The Relationship Between Government Size, Economic Volatility, and Institutional Quality: Empirical Evidence from Open Economies |
MUJAHID, Hira
(Department of Economics, Institute of Business Management)
ZAHUR, Hafsah (National University of Modern Languages) AHMAD, Syed Khalil (Department of Management Sciences, University of Loralai) AYUBI, Sharique (Department of Accounting and Finance, Institute of Business Management) IQBAL, Nishwa (Business Incubation Center, International Islamic University Islamabad) |
1 | Uddin, I., Mujahid, H., Tabash, M. I., Ayubi, S., & Ullah, M. A. (2021a). Inflation volatility quality of institutions and openness. Academy of Accounting and Financial Studies Journal, 25(7), 1-12. https://www.abacademies.org/articles/inflationvolatility-quality-of-institutions-and-openness-12073.html |
2 | Afonso, A., & Jalles, J. T. (2008). Economic performance and government size (Working Paper No. 849). Frankfurt: European Central Bank. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1399.pdf |
3 | Alavirad, A. (2003). The effect of inflation on government revenue and expenditure: The case of the Islamic Republic of Iran. OPEC Review, 27(4), 331-341. https://doi.org/10.1111/j.0277-0180.2003.00074.x DOI |
4 | De Haan, J., & Zelhorst, D. (1990). The impact of government deficits on money growth in developing countries. Journal of International Money and Finance, 9(4), 455-469. https://doi.org/10.1016/0261-5606(90)90022-R DOI |
5 | Alshammari, T. S., Ismail, M. T., Al-Wadi, S., Saleh, M. H., & Jaber, J. J. (2020). Modeling and forecasting Saudi stock market volatility using wavelet methods. Journal of Asian Finance, Economics, and Business, 7(11), 83-93. https://doi.org/10.13106/jafeb.2020.vol7.no11.083 DOI |
6 | Asadullah, M., Bashir, A., & Aleemi, A. R. (2021a). Forecasting exchange rates: An empirical application to Pakistani rupee. Journal of Asian Finance, Economics, and Business, 8(4), 339-347. https://doi.org/10.1141/2021.jafeb.vol8.n4.339. DOI |
7 | Choudhary, M. A. S., & Parai, A. K. (1991). Budget deficit and inflation: The Peruvian experience. Applied Economics, 23(6), 1117-1121. https://doi.org/10.1080/00036849100000015 DOI |
8 | Alesina, A., & Wacziarg, R. (1998). Openness, country size, and government. Journal of Public Economics, 69(3), 305-321. https://doi.org/10.1016/S0047-2727(98)00010-3 DOI |
9 | Afonso, A., & Furceri, D. (2008). Government size, composition, volatility, and economic growth (Working Paper No. 849). Frankfurt: European Central Bank. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp849.pdf |
10 | Alesina, A., & Tabellini, G. (1990). A positive theory of fiscal deficits and government debt. Review of Economic Studies, 57(3), 403-414. https://doi.org/10.2307/2298021 DOI |
11 | Asadullah, M. (2017). Determinants of profitability of Islamic banks of Pakistan-A case study on Pakistan's Islamic Banking Sector. Advances in Business, Management, and Law, 1(1), 61-73. https://doi.org/10.30585/icabml-cp.v1i1.13 DOI |
12 | Asadullah, M., Ahmad, N., & Dos-Santos, M. J. P. L. (2020). Forecast foreign exchange rate: The case study of PKR/USD. Mediterranean Journal of Social Sciences, 11(4), 129-137. https://doi.org/10.36941/mjss-2020-0048 DOI |
13 | Asadullah, M., Uddin, I., Qayyum, A., Ayubi, S., & Sabri, R. (2021b). Forecasting Chinese yuan. Journal of Asian Finance, Economics, and Business, 8(5), 221-229. https://doi.org/10.1231/2021.jafeb.vol8.n5.221 DOI |
14 | Asadullah, M., Mujahid, H., Tabash, M., I., Ayubi, S., & Sabri, R. (2021c). Forecasting Indian rupee/US dollar: Arima, exponential smoothing, naive, NARDL, combination techniques. Academy of Accounting and Financial Studies Journal, 25(3), 1-9. https://doi.org/10.31121/aafsj-2021-0025-0001 |
15 | Brown, C. V., & Jackson, P. M. (1990). Public sector economics (4th ed). Hoboken, NJ: Blackwell Publishing. |
16 | Cameron, D. R. (1978). The expansion of the public economy: A comparative analysis. American Political Science Review, 72(4), 1243-1261. https://doi.org/10.2307/1954537 DOI |
17 | Cooke, F. L. (2003). Seven reforms in five decades. Journal of the Asia Pacific Economy, 8(3), 380-404. https://doi.org/10.1080/13547860306285 DOI |
18 | Rodrik, D. (1998). Why do more open economies have bigger governments? Journal of Political Economy, 106(5), 997-1032. https://doi.org/10.1086/250038 DOI |
