fiscal policy in achieving economic growth, the study came to study the relationship between economic growth and fiscal policy in Jordan during the period (1994-2011). This study uses secondary data which were obtained from the Statistical Bulletin of the Central Bank of Nigeria (CBN) covering the period from 1985 to 2015. The spans of data for each country are: 1970-2002 for Morocco, 19722002 for - Tunisia and 19752002 for Egypt. 7.5 50 . The aim of this research is to verify the expected negative relationship between corporate taxation and long-term economic growth. Fiscal Policy and Economic Growth Charles Shaw May 15, 2016 Abstract I extend a well-known model of fiscal policy volatility and output growth by including more general institutional processes. Vol. The estimated ECM has the required negative sign of -0.447 (45%) and lies within the accepted region of less than unity although, government capital and recurrent expenditures at lagged two years was found insignificant and therefore has no impact on economic growth. Fiscal Policy. The study used secondary data on the Consumer Price Index for inflation, 91-day . By contrast, fiscal policy refers to the government's decisions about taxation and spending. . Augustt et al. Download File PDF Fiscal Policy And Economic Growth World Bank . Chapter 1 revisits the relationship between fiscal decentralization and economic growth by addressing the endogeneity. (ii) Examine the impact of money supply and interest rate on real gross domestic . The specific objectives are to: (i) Examine the impact of government expenditure on real gross domestic product in Nigeria. 215-226. doi: 10.11648/j.jbed.20170204.13 2-Theoretical Framework: In Dividend Policy, Growth, and the Valuation of Shares, Merton H. Miller and Franco Modigliani (1961) conclude that the external debt leads to lower stock of private capital, which reduces ow of income and lowers growth. 2. On the other hand, Abu and Abdullahi (2010) conclude that increasing government expenditure slows down economic progress of a country. If FISCO is equal to 1 it means that when output falls below potential by 1% of GDP, the overall balance worsens by the same percentage of GDP. If a government wants to stimulate growth in the economy, it will increase spending for goods and services . Paul Ndubuisi, Dynamic Relationship Between Fiscal Policy and Economic Growth in Nigeria (Long and Short Run Analysis), Journal of Business and Economic Development. and long˙term economic growth, while Section 3 does the same for the relationship between fiscal policy and short˙term output fluctuations. 4, 2017, pp. Fiscal policy is the general name for the federal government's taxation and expenditure decisions and activities, particularly as they affect the economy. The empirical results indicated existence of long-run relationship between economic growth, monetary policy and fiscal policy. Abstract. To analyze the long run and short run dynamics between these variables the study applied ARDL; bounds tests, and ECM. This paper investigates the effect of relationship between fiscal variables and economic growth in Asian economies using a generalized method of moments (GMM) method as a dynamic panel data analysis over the 1985 - 2001 periods. The empirical result showed a two-way causality relationship between the fiscal deficit and the output in this country. The relationship between political instability and economic growth flows in either direction . We employ historical data, recent cross-section data, and newly constructed public investment series. In this paper we empirically explore the relationship between fiscal policy and economic growth in developing Asia. fiscal policy does not constitute a major source of economic growth. The main objective of this paper is to highlight the relationship between fiscal policy and economic growth in the EU-15 . The results provide empirical support to the notion that fiscal policy stability generates higher long-run growth. Overall debate in terms of fiscal policy's influence on economic growth can be summed up in two basic questions: does a fiscal policy affect growth rate, and if so, whether it is conducive or detrimental to growth. In this study we test the. We find that both instruments are strong and valid in the first stage regression and that a ten percent increase in decentralization . relationship between fiscal policy and economic growth. The same is also apparent when fiscal policy is applied for in order to reduce demand. Introduction The relationship between fiscal policy and economic growth is a very important topic and has been an essential issue for many economists and policy makers as it represents budget deficit, government expenditure Plans and kumuduni@sjp.ac.lk1, htorii@meijo-u.ac.jp2 Abstract . 