The trade effects of counter-cyclical fiscal policies

淡江大學機構典藏 > 商管學院 > 產業經濟學系暨研究所 > 期刊論文 > Item 987654321/110009

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题名:	The trade effects of counter-cyclical fiscal policies
作者:	Ho-Chuan Huang;Pei-Chien lin
关键词:	Fiscal policy;Counter-cyclicality;External finance;Industrial exports
日期:	2016-09
上传时间:	2017-03-17 02:10:42 (UTC+8)
出版者:	Elsevier BV
摘要:	This article assesses the causal effect of a counter-cyclical fiscal policy on industrial exports. By utilizing Rajan and Zingales's (1998) difference-in-difference methodology on a large panel of cross-country, cross-industry data over the period 1989–2004, we show that industries with higher dependence on external finance tend to export more in countries that implement fiscal policies that are more counter-cyclical. More specifically, the results of the OLS (IV) estimation indicate that there exists a difference in the gains in terms of the export share lying in a range from 9.8% to 13.5% (25.7% to 39.3%) between the industry at the 75th percentile and the 25th percentile of external finance in a country with a degree of fiscal counter-cyclicality at the 75th percentile compared with a country at the 25th percentile. Moreover, the key finding survives a variety of robustness checks.
關聯:	International Review of Economics and Finance 45, p.82-95
DOI:	10.1016/j.iref.2016.05.002
显示于类别:	[產業經濟學系暨研究所] 期刊論文

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