19 | Folster, S., & Henrekson, M. (2001). Growth effects of government expenditure and taxation in rich countries. European Economic Review, 45(8), 1501-1520. https://doi.org/10.1016/S0014-2921(00)00083-0 DOI |
20 | Rainey, H. G. (2003). Understanding and managing public organization (3rd ed). NJ: Jossey-Bass. |
21 | Sabri, R., Asadullah, M., Abdulaziz, A., A., Meero, A., & Ayubi, S. (2022). Forecasting Turkish lira via combined models approaches. Cogent Economics and Finance, 10(1), 1-14. |
22 | Pisani-Ferry, J., Debrun, M. X., & Sapir, A. (2008). Government size and output volatility: Should we forsake automatic stabilization? Washington DC: International Monetary Fund. |
23 | Spangler, R. (1963). The Effect of population growth on state and local government expenditures. National Tax Journal, 16(2), 193-196. https://doi.org/10.1086/NTJ41790941 DOI |
24 | Tobin, D. (2005). Economic liberalization, the changing role of the state, and "Wagner's law": China's development experience since 1978. World Development, 33(5), 729-743. https://doi.org/10.1016/j.worlddev.2004.12.001 DOI |
25 | Halicioglu, F. (2003). Testing Wagner's law for Turkey, 1960-2000. Review of Middle East Economics and Finance, 1(2), 129-140. https://doi.org/10.1080/1475368032000139279 DOI |
26 | Ikeda, S. (2014, October 16). The rule of law is limited by the size of government https://fee.org/articles/the-rule-of-law-islimited-by-the-size-of-government/ |
27 | Mahdavi, S. (2004). Shifts in the composition of government spending in response to external debt burden. World Development, 32(7), 1139-1157. https://doi.org/10.1016/j.worlddev.2004.01.011 DOI |
28 | Remmer, K. L. (2004). Does foreign aid promote the expansion of government? American Journal of Political Science, 48(1), 77-92. https://doi.org/10.1111/j.0092-5853.2004.00057.x DOI |
29 | Dar, A. A., & AmirKhalkhali, S. (2002). Government size, factor accumulation, and economic growth: Evidence from OECD countries. Journal of Policy Modeling, 24(7-8), 679-692. https://doi.org/10.1016/S0161-8938(02)00163-1 DOI |
30 | Asadullah, M., Hassan, M., & Siddiqui, Z. A. (2021d). Comparison of Takaful and non-Takaful insurance companies of Pakistan: Under Pre, during, and post-economic Crisis 2008. Ekonomi, 20(1), 201-212. https://doi.org/10.15408/etk.v20i1.17325 DOI |
31 | Labonte, M. (2010). Size and role of government: Economic issues. Collingdale, US: DIANE Publishing. |
32 | de Silva, K. E. A. (1977). Money supply, inflation, and the balance of payments in Sri Lanka (1959-74). Journal of Development Studies, 13(2), 22-36. https://doi.org/10.1080/00220387708421620 DOI |
33 | Fielding, D. (1997). Modeling the determinants of government expenditure in sub-Saharan Africa. Journal of African Economies, 6(3), 377-390. https://doi.org/10.1093/oxfordjournals.jae.a020933 DOI |
34 | Gisselquist, R. M., & Resnick, D. (2014). Aiding government effectiveness in developing countries. Public Administration and Development, 34(3), 141-148. https://doi.org/10.1002/pad.1694 DOI |
35 | Zhu, Z., & Krug, B. (2005). Is China a Leviathan? Rotterdam: Erasmus Publishing Research Institute of Management (ERIM). |
36 | Ukwueze, E. R. (2015). Determinants of the size of public expenditure in Nigeria. SAGE Open, 5(4), 34. https://doi.org/10.1177/2158244015621346 DOI |
37 | Shelton, C. A. (2007). The size and composition of government expenditure. Journal of Public Economics, 91(11-12), 2230-2260. https://doi.org/10.1016/j.jpubeco.2007.01.003 DOI |
38 | Uddin, I., Siddiq, Q. U. A., Tabash, M. I., Qayyum, A., & Asadullah, M. (2021b). Forecasting Malaysian ringgit against US dollar; individual models vs combined models. Academy of Accounting and Financial Studies Journal, 25(6), 1-10. https://www.abacademies.org/articles/Forecasting-malaysianringgit-against-us-dollar-individual-models-vs-combinedmodels-1528-2635-25-6-850.pdf |
39 | Wagner, A. (1893). Foundation of political economy. Verlagshandlung: C. F. Wintersche. |
40 | Wu, A. M., & Lin, M. (2012). Determinants of government size: Evidence from China. Public Choice, 151(1-2), 255-270. https://doi.org/10.1007/s11127-010-9746-y DOI |
41 | Ziramba, E. (2008). Wagner's law: An econometric test for South Africa, 1960-2006. South African Journal of Economics, 76(4), 596-606. https://doi.org/10.1111/j.1813-6982.2008.00218.x DOI |