000			02021nab a2200277 c 4500
999			_c138179 _d138179
003			ES-MaIEF
005			20221215150947.0
007			t|
008			180530s2018 uk ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_966168 _aWierzbowska, Agata
245		0	_aCross-country evidence on determinants of fiscal policy effectiveness _bthe role of trade and capital flows _c Agata Wierzbowska and Masahiko Shibamoto
260			_c2018
500			_aDisponible en formato electrónico a través de la Biblioteca del IEF.
500			_aResumen.
520			_aThis article studies the determinants of size differentials between fiscal multipliers in countries around the world, both advanced and developing economies. We introduce variables not considered before for explaining multiplier size differentials, such as capital flows and the openness of capital markets, while controlling for domestic conditions and exchange rate regimes. We also disaggregate GDP into its main components in order to identify the channels through which external and internal factors can influence GDP after a change in fiscal policy. Our results point to the existence of a new channel through which fiscal policy effectiveness is affected. Capital flows, especially FDI flows, play an important role in determining the sizes of fiscal multipliers, and a country’s external conditions largely explain GDP changes after fiscal expenditure shocks. Our results also point towards a strong link between a country’s international position and its real economy.
650		4	_948067 _aPOLITICA FISCAL
650		4	_944787 _aGASTO PUBLICO
650		4	_960117 _aEFECTO MULTIPLICADOR
650		4	_962796 _aOPERACIONES TRANSFRONTERIZAS
700	1		_966169 _aShibamoto, Masahiko
773	0		_9156357 _oOP 567/2018/31/33 _tApplied Economics _w(IEF)433 _x 0003-6846 _g v. 50, n. 31-33, July 2018, p. 3493-3514
856			_uhttps://www.tandfonline.com/doi/pdf/10.1080/00036846.2018.1430332
942			_cART