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Crowding Out Or Crowding In? The Economic Consequences of Financing Government Deficits

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Cited by:

  1. Agnieszka Alińska & Beata Zofia Filipiak & Aneta Kosztowniak, 2018. "The Importance of the Public Sector in Sustainable Development in Poland," Sustainability, MDPI, vol. 10(9), pages 1-24, September.
  2. Andrew Filardo & Madhusudan Mohanty & Ramon Moreno, 2012. "Central bank and government debt management: issues for monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal policy, public debt and monetary policy in emerging market economies, volume 67, pages 51-71, Bank for International Settlements.
  3. Benjamin M. Friedman, 1992. "Learning From the Reagan Deficits," NBER Working Papers 4022, National Bureau of Economic Research, Inc.
  4. Olivier Blanchard & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2017. "Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(3), pages 563-585, August.
  5. Wieladek, Tomasz & Haldane, Andrew & Roberts-Sklar, Matt & Young, Chris, 2016. "QE: the story so far," CEPR Discussion Papers 11691, C.E.P.R. Discussion Papers.
  6. BOUNADER, Lahcen, 2016. "Is there a crowding-out effect in the Moroccan context ? Evidence from structural VAR Analysis," MPRA Paper 69275, University Library of Munich, Germany.
  7. Ambler, Steven & Cardia, Emanuela & Phaneuf, Louis, 1992. "Contrats de salaire, croissance endogène et fluctuations," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 175-204, mars et j.
  8. İbrahim Özmen & Mihai Mutascu, 2024. "Public Debt and Growth: New Insights," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8706-8736, June.
  9. Roberto Veneziani & Luca Zamparelli & Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
  10. Linh My Tran & Chi Hong Mai & Phuoc Huu Le & Chi Linh Vu Bui & Linh Viet Phuong Nguyen & Toan Luu Duc Huynh, 2019. "Monetary Policy, Cash Flow and Corporate Investment: Empirical Evidence from Vietnam," JRFM, MDPI, vol. 12(1), pages 1-14, March.
  11. Yasuo Kofuji, 1984. "On the Efficacy of Fiscal Policy and Price Level Changes," Public Finance Review, , vol. 12(2), pages 167-181, April.
  12. Nelson, Edward & Schwartz, Anna J., 2008. "The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's "Who was Milton Friedman?"," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 835-856, May.
  13. Jagjit S. Chadha & Philip Turner & Fabrizio Zampolli, 2013. "The ties that bind: monetary policy and government debt management," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(3), pages 548-581, AUTUMN.
  14. Caporale, Guglielmo Maria & Girardi, Alessandro, 2013. "Fiscal spillovers in the Euro area," Journal of International Money and Finance, Elsevier, vol. 38(C), pages 84.1-84.16.
  15. Elmendorf, Douglas W & Kimball, Miles S, 2000. "Taxation of Labor Income and the Demand for Risky Assets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(3), pages 801-833, August.
  16. V. Vance Roley, 1985. "Money Demand Predictability," NBER Working Papers 1580, National Bureau of Economic Research, Inc.
  17. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
  18. Louis Phaneuf & Steve Ambler, 1994. "Modèles du cycle économique et marché du travail," Revue Économique, Programme National Persée, vol. 45(4), pages 1065-1078.
  19. John J. Heim, 2016. "Do government stimulus programs have different effects in recessions, or by type of tax or spending program?," Empirical Economics, Springer, vol. 51(4), pages 1333-1368, December.
  20. Chen, Suyun & Li, Zongze & Xie, Feixue & Xu, Xiaofang, 2024. "The signaling effect of local government debt: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  21. Sheikh, Munir A. & Grady, Patrick & Lapointe, Paul H., 1980. "L’efficacité de la politique budgétaire en économie ouverte," L'Actualité Economique, Société Canadienne de Science Economique, vol. 56(4), pages 499-534, octobre-d.
  22. Campbell, Carl M., 2009. "An efficiency wage - imperfect information model of the aggregate supply curve," MPRA Paper 15296, University Library of Munich, Germany.
  23. Jamasb, Tooraj & Llorca, Manuel & Meeus, Leonardo & Schittekatte, Tim, 2020. "Energy Network Innovation for Green Transition: Economic Issues and Regulatory Options," Working Papers 18-2020, Copenhagen Business School, Department of Economics.