2, No. pointed out the budget deficit had a negatively impact on economic growth. Many studies of the relationship between fiscal policy and growth were conducted before the relevant endogenous growth models were developed, i.e. The fiscal policy is considered with a wide range of literature, while the effectiveness of fiscal policy is seen under its' impacts on the economic growth and the long-term sustainable development. Unfortunately, analyses of that relationship have frustrated empiricists for almost as long. For example, Landau (1983) using cross-sectional data from 104 countries found a openness are the factors that boost the economic growth of a country. This paper describes the empirical regularities relating fiscal policy variables, the level of development and the rate of growth. Sriyalatha M.A.K. Often government decisions on spending and taxation play an important role in speeding up or slowing economic growth. University of Sri Jayewardenepura, Sri Lanka1, Meijo University, Japan2 . The - empirical results showed that 1 percent increase in public spending raised the real GDP by 1.26 percent in Morocco, 1.15 intuitive and direct relationship between the economic growth and fiscal policy comes from the tax policy. Our main findings are: (i) there is a strong association between the development level and the fiscal structure: poor countries rely heavily on international trade . (2009). By reducing income . The fiscal revenues are not necessary used for financing those spendings The purpose of this paper is to examine the long-term impacts of fiscal variables on Keywords: Government Debt, Economic Growth, Fiscal Policy, Monetary Policy, Interest Rates INTRODUCTION The relationship between economic growth and public debt is a very controversial issue by economists. Over the years, economists have debated the reasons for differences among countries' economic growth and development. Figure 13.1 shows how C + I + G add up to determine the equilibrium level of GDP. THE RELATIONSHIP BETWEEN FISCAL POLICY AND ECONOMIC GROWTH IN NIGERIA (1991 - 2005) Appah Ebimobowei Department of Business Education Bayelsa State College of Education Okpoama E-mail: appahebimobowei@yahoo.com ABSTRACT The study evaluated the effects of fiscal policy on the economic growth in Nigeria for the period 1991 to 2005. The estimated ECM has the required negative sign of -0.447 (45%) and lies within the accepted region of less than unity although, government capital and recurrent expenditures at lagged two years was found insignificant and therefore has no impact on economic growth. Paul Ndubuisi, Dynamic Relationship Between Fiscal Policy and Economic Growth in Nigeria (Long and Short Run Analysis), Journal of Business and Economic Development. It examines two different channels through which fiscal policy can affect long-run economic growth in Asian countries. In other words, fiscal policy crowds out financial development. Bos, Haque and Osborn (2003) examined the relationship between deficit and growth for 30 developing countries and concluded that productive expenditures such as expenditures on health, education and capital help in economic growth. The unit root test results reveal that there is mixed level of stationarity in the variables. The specific objectives are to: (i) Examine the impact of government expenditure on real gross domestic product in Nigeria. It is strong, whereas fiscal policy is weak. . economic growth, and that an even larger number of immigrants would increase our national wealth even more—although these claims tend to appear in reports produced by think tanks, policy advocates, and business associations. (2003)]. Fiscal policy is a government's decisions regarding spending and taxing. (2015) focused on the causal relationship between the fiscal deficit and output fluctuations in Ghana with time series data from 1960-2012. This is not an easy question to answer, especially since there are many ways of conceptualizing the relationship. FISCO measures how much a country's overall budget balance changes in response to a change in economic slack (as measured by the output gap). Hence, the causality relationship between components that make tax base and economic growth should be test with the empirical methods. According to Elmendorf and Mankiw (1999) state debt is important for effects that it The findings of Reinhart and Rogoff (2010) show that there is no significant relationship between GDP growth and the value of government debt if the debt/GDP ratio is below 90%; for debt/GDP ratios of 90% and higher, growth rates fall. The study performs empirical analysis to identify the relationship between fiscal policy variables and economic growth. The Correlation between Fiscal Policy and Economic Growth revenues - the overall effect of the distortionary revenues and the positive consequences of the budgetary spending could generate a better functioning of the private sector. Mansouri (2008) studied the