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International Journal of Economics & Management Sciences

.: Home > International Journal of Economics & Management Sciences > 2011 > Volume 1 Number 4 > Stephen K. Pollard1* , Josh D. Shackman 2 and Pedro V. Piffaut3

What Does The Penn World Table 7.0 Tell Us About Government Expenditure And Economic Growth?

Stephen K. Pollard1* , Josh D. Shackman 2 and Pedro V. Piffaut3
1 Trident University International, 5757 Plaza Dr., Suite 100, Cypress CA 90630 1-800-375-9878
Abstract :

The Penn World Table 7.0 is a comprehensive database covering measures of GDP and its components for almost all countries over the period 1960-2009. We explore the relationship between government expenditure, as a share of GDP, and economic growth, as annual change in real GDP per capita for 155 countries over the period 1970-2009 utilizing a Solow growth model. We utilize a battery of statistical tests to analyze the data including panel unit root tests and panel regression methods. The complete panel results are compared to various subsets. The results indicate that there is an inverse relationship with government expenditure and economic growth and that there is a positive relationship with private investment and economic growth. Thus, much of government expenditure appears to either have been used inefficiently or not for the promotion economic growth, while private investment on the other hand does lead to increased economic growth. 

Keywords :
Economic Growth, Solow Growth Model, Government Expenditure, Openness.

Date Deposited : 15 Jun 2016 20:16

Last Modified : 15 Jun 2016 20:16

Official URL: http://www.omicsonline.com/

Volume 1, Number 4, April 2011 , ISSN 2162-6359

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