  24. Benjamin M. Friedman, 1982. "Debt and Economic Activity in the United States," NBER Chapters, in: The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, pages 91-110, National Bureau of Economic Research, Inc.
  25. N. Gregory Mankiw & Lawrence H. Summers, 1984. "Are Tax Cuts Really Expansionary?," NBER Working Papers 1443, National Bureau of Economic Research, Inc.
  26. G. S. Laumas, 1983. "The Demand for Money in the Recent Period," Eastern Economic Journal, Eastern Economic Association, vol. 9(1), pages 1-5, Jan-Mar.
  27. David Bowles & Holley Ulbrich & Myles Wallace, 1988. "Default Risk and the Effects of Fiscal Policy on Interest Rates: 1929–1945," Public Finance Review, , vol. 16(3), pages 357-373, July.
  28. Sekine, Toshitaka, 1998. "Financial Liberalization, the Wealth Effect, and the Demand for Broad Money in Japan," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 16(1), pages 35-55, May.
  29. G. J. Santoni, 1987. "Changes in wealth and the velocity of money," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 16-26.
  30. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
  31. Hwanoong Lee & Changsu Ko & Wookun Kim, 2023. "Local Employment Multiplier: Evidence from Relocation of Public-Sector Entities in South Korea," CESifo Working Paper Series 10870, CESifo.
  32. Chadha, Bankim & Tsiddon, Daniel, 1998. "Inflation, nominal interest rates and the variability of output," Journal of Monetary Economics, Elsevier, vol. 42(3), pages 547-573, October.
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  34. Jon Cockerline & John F. Helliwell & Robert Lafrance, 1990. "Multicountry modeling of financial markets," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 305-363.
  35. M. O. Odedokun, 1997. "Relative effects of public versus private investment spending on economic efficiency and growth in developing countries," Applied Economics, Taylor & Francis Journals, vol. 29(10), pages 1325-1336.
  36. Sesay Brima & Abdulai Salia Brima, 2017. "Monetary Policy Effects on Private Sector Investment: Evidence from Sierra Leone," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 476-488.
  37. Peng, Fei & Zhou, Shibiao & Zhou, Peng, 2023. "Local government fiscal stress and corporate risk-taking: Evidence from a quasi-natural experiment in China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1677-1695.
  38. Thia, Jang Ping, 2020. "Deficits and crowding out through private loan spreads," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 98-107.
  39. Laura Barbosa de Carvalho, 2012. "Current Account Imbalances and Economic Growth: a two-country model with real-financial linkages," Working Papers 1203, New School for Social Research, Department of Economics.
  40. Demirci, Irem & Huang, Jennifer & Sialm, Clemens, 2019. "Government debt and corporate leverage: International evidence," Journal of Financial Economics, Elsevier, vol. 133(2), pages 337-356.
  41. Tomasz Piotr Wisniewski & Peter M. Jackson, 2021. "Government debt expansion and stock returns," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5017-5030, October.
  42. Bilgili, Faik, 2003. "Dynamic implications of fiscal policy: Crowding-out or crowding-in?," MPRA Paper 24111, University Library of Munich, Germany, revised 25 Dec 2009.
  43. John Graham & Mark T. Leary & Michael R. Roberts, 2014. "How Does Government Borrowing Affect Corporate Financing and Investment?," NBER Working Papers 20581, National Bureau of Economic Research, Inc.
  44. Shodiya Olayinka Abideen & Sanyaolu Wasiu Abiodun & Ojenike Joseph Olushola & Ogunmefun Gbadebo Tirimisiyu, 2019. "Shareholder Wealth Maximization and Investment Decisions of Nigerian Food and Beverage Companies," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 7(1), pages 47-63, December.
  45. Jaime R. Marquez, 1985. "Currency substitution and the new divisia monetary aggregates : the U. S. case," International Finance Discussion Papers 257, Board of Governors of the Federal Reserve System (U.S.).
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  47. Benjamin M. Friedman, 1986. "Implications of Government Deficits for Interest Rates, Equity Returns, and Corporate Financing," NBER Chapters, in: Financing Corporate Capital Formation, pages 67-90, National Bureau of Economic Research, Inc.
