LOCAL GOVERNMENT SPENDING MULTIPLIERS AND FINANCIAL DISTRESS: EVIDENCE FROM JAPANESE PREFECTURES

• 成果类型: Article
• 署名作者: Brueckner, Markus; Tuladhar, Anita
• 署名单位: National University of Singapore; International Monetary Fund
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12076
• 发表日期: 2014
• 页码: 1279-1316
• 关键词: fiscal-policy; slowdown; GROWTH

摘要

We estimate local government spending multipliers using annual data for 47 Japanese prefectures during the 1990s. Our main findings are as follows: the average local government spending multiplier is positive and significantly different from zero but not larger than one; there are large and significant differences in the output effects of different types of government expenditures: transfers to firms have the highest multiplier, significantly larger than one, while transfers to households have the lowest multiplier, significantly below zero; firms' financial distress has a significant negative effect on the local government spending multiplier, in contrast to economic slack that has a significant positive effect.