Explaining Africa’s public consumption procyclicality : revisiting old evidence
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/18759 |
Resumo: | This paper compiles a novel dataset of time-varying measures of government consumption cyclicality for a panel of 46 African economies between 1960 and 2014. Government consumption has, generally, been highly procyclical over time in this group of countries. However, sample averages hide serious heterogeneity across countries with the majority of them showing procyclical behavior despite some positive signs of graduation from the “procyclicality trap” in a few cases. By means of weighted least squares regressions, we find that more developed African economies tend to have a smaller degree of government consumption procyclicality. Countries with higher social fragmentation and those are more reliant on foreign aid inflows tend to have a more procyclical government consumption policy. Better governance promotes counter- cyclical fiscal policy whileincreased democracy dampens it. Finally, some fiscal rules are important in curbing the procyclical behavior of government consumption. |
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Explaining Africa’s public consumption procyclicality : revisiting old evidencegovernment consumptiontime-varying coefficientsweighted least squaresinequalityfinancial constraintsinstitutionsThis paper compiles a novel dataset of time-varying measures of government consumption cyclicality for a panel of 46 African economies between 1960 and 2014. Government consumption has, generally, been highly procyclical over time in this group of countries. However, sample averages hide serious heterogeneity across countries with the majority of them showing procyclical behavior despite some positive signs of graduation from the “procyclicality trap” in a few cases. By means of weighted least squares regressions, we find that more developed African economies tend to have a smaller degree of government consumption procyclicality. Countries with higher social fragmentation and those are more reliant on foreign aid inflows tend to have a more procyclical government consumption policy. Better governance promotes counter- cyclical fiscal policy whileincreased democracy dampens it. Finally, some fiscal rules are important in curbing the procyclical behavior of government consumption.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaJalles, João Tovar2019-11-19T10:12:46Z2019-092019-09-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/18759engJalles, João Tovar (2019). "Explaining Africa’s public consumption procyclicality : revisiting old evidence". Instituto Superior de Economia e Gestão – REM Working paper nº 0100 - 20192184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:48:19Zoai:www.repository.utl.pt:10400.5/18759Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:03:45.878750Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
title |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
spellingShingle |
Explaining Africa’s public consumption procyclicality : revisiting old evidence Jalles, João Tovar government consumption time-varying coefficients weighted least squares inequality financial constraints institutions |
title_short |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
title_full |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
title_fullStr |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
title_full_unstemmed |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
title_sort |
Explaining Africa’s public consumption procyclicality : revisiting old evidence |
author |
Jalles, João Tovar |
author_facet |
Jalles, João Tovar |
author_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Jalles, João Tovar |
dc.subject.por.fl_str_mv |
government consumption time-varying coefficients weighted least squares inequality financial constraints institutions |
topic |
government consumption time-varying coefficients weighted least squares inequality financial constraints institutions |
description |
This paper compiles a novel dataset of time-varying measures of government consumption cyclicality for a panel of 46 African economies between 1960 and 2014. Government consumption has, generally, been highly procyclical over time in this group of countries. However, sample averages hide serious heterogeneity across countries with the majority of them showing procyclical behavior despite some positive signs of graduation from the “procyclicality trap” in a few cases. By means of weighted least squares regressions, we find that more developed African economies tend to have a smaller degree of government consumption procyclicality. Countries with higher social fragmentation and those are more reliant on foreign aid inflows tend to have a more procyclical government consumption policy. Better governance promotes counter- cyclical fiscal policy whileincreased democracy dampens it. Finally, some fiscal rules are important in curbing the procyclical behavior of government consumption. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-11-19T10:12:46Z 2019-09 2019-09-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/18759 |
url |
http://hdl.handle.net/10400.5/18759 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Jalles, João Tovar (2019). "Explaining Africa’s public consumption procyclicality : revisiting old evidence". Instituto Superior de Economia e Gestão – REM Working paper nº 0100 - 2019 2184-108X |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131129269190656 |