  48. António Afonso, & Manish K. Singh, 2016. "Is the supply of long-term debt independent of the term premia? Evidence from Portugal," Working Papers Department of Economics 2016/11, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
  49. Alberto Alesina & Roberto Perotti & José Tavares, 1998. "The Political Economy of Fiscal Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 197-266.
  50. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.
  51. Stefania D’Amico & William English & David López‐Salido & Edward Nelson, 2012. "The Federal Reserve's Large‐scale Asset Purchase Programmes: Rationale and Effects," Economic Journal, Royal Economic Society, vol. 122(564), pages 415-446, November.
  52. Tin, Jan, 1999. "Short-run and long-run demand for financial assets A microeconomic perspective," International Review of Economics & Finance, Elsevier, vol. 8(4), pages 467-478, November.
  53. Yousha Liang & Kang Shi & Lisheng Wang & Juanyi Xu, 2017. "Local Government Debt and Firm Leverage: Evidence from China," Asian Economic Policy Review, Japan Center for Economic Research, vol. 12(2), pages 210-232, July.
  54. Willem H. Buiter, 2003. "James Tobin: An Appreciation of his Contribution to Economics," Economic Journal, Royal Economic Society, vol. 113(491), pages 585-631, November.
  55. A. Fatas & Mr. Atish R. Ghosh & Ugo Panizza & Mr. Andrea F Presbitero, 2019. "The Motives to Borrow," IMF Working Papers 2019/101, International Monetary Fund.
  56. Piotr Ciżkowicz & Andrzej Rzońca, 2011. "Mechanizmy oddziaływania deficytu fiskalnego na wzrost gospodarki," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 10, pages 1-20.
  57. Chowdhury, Khorshed, 2004. "Deficit Financing in LDCs: Evidence From South Asia," Economics Working Papers wp04-18, School of Economics, University of Wollongong, NSW, Australia.
  58. Deleidi, Matteo & Mazzucato, Mariana & Semieniuk, Gregor, 2020. "Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects," Energy Policy, Elsevier, vol. 140(C).
  59. Lehment, Harmen, 1983. "The macroeconomic implications of public sector deficits," Kiel Working Papers 168, Kiel Institute for the World Economy (IfW Kiel).
  60. Cebula, Richard & Cebula, Barbara, 1979. "A Note on "Crowding Out" in the United States," MPRA Paper 56991, University Library of Munich, Germany.
  61. Ball, Laurence & Elmendorf, Douglas W & Mankiw, N Gregory, 1998. "The Deficit Gamble," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 699-720, November.
  62. Jagjit S Chadha & Philip Turner & Fabrizio Zampolli, 2013. "The interest rate effects of government debt maturity," BIS Working Papers 415, Bank for International Settlements.
  63. Daniel S. Hamermesh & James M. Johannes, 1983. "Food Stamps as Money and Income," NBER Working Papers 1231, National Bureau of Economic Research, Inc.
  64. Mr. Sanjeev Gupta & Alejandro Hajdenberg & Mr. Javier Arze del Granado, 2010. "Is Social Spending Procyclical?," IMF Working Papers 2010/234, International Monetary Fund.
  65. Jagannath Mallick, 2019. "The effects of government investment shocks on private investment: Empirical evidence from the developing economy," Indian Economic Review, Springer, vol. 54(2), pages 291-316, December.
  66. Rodríguez-Vives, Marta & Giron, Celestino, 2017. "Leverage interactions: a national accounts approach," Statistics Paper Series 19, European Central Bank.
  67. Owolabi A. Usman & Adegbite Tajudeen Adejare, 2014. "Impact of Monetary Policy on Industrial Growth in Nigeria," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(1), pages 18-31, January.
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  80. Lee, Hwanoong & Ko, Changsu & Kim, Wookun, 2024. "Local employment multiplier: Evidence from relocation of public-sector entities in South Korea," Labour Economics, Elsevier, vol. 88(C).
  81. Kong, Pengzhi & Lyu, Wenzhuo & Jiang, Hao & Ma, Yong, 2024. "Local urban investment bonds and the profitability of firms," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
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