Research ArticleOpen AccessGoogle Scholar indexed
Evaluation of the Global Growth Effectiveness of Expansionary Fiscal Policies in Contracting Periods through Country Practices
Central Bank of the Republic of Türkiye, İstanbul, Türkiye
- 1 Central Bank of the Republic of Türkiye, İstanbul, Türkiye
Modern Economy·Volume 14 (2023)·Pages 1758–1772·Published 8 December 2023·DOI10.4236/me.2023.1412092
Copy link · social · email
Abstract
It is controversial at the global level whether the expansionary fiscal policies implemented during the economic contraction are pro-growth. Reaching con clusions on discussion points is possible by observing theory and practice. While this study examines policies between 2007 and 2009 with examples from developed and developing countries, it also includes different approaches to the ideal policy set in the literature. In the light of discussions in the literature, the harmony between countries ’ fiscal policies and their implementation areas also reveals their effectiveness in global growth.
KeywordsExpansionary Fiscal PolicyGrowthShrinking PeriodDeveloped and Developing Countries
- Baxter, M., & King, R. (1993). Fiscal Policy in General Equilibrium. American Economic Association. https://www.jstor.org/stable/2117521
- Demirtaş, T. (2023). Discussions on the Growth Efficiency of Expansionary Fiscal Policy via Monetary Policy in Shrinking Periods: Wide Range of Country Analysis. Modern Economy, 14, 1347-1365.
- Friedman, M. (1948). A Monetary and Fiscal Framework for Economic Stability by Milton Friedman. American Economic Review, 38, 245-264.
- Harrod, R. F., Blume, L. E., & Sargent, T. J. (2015). Harrod 1939. The Economic Journal, 125, 350-377.
- Higgs, H. (2001). The Physiocrats Six Lectures on the French économistes of the 18th Century (1st ed.). The Macmillan Company. https://socialsciences.mcmaster.ca/econ/ugcm/3ll3/higgs/physiocrat.pdf
- Kalecki, M. (1946). A Comment on Monetary Policy. The Review of Economics and Statistics, 28, 81-84.
- Kalecki, M. (1955). The Problem of Financing of Economic Development. Indian Economic Review, 2, 1-22.
- Keynes, J. M. (2010). Genel Teori: İstihdam, Faiz ve Pararnın Genel Teorisi. Kalkedon Yayınevi.
- Lopez, J. G., & Assous, M. (2010). Michal Kalecki. Palgrave Macmillan.
- Mill, J. S. (2009). Principles of Political Economy. Prometheus.
- Minsky, H. P. (1995). Sources of Financial Fragility: Financial Factors in the Economics of Capitalism. https://digitalcommons.bard.edu/hm_archive/69
- Öztürk, N. (2013). Maliye Politikası (Fiscal Policy) (4th ed.). Ekin Media Distribution.
- Pınar, A. (2017). Maliye Politikası Teori ve Uygulama (Fiscal Policy Theory and Practice) (9th ed.). Turhan Bookstore.
- Quesnay, F. (1963). Analysis of the Arithmetical Formula on the Tableau Economique of the Distribution of Annual Expenditure in an Agricultural Nation. Harvard University Press. http://la.utexas.edu/users/hcleaver/368/368quesnaysanalysis.pdf
- Ricardo, D. (2008). Siyasal İktisadın ve Vergilendirmenin İlkeleri (Principles of Political Economy and Taxation). Hasan Ali Yücel Classics Series, Translated by Barış Zeren, Türkiye İş Bank Pıblications.
- Smith, A. (2015). Milletlerin Zenginliği (Wealth of Nations). Türkiye İş Bank Cultural Publications.
- Stiglitz, J. E., & Squire, L. (1998). International Development: Is It Possible? Foreign Policy, No. 110, 138-151.