Whether fiscal policy on aggregate demand has the expected effectiveness is one of the most important problems for the authorities and the academia,so based on the recent developments of tests for the panel unit root ...Whether fiscal policy on aggregate demand has the expected effectiveness is one of the most important problems for the authorities and the academia,so based on the recent developments of tests for the panel unit root and panel cointegration,this paper investigates the relationship between government consumption and private consumption by evaluating the inter-temporal elasticity of substitution and the intra-temporal elasticity of substitution between them for ten Asian countries.Panel cointegrating regression uncovers that a significant degree of substitutability between government consumption and private consumption.Country-by-country analysis,however,reveals diversity in the relations we studies.In the five countries such as Pakistan etc,the relation of government and private consumption is complemental,but they are found to be substitutes in Korea etc countries,so this can further provide the references for countries to choose and arrange their future fiscal policies.Meanwhile,panel cointegration techniques applied in the paper improve the analysis power of the empirical framework and the reliability of the conclusions.展开更多
This paper is an outcome of comprehensive and systematic research on whether China exports deflation and inflation using the newly developed DAG technique. Our results indicate that in the international transmission o...This paper is an outcome of comprehensive and systematic research on whether China exports deflation and inflation using the newly developed DAG technique. Our results indicate that in the international transmission of inflation, the United States, as the world's largest economy, plays a dominant role. In contrast, during both deflation and inflation periods, China has a minimal impact on the price levels of major trading partners. Thus China is not to be blamed for global deflation or inflation. This research has made use of DAG and some other techniques to yield reliable and reasonable conclusions.展开更多
文摘Whether fiscal policy on aggregate demand has the expected effectiveness is one of the most important problems for the authorities and the academia,so based on the recent developments of tests for the panel unit root and panel cointegration,this paper investigates the relationship between government consumption and private consumption by evaluating the inter-temporal elasticity of substitution and the intra-temporal elasticity of substitution between them for ten Asian countries.Panel cointegrating regression uncovers that a significant degree of substitutability between government consumption and private consumption.Country-by-country analysis,however,reveals diversity in the relations we studies.In the five countries such as Pakistan etc,the relation of government and private consumption is complemental,but they are found to be substitutes in Korea etc countries,so this can further provide the references for countries to choose and arrange their future fiscal policies.Meanwhile,panel cointegration techniques applied in the paper improve the analysis power of the empirical framework and the reliability of the conclusions.
基金Financial support from the research project of humanities and social sciences of the Chinese Ministry of Education (08JC790104)the growing seedling fund of humanities and social sciences of Guangdong University (WYM08024)development project for young teacher of Sun Yat-Sen University (09WKTY41)
文摘This paper is an outcome of comprehensive and systematic research on whether China exports deflation and inflation using the newly developed DAG technique. Our results indicate that in the international transmission of inflation, the United States, as the world's largest economy, plays a dominant role. In contrast, during both deflation and inflation periods, China has a minimal impact on the price levels of major trading partners. Thus China is not to be blamed for global deflation or inflation. This research has made use of DAG and some other techniques to yield reliable and reasonable conclusions.
