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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/23618

    Title: Crowding-in or crowding-out ? Analyzing government investment in Taiwan
    Authors: Ho, Tsung-wu;聶建中;Nieh, Chien-chung
    Contributors: 淡江大學財務金融學系
    Date: 2002-12
    Issue Date: 2009-11-30 17:46:45 (UTC+8)
    Publisher: Curtin Business School and Curtin University of Technology
    Abstract: Economictheory suggests thatthe way government finances its expenditure
    determines the effectiveness of fiscal expansionary policy. This paper
    considers a simple investment model embedded in a Markov regimeswitching
    framework, where parameters are subject to shift between
    two regimes: crowding-in and crowding-out (of private investment by
    government investment). Using Taiwanese data, the study finds dominant
    crowding-in effects before 1980, and dominantcrowding-out effects after
    1980. The dating correctly separates two exchange rate regimes (a fixed,
    then a flexible rate regime). One conclusion is that fiscal policy is ineffective
    in a flexible-rate regime
    Relation: Asia pacific journal of economics and business 6(2), pp.74-92
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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