본문 바로가기
KERD
논문KCI 등재

Composition of Expenditures and Economic Performance: Evidence from U.S. States

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

주제분류사회과학일반

초록

State governments create fiscal policies, but not all state policy decisions result in better economic performance. Economic performance depends on taxes and types of expenditures. The composition of public expenditures also is considered the instrument for promoting economic growth. This study attempts to examine how different types of expenditures (highway, education, and welfare expenditure) influence economic growth, as measured by change of gross state product (GSP) using a panel data set from 1998 to 2013. The results indicate that a high proportion of highway expenditure and education expenditure are positively related to economic growth rate. In addition, a high level of welfare expenditure is positively related to a state's economic growth rate.

Abstract

State governments create fiscal policies, but not all state policy decisions result in better economic performance. Economic performance depends on taxes and types of expenditures. The composition of public expenditures also is considered the instrument for promoting economic growth. This study attempts to examine how different types of expenditures (highway, education, and welfare expenditure) influence economic growth, as measured by change of gross state product (GSP) using a panel data set from 1998 to 2013. The results indicate that a high proportion of highway expenditure and education expenditure are positively related to economic growth rate. In addition, a high level of welfare expenditure is positively related to a state's economic growth rate.

참고문헌 (57)

  1. Alesina, Alberto, "Political instability and economic growth", Journal of Economic growth, 1(2), pp.189~211 (1996)
  2. Alesina, Alberto, "Partisan politics, divided government, and the economy" (1995), Cambridge University Press
  3. Alm, James, "Do State Fiscal Policies Affect State Economic Growth?", Public Finance Review, 39(4), pp.483~526 (2011)
  4. Araujo, Valeska, "Differential effects of the components of higher education expenditure on US state economic growth", 2008Undergraduate Research and Creative Achievements Forum (MU) (2008), University of Missouri--Columbia. Office of Undergraduate Research
  5. Aschauer, David Alan, "Is public expenditure productive?", Journal of monetary economics, 23(2), pp.177~200 (1989)
  6. Atkinson, Anthony B., "The welfare state and economic performance", National Tax Journal, 48(2), pp.171~198 (1995)
  7. "The state and local drag on the stimulus" (2009)[URL]
  8. Beraldo, Sergio, "Healthy, educated and wealthy:A primer on the impact of public and private welfare expenditures on economic growth", The Journal of Socio-Economics, 38(6), pp.946~956 (2009)
  9. Blankenau, William F., "Public education expenditures, taxation, and growth : Linking data to theory", The American economic review, 97(2), pp.393~397 (2007)
  10. Castles, Francis G., "The impact of government spending levels on medium-term economic growth in the OECD, 1960-85", Journal of Theoretical Politics, 2(2), pp.173~204 (1990)
  11. "How Do Voters Retrospectively Evaluate Wasteful Government Spending? Evidence from Individual-Level Disaster Relief" (2014)[URL]
  12. "How Federal Spending for Infrastructure and Other Investments Affects the Economy: A CBO study (CBO Publication No. 544)" (1991)[URL]
  13. Cullison, William E., "Public investment and economic growth", FRB Richmond Economic Quarterly, 79(4), pp.19~33 (1993)
  14. Devarajan, Shantayanan, "The composition of public expenditure and economic growth", Journal of monetary economics, 37(2), pp.313~344 (1996)
  15. Ding, Hong, "Unemployment and Welfare State: What do the Data Tell Us", Journal of Social Science for Policy Implications, 2(2), pp.197~226 (2014)
  16. Duffy-Deno, Kevin T., "Public infrastructure and regional economic development : a simultaneous equations approach", Journal of urban economics, 30(3), pp.329~343 (1991)
  17. State Fiscal Systems and Business Cycles:Implications for State Welfare Spending When the Next Recession Occurs, "Dye, Richard F.", The Urban Institute, ~, pp.Discussion Paper99-04 (1999)
  18. Easterly, William, "Fiscal policy and economic growth", Journal of monetary economics, 32(3), pp.417~458 (1993)
  19. Eberts, Randall W., "Public infrastructure and regional economic development", Economic Review, 26(1), pp.15~27 (1990)
  20. Public Spending in Developing Countries Trends, Determination and Impact, "Fan,Shenggen", International Food Policy Research Institute, ~, pp.Environment and Production Technology Division Discussion Paper No. 99 (2003)
  21. Fan, Shenggen, "Public expenditures, growth and poverty: Lessons from developing countries" (2008), International Food Policy Research Institute
  22. Fatás, Antonio, "The macroeconomic effects of fiscal rules in the US states", Journal of Public Economics, 90(1), pp.101~117 (2006)