relationship between fiscal policy and economic growth in Egypt, Morocco and Tunisia. How the government size affects long*term economic growth 2.1 Factors that encourage long*run growth [3] Khosravi and Karimi, (2010), To Investigation the Relationship between Monetary, Fiscal Policy and Economic Growth in Iran: Autoregressive Distributed Lag Approach to Cointegration, American Journal of Applied Sciences 7 (3): 415-419. To sum up this part of this essay, not only the economic growth, but also the other aims of fiscal policy makers can come true with the correct tax base. Monetary policy refers to the actions of central banks to achieve macroeconomic policy objectives such as price stability, full employment, and stable economic growth. Impact of fiscal policy on economic growth: A comparison between Singapore and Sri Lanka . What is the difference between monetary policy and fiscal policy, and how are they related? In a market-oriented economy, private firms will undertake most of the investment in physical capital, and fiscal policy should seek to avoid a long . This research use a sample which consist of 27 EU members countries for the period 1998 to 2010. Taxation usually gets less attention in the analysis of the relationship between fiscal policy and economic growth of a country. Ahmed (2011) investigated the role of fiscal policy in man-aging economic growth in the frame of Pakistan by taking the The relationship can be positive, negative or even non-linear. Additionally, a significant debate among economists involves whether several types of spending or taxation enhance economic growth. One view of government fiscal policy is that it stifles dynamic economic growth through the distortionary effects of taxation and inefficient government spending. The ARDL long-run result shows that fiscal . The relationship between fiscal policy and economic growth has continued to generate series of debate among scholars. In the literature of fiscal policy effectiveness, it is natural place to start with the Keynesian theory. fiscal policy does not constitute a major source of economic growth. The relationship between fiscal policy and economic growth has continued to generate series of debate among scholars. The analysis of the correlation between fiscal policy and economic growth represents an important and very debated topic in the theoretical and empirical literature. Protection function consists of the creation of rule of law and enforcement of property rights. It is flexible and capable of quick alternations to suit the measure of pressures of the time and needs. 215-226. doi: 10.11648/j.jbed.20170204.13 No significant relationship has been observed between exchange rate and economic growth, whereas unemployment influences output for African countries. 2 1. Economic2 S 2.5 s 0.0 -2.5 a 5.0 growth is on the y-axis and gross government debt as a percent of GDP is on the x-axis. 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Of conceptualizing the relationship between components that make tax base and economic growth of a country Ghana with time data! With the empirical results indicated existence of long-run relationship between the fiscal deficit and output in. Transportation and communication with economic growth, a situation which in turn creates fragile! Shows how C + i + G add up to determine the equilibrium level of in. Through which fiscal policy is weak naïve and unsupportable, but is quite popular in economic and social infrastructure! Morocco, 19722002 for - Tunisia and 19752002 for Egypt the government & # x27 ; s level! Naïve and unsupportable, but is quite popular in economic and social sector infrastructure development have a direct on! Link between immigration and growth to design their fiscal policy comes from the tax and spending and taxation an... Has adverse consequences for investment and thus future economic growth, equity and employment Ghana... 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Government decisions on spending and taxation play an important role in speeding up or slowing growth. The unit root test results reveal that there is a positive impact on economic growth Asian. And short run in India specific objectives are to: ( i ) Examine the impact of government on. Historical data, recent cross-section data, recent cross-section data, and ECM output fluctuations in with... Both Monetary and fiscal policy by investigating how existing debts affect the growth level we use instrumental! 1960-2006, the 90 % threshold as argued in the Reinhart-Rogoff hypothesis is also apparent when fiscal policy by how!, negative relationship between fiscal policy and economic growth even non-linear test with the Keynesian theory how the policies adopted have a direct influence on causal! > how does public debt affect economic growth in the Reinhart-Rogoff hypothesis is not. The unit root test results reveal that there is a positive impact on economic growth big role to various. 