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Government spending effects in low-income countries

机译：政府在低收入国家的支出影响

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摘要

Despite the voluminous literature on fiscal policy, very few papers focus on low-income countries (LICs). This paper develops a New Keynesian small open economy model to show, analytically and numerically, that several prevalent features of LICs dependence on external financing, public investment inefficiency, and a low degree of home bias in public investment play important roles in government spending effects. External financing increases the resource envelope, mitigating the crowding out effects, but it tends to appreciate the real exchange rate, lowering traded output. Although capital scarcity in LICs implies high returns to public capital, low marginal investment efficiency can substantially dampen the output multiplier. Also, public investment may not be effective in stimulating output in the short run, as LICs often rely on imports to a large extent to carry out public investment projects, weakening its role as a short-run demand stimulus.
机译：尽管有大量关于财政政策的文献，但很少有论文关注低收入国家（LIC）。本文发展了一个新的凯恩斯主义小型开放经济模型，从分析和数字上表明，LIC对外部融资的依赖、公共投资的低效率和公共投资中的低家庭偏向等几个普遍特征在政府支出效应中起着重要作用。外部融资增加了资源范围，减轻了挤出效应，但它往往会使实际汇率升值，降低贸易产出。尽管低收入国家的资本稀缺意味着公共资本的高回报，但低边际投资效率可能会严重抑制产出乘数。此外，公共投资在短期内可能无法有效刺激产出，因为低收入国家往往在很大程度上依赖进口来实施公共投资项目，削弱了其作为短期需求刺激的作用。

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