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Pré-publication, Document de travail

Has the Golden Rule of Public Finance Made a difference in the UK

Abstract : This paper uses the SVAR methodology to investigate the effects of public investment on growth, and more specifically, the effects of the introduction of a golden rule of public finance. We extend the existing literature by estimating a model of the British economy that takes into account long run factors such as public debt accumulation. We find that in such a long run framework, public investment has a significant and permanently positive effect on GDP growth; this result runs counter to the most recent literature on the topic that was limited to a short run specification. We further find, by comparing different subsamples, that the introduction of the golden rule in 1997 strengthened the positive effect of public investment.
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https://hal-sciencespo.archives-ouvertes.fr/hal-00972843
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Soumis le : jeudi 3 avril 2014 - 20:07:11
Dernière modification le : mercredi 5 février 2020 - 14:44:03
Document(s) archivé(s) le : jeudi 3 juillet 2014 - 19:30:40

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  • HAL Id : hal-00972843, version 1
  • SCIENCESPO : 2441/1181

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Jérôme Creel, Paola Veroni, Francesco Saraceno. Has the Golden Rule of Public Finance Made a difference in the UK. 2007. ⟨hal-00972843⟩

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