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Autor:innen: 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] European Journal of Government and Economics (EJGE) [ISSN:] 2254-7088 [Volume:] 12 [Issue:] 1 [Year:] 2023 [Pages:] 5-38
Verlag: 
Universidade da Coruña, A Coruña
Zusammenfassung: 
This paper examines Wagner hypothesis of the growth of public expenditure alongside the growth of economic activity for a panel of 28 European economies during the 1995-2018 period. The hypothesis is verified using Pesaran (2007) panel unit root and Westerlund (2007) cointegration tests that account for cross-sectional dependence in the series, and three panel causality tests (Toda-Yamamoto, Dumitrescu-Hurlin and Juodis-Karavias-Sarafidis) that are suitable for mixed order of series' integration, heterogeneous balanced panels and cases of limited evidence of cointegration. The empirical results suggested that expenditure and output variables were non-stationary in levels and stationary in the first differences; the cointegration among the variables was present; the causality was principally uni-directional (from output to public expenditure), in line with Wagner's hypothesis, or bi-directional; the causality from public expenditure to output along Keynesian lines was limited.
Schlagwörter: 
Wagner's hypothesis
panel cointegration
panel causality
Europe
JEL: 
C23
E60
H50
N44
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