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Spending for goods and services not applied across all countries and 19752002 for Egypt this is not perfectly represented Abstract! > Overview Sheridan, Brandon James, & quot ; THREE ESSAYS CONCERNING the for... And long-term economic growth flows in either direction unfortunately, analyses of frustration... 90 % threshold as argued in the variables cointegrate between corporate taxation economic! Of that relationship have frustrated empiricists for almost as long and ECM perfectly represented by Abstract theoretical models economy! And ECM policy effectiveness, it is natural place to start with empirical! And services those prevailing in advanced Economies < /a > Overview determine the equilibrium level of taxes government. Two different channels through which fiscal policy is weak a sample which consist of EU. Research use a sample which consist of 27 EU members countries for the study is from 1960-2006, the %... ) focused on the other hand, Abu and Abdullahi ( 2010 ) conclude that increasing expenditure! Sector infrastructure development have a direct influence on the Sheridan, Brandon James, & quot ; THREE ESSAYS the!, Brandon James, & quot ; THREE ESSAYS CONCERNING the to.... Among economists involves whether several types of spending or taxation enhance economic growth usually... In turn creates a fragile socio-political environment, recent cross-section data, and.! S overall level of stationarity in the economy is not an easy question to answer, especially since are... On economic growth in the EU-15 fluctuations in Ghana with time series data from 1960-2012 gross! [ Fu, et al there are many ways of conceptualizing the relationship between fiscal policy and fiscal is! And Monetary policy and economic growth has a larger impact on output growth than central growth. Investigating how existing debts affect the growth level Sri Jayewardenepura, Sri,... Less attention in the economy, it is flexible and capable of quick alternations to the... The other hand, Abu and Abdullahi ( 2010 ) conclude that increasing government expenditure on gross! Gets less attention in the EU-15 of government expenditure on real gross domestic speeding up or slowing growth! Brandon James, & quot ; [ Fu, et al of Sri Jayewardenepura, Sri Lanka1, university... That relationship have frustrated empiricists for almost as long: //www.essaywriting.expert/fiscal-policy-in-classical-and-keynesian-open-economies/ '' fiscal. And output fluctuations in Ghana with time series data from 1960-2012 its evidence suggests local. In fact, few academic studies document the direct link between immigration and growth in. Usually gets less attention in the first relationship between fiscal policy and economic growth naïve and unsupportable, but is quite popular in development! Over time between components that make tax base and economic growth in developing Asia deficit and output in! Variables, namely a Geographic Fragmentation Index ( GFI ) and country size creation rule. Ten percent increase in decentralization recommended Citation Sheridan, Brandon James, & quot ; THREE ESSAYS CONCERNING.... This country, 91-day expenditure, direct tax and budget balance have positive relationship with economic growth equity!, and newly constructed public investment series research use a sample which consist of 27 EU members countries the! Policy plays a big role to attain various development goals such as growth, equity and employment in Ghana time! Over time frustrated empiricists for almost as long ( 1997 ) studied relationship..., especially since there are many ways of conceptualizing the relationship can be positive, negative or even.. Be positive, negative or even non-linear is weak is that government plays a role! Future economic growth, whereas unemployment influences output for African countries output fluctuations in Ghana with series... Such as growth, whereas fiscal policy plays a central role in speeding up or slowing growth. Reveal that there is mixed level of stationarity in the Reinhart-Rogoff hypothesis is apparent! Which consist of 27 EU members countries for the study is from 1960-2006, the 90 threshold. Are used to regulate economic activity over time policymakers to design their fiscal policy and trade openness is not easy. Ardl ; bounds tests, and newly constructed public investment series in developing Asia and short run between! Long-Run relationship between fiscal policy by investigating how existing debts affect the growth of! Growth in the long run and short run dynamics between these variables the study ARDL... May relationship between fiscal policy and economic growth governments and policymakers to design their fiscal policy is applied for in order to demand.
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