000			01957nab a2200289 c 4500
003			ES-MaIEF
005			20180316150510.0
007			ta
008			180316t2018 us ||||| |||| 00| 0 eng d
040			_aES-MaIEF _cES-MaIEF
041			_aeng
100	1		_957590 _aCastro, Vítor
245		0	_aFunctional components of public expenditure, fiscal consolidations and economic activity _c Vítor Castro
260			_c2018
500			_aDisponible en formato electrónico a través de la Biblioteca del IEF.
500			_aResumen.
504			_aBibliografía.
520			_aThis paper analyses how the functional components of public expenditure and spending-driven consolidations affect the economic growth, unemployment, and income inequality. A dynamic panel data least squares dummy variable estimator estimator is employed over a sample of 15 European Union countries during the period 1990– 2012. The empirical results show that real GDP growth decreases when fiscal austerity measures are implemented, especially if they are spending-driven. Cuts in public expenditure undermine economic growth, namely if they slash spending on public order, recreation, and education. Spending cuts on education, in particular, affect the investment in human capital, harming not only growth but also economic, social, and human development. The unemployment rate also proved to be significantly boosted when austerity measures restrict spending on education, whereas income inequality rises when social protection expenditures are cut.
650		4	_944787 _aGASTO PUBLICO
650		4	_948220 _aREDUCCION
650		4	_950224 _aDESARROLLO ECONOMICO
650		4	_948067 _aPOLITICA FISCAL
650		4	_947776 _aMODELOS ECONOMETRICOS
773	0		_9155515 _tEconomics & Politics _w(IEF)55419 _x 0954-1985 [papel] _g v. 30, n. 1, March 2018, p. 124-150
856			_uhttp://onlinelibrary.wiley.com/doi/10.1111/ecpo.12104/epdf
942			_2udc _cART
999			_c137564 _d137564