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• W1506723958 abstract "This paper investigates the relationship between change in private consumption and increase in government spending. The existence of substitutability, or crowding-out, usually renders unconvincing the plea for expansionary fiscal policy. Crowding-out effect is largely related to the means used to finance an increase in government spending. If taxes are used to finance an increase in government spending, then this multiplier is called the balancedbudget multiplier, reflecting the fact that the fiscal action has no impact on the size of the government’s budget deficit or surplus. In this case, consumers reduce consumption spending to be able to pay the higher taxes. The decrease in consumption demand partially offsets the increase in government spending reducing the size of the multiplier. The offset is only partial because not all the financing for extra taxes comes from reducing consumption. Some comes from reducing saving, which is not a component of aggregate demand. Moreover, the multiplier process usually assumes that government sells bond to finance an increase in its spending, in this case, extra crowding out comes about in two ways: Firstly, it raises the rate of interest. To sell bonds the government must make them attractive, so it must raise the interest rate. The higher the interest rate crowds out all components in aggregate demand. Secondly, when the bonds mature, interest and principal must be paid to the bondholders. According to the Ricardian equivalence, people would expect that future taxes would be higher because of this and react by increasing saving to build up a reserve so that those anticipated higher taxes can be paid without disrupting future consumption levels. Bailey (1971) first formally documents the idea that there may be a degree of" @default.
• W1506723958 created "2016-06-24" @default.
• W1506723958 creator A5038749633 @default.
• W1506723958 date "2001-01-01" @default.
• W1506723958 modified "2023-09-23" @default.
• W1506723958 title "Analyzing the Crowding-out Problems of Taiwan" @default.
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