Countercyclical fiscal policy, international financial crisis and economic growth in Brazil

Sergio Ricardo de Brito Gadelha ()

Brazilian Journal of Political Economy, 2011, vol. 31, issue 5, 794-812

Abstract: This study analyzes the long run equilibrium relationship and causality between economic growth and public expenditure in Brazil covering the period 1980-2008. The empirical results of the Granger causality test in a multivariate framework have shown up the importance of public investments not only to face the adverse effects of the international financial crisis, but also in stimulating the economic growth. Also, the results indicate the need of controlling the growing path of other current expenditure, social security and public debt. JEL Classification: C32; E62; F43; H11; H50.

Keywords: countercyclical fiscal policy; government expenditures; economic growth; Granger causality (search for similar items in EconPapers)
Date: 2011
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