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Abstract


ANALYSİS OF THE RELATİONSHİP BETWEEN PUBLİC EXPENDİTURE AND ECONOMİC GROWTH IN EUROPE WİTH SPATİAL PANEL DATA ANALYSİS
In the Keynesian approach which advocates government interference to the economy, one of the efficient interference items is government expenditures. While some economists allege the public expenditures are inefficient because of they serve the vote collection goal of the politicians and thus they will turn back as higher taxes in the future; some of them assert that public expenditures made at the recession period are essential and beneficial because they will revive the economy. In this study, it is investigated that how the effects of government spending on per capita GDP growth in Europe between 1997-2017 using by models considering spatial dependence. The cross-sections (countries) with neighboring relations, have required to use spatial econometric methods. Therefore spatial lag model, spatial error model, spatial Durbin model, general spatial model and also fixed and random effects versions of these and lastly generalized random effects spatial error model have been examined. Our results reveal that increases in the annual growth of government spending in all models enhance the GDP per capita growth. Politicians who want to achieve the full level of employment in Europe could increase government spending. They must also consider the situation in neighboring countries. Because the coefficients of spatial autocorrelation are statistically significant mean that they interact with each other much more as the spaces approach each other. This spatial dependency, not only have been seen in the spatial lag models, but also seen in the spatial error models. Namely, either the values of neighbor errors and neighbor depended variable called GDP per capita growth, effects neighbors.

Keywords
Spatial Panel Data, Economic Growth, Government Spending


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