  23. Felland, Laurie E., "The economic recession: early impacts on health care safety net providers" (2010), Center for Studying Health System Change
  24. Forrester, John P., "Municipal Capital Budgeting: An Examination", Public Budgeting & Finance, 13(2), pp.85~101 (1993)
  25. Gais, Thomas L., "Stretched Net: The Retrenchment of State and Local Social Welfare Spending Before the Recession", Publius, 39(3), pp.557~579 (2009)
  26. Garcia-Mila, Teresa, "The contribution of publicly provided inputs to states’ economies", Regional Science and Urban Economics, 22(2), pp.229~241 (1992)
  27. Gargan, John J., "Handbook of State Government Administration", pp.1~11 (2000), Marcel-Dekker
  28. Gemmell, Norman, "Is Fiscal Policy the Answer? A Developing Country Perspective" (2012)
  29. Glomm, Gerhard, "Public versus private investment in human capital : endogenous growth and income inequality", Journal of political economy, 100(4), pp.818~834 (1992)
  30. Goodspeed, Timothy J., "Tax structure in a federation", Journal of Public Economics, 75(3), pp.493~506 (2000)
  31. Grogan, Colleen M., "Federalism, partisan politics, and shifting support for state flexibility : The case of the US state children’s health insurance program", Publius : The Journal of Federalism, 39(1), pp.47~69 (2009)
  32. Hansson, Pär, "A new framework for testing the effect of government spending on growth and productivity", Public Choice, 81(3-4), pp.381~401 (1994)
  33. Helms, L. Jay, "The Effect of State and Local Taxes on Economic Growth: A Time Series--Cross Section Approach", The Review of Economics and Statistics, 67(4), pp.574~582 (1985)
  34. Imbeau, L.M., "Politics, Institutions, and Fiscal Policy : Deficits and Surpluses. in Federated States" (2004), Lexington Books
  35. Izák, Vratislav, "The Welfare State and Economic Growth", Prague Economic Papers, 2011(4), pp.291~308 (2011)
  36. "Medicaid, SCHIP and Economic Downturn: Policy Challenges and Policy Responses" (2008)[URL]
  37. Knight, Brian, "Endogenous federal grants and crowd-out of state government spending:Theory and evidence from the federal highway aid program", American Economic Review, 92(1), pp.71~92 (2002)
  38. Kousser, Thad, "Fiscal Challenges:An Interdisciplinary Approach to Budget Policy" (2008), Cambridge University Press
  39. Kwak, Sunjoo, "The Dynamics of State Fiscal Behavior Over the Business Cycle Are State Fiscal Policies Procyclical?", The American Review of Public Administration, 44(5), pp.550~574 (2014)
  40. Laffer, Arthur B., "Rich States, Poor" (2015), American Legislative Exchange Council
  41. Lane, Phillip, "The Cyclical Behavior of Fiscal Policy : Evidence from the OECD", Journal of Public Economics, 87(2), pp.661~2675 (2003)
  42. Lee Jr, Robert D., "Public budgeting systems" (2008), Jones & Bartlett Publishers
  43. State spending on social assistance programs over the business cycle, "McGuire, Therese J.", National Poverty Center, ~, pp.National Poverty Center Working Paper Series 05-15 (2005)
  44. McNichol, Elizabeth, "States continue to feel recession’s impact" (2011), Center on Budget and Policy Priorities
  45. Mofidi, Alaeddin, "Do state and local taxes affect economic growth?", The Review of Economics and Statistics, 72(40), pp.686~691 (1990)
  46. Munnell, Alicia H., "Policy watch, infrastructure investment and economic growth", Journal of Economic Perspectives, 6(4), pp.189~198 (1992)
  47. Munnell, Alicia H., "Why has productivity growth declined? Productivity and public investment", New England Economic Review, 30, pp.3~22 (1990)
  48. National Association of Budget Officers, "The Fiscal Survey of States: An Update of State Fiscal Conditions", NASBO, ~
  49. Nice, David C., "The politics of intergovernmental relations" (1995), Nelson-Hall
  50. Ojede, Andrew, "Tax policy and state economic growth: The long-run and short-run of it", Economics Letters, 116(2), pp.161~165 (2012)
  51. Pagano, Michael A., "Municipal Capital Spending During the ‘Boom’", Public Budgeting &Finance, 22(2), pp.1~20 (2002)
  52. Reed, W. Robert, "The robust relationship between taxes and US state income growth", National Tax Journal, 61(1), pp.57~80 (2008)
  53. Riscado, Sara Maria, "Macro? Fiscal Volatility and the Composition of Public Spending", Fiscal Studies, 32(4), pp.511~538 (2011)
  54. Rubin, Irene S., "The politics of public budgeting: Getting and spending, borrowing and balancing" (2005), CQ Press
  55. Samuel Nunn, "Budgeting for Public Capital: Reinterpreting Traditional Views of Urban Infrastructure Provision", Journal of Urban Affairs, 12(4), pp.327~344 (1990)
  56. Wang, Wen, "Determinants of Pay?as?You?Go Financing of Capital Projects : Evidence from the States", Public Budgeting & Finance, 27(4), pp.18~42 (2007)
  57. The Initial Economic Impacts of the DART LRT System, "Weinstein, Bernard L.", Center for Economic Development and Research, University of North Texas, ~ (1999)

관련 논문AI추천

이 간행물의 다른 논문 (11건)