The Reaction of Private Spending and Market Interest Rates to the Changes in Public Spending

[1] Afonso, A., Aubyn, M.S., 2008. Macroeconomic rates of return of public and private investment. Crowding-in and crowding-out effects. European Central Bank, Working Paper Series, No 864.10.1111/j.1467-9957.2009.02117.xSearch in Google Scholar

[2] Aiyagari, S., Lawrence, R., Christiano, J., Eichenbaum, M., 1992. The Output, Employment, and Interest Rates Effects of Government Consumption. Journal of Monetary Economics, 30, pp.73-86.10.1016/0304-3932(92)90045-4Open DOISearch in Google Scholar

[3] Alesina, A., Ardagna, S., Perotti, R., Schiantarelli, F., 2002. Fiscal Policy, Profits, and Investment. The American Economic Review, 92, 3, pp.571-589.10.1257/00028280260136255Open DOISearch in Google Scholar

[4] Baldacci, E., Hillman, A.L., Kojo, N.C., 2004. Growth, governance, and fiscal policy transmission channels in low-income countries. European Journal of Political Economy, 20, 3, pp.517-549.10.1016/j.ejpoleco.2003.12.002Open DOISearch in Google Scholar

[5] Barro, R.J., 1974. Are Government Bonds Net Wealth? Journal of Political Economy, 82, pp.1095-1117.10.1086/260266Open DOISearch in Google Scholar

[6] Barro, R.J., 1989. The Ricardian Approach to Budget Deficit. Journal of Economic Perspectives, 3, pp.37-54.10.1257/jep.3.2.37Open DOISearch in Google Scholar

[7] Baxter, M., King, R.G., 1993. Fiscal Policy in General Equilibrium. American Economic Review, 83, pp.315-334.Search in Google Scholar

[8] Chakraborty, L.S., 2007. Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model. The Levy Economics Institute and the National Institute of Public Finance and Policy, India, Working Paper No. 518.Search in Google Scholar

[9] Charemza, W., Deadman, D., 1997. Nowa Ekonometria. Warszawa: Polskie Wydawnictwo Ekonomiczne.Search in Google Scholar

[10] Engle, R.F., Granger, C.W., 1987. Cointegration and error correction: representation, estimation, testing. Econometrica, 55, pp.1057-1072.10.2307/1913236Open DOISearch in Google Scholar

[11] Ganelli, G., 2003. Useful Government Spending, Direct Crowding-Out and Fiscal Policy Interdependence. Journal of International Money and Finance, 22, pp.87-103.10.1016/S0261-5606(02)00050-5Open DOISearch in Google Scholar

[12] Gaweł, A., 2004. Efekt wypierania wydatków prywatnych przez wydatki publiczne poprzez rynek kredytowy jako zaburzenie skuteczności polityki fiskalnej w stabilizacji cyklu koniunkturalnego na przykładzie Polski, Bank i Kredyt, VII, pp.15-24.Search in Google Scholar

[13] Ghatak, A., Ghatak, S., 1996. Budgetary Deficits and Ricardian Equivalence: The Case of India, 1950-1986. Journal of Public Economics, 60, pp.267-282.10.1016/0047-2727(95)01551-5Open DOISearch in Google Scholar

[14] Grieve, R., 2004. Macro Matters: Classical, Neoclassical and Keynesian Perspectives. University of Strathclyde, Department of Economics, 31 463 Economic Thought And Method Class Notes, pp.1-17.Search in Google Scholar

[15] Karras, G., 1994. Government Spending and Private Consumption: Some International Evidence. Journal of Money, Credit, and Banking, 26, pp.9-22.10.2307/2078031Open DOISearch in Google Scholar

[16] Kiani, K.M., 2009. Federal Budget Deficits and Long-Term Interest Rates in the USA, The Quarterly Review of Economics and Finance, 49, 1, pp.74-84.10.1016/j.qref.2006.12.003Open DOISearch in Google Scholar

[17] Ljungqvist, L., Uhlig, H., 2000. Tax Policy and Aggregate Demand Management Under Catching Up with the Joneses. The American Economic Review, 90, 3, pp.356-366.10.1257/aer.90.3.356Open DOISearch in Google Scholar

[18] Tsung-wu, H., 2001. Analyzing the Crowding-out Problems of Taiwan. Journal of Economic Development, 26, 1, pp.115-131.Search in Google Scholar

[19] Tswamuno, D.T., Pardee, S., Wunnava, P.V., 2007. Financial Liberalisation and Economic Growth: Lessons from the South African Experience. The Journal of Applied Economics, 4, 2, pp.75-89.Search in Google Scholar

[20] Uwilingiye, J., Gupta, R., 2009. Temporal Causality between Budget Deficit and Interest Rates: The Case of South Africa. The Indian Economic Journal, 57, 2, pp.79-96.10.1177/0019466220090206Search in Google Scholar

[21] Voss, G.M., 2002. Public and Private Investment In The United States and Canada. Economic Modelling, 19, pp.641-664.10.1016/S0264-9993(00)00074-2Open DOISearch in Google Scholar

[22] Zou, Y., 2006. Empirical studies on the relationship between public and private investment and GDP growth. Applied Economics, 38, pp.1259-1270.10.1080/00036840500392649Open DOISearch in Google Scholar