Capital privado y competencia internacional: la armonización fiscal nunca es suficiente

Jorge Blazquez () and José María Martín-Moreno

Investigaciones Economicas, 2002, vol. 26, issue 2, 359-372

Abstract: This paper analyzes the international transmission of the fiscal policy when the public expenditure presents a positive externality on the private factors of production, capital and labor. We propose a general equilibrium model with N symmetric countries where there exists perfect mobility in private capital but not in labor. The results show that a fiscal expansion generates a "crowding-out" effect on capital of the neighbor countries. Whenever the number of countries is large enough, an increase in public expenditure always causes a "crowding-in" on the domestic private capital. (Copyright: Fundación Empresa Pública)

Keywords: Harmonization; productivity; public capital; transmition of fiscal policy (search for similar items in EconPapers)
JEL-codes: E62 F42 H5 (search for similar items in EconPapers)
Date: 2002
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