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Abd. Ghafar b. Ismail
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Economics, Econometrics & Finance

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Journal : Economic Journal of Emerging Markets

 1 
The Sustainability of Fiscal Policy and Deficit Budget Financing : Evidence from Selected Muslim Countries Muhammad Zilal Hamzah; Abd. Ghafar b. Ismail
Economic Journal of Emerging Markets Vol. 10 No. 3 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i3.609

Abstract

The sustainability of fiscal policy and how to finance the deficit budget has been receiving increasing attention from economists. The issue is paramount for the Muslim Countries and this is one of the motivations of the paper. In order to assess the sustainability of budget deficits in selected Muslim countries, a descriptive statistics for the stock of revenue, expenditure, tax over GDP and sustainability tests of government debt and deficit are performed for the Muslim countries for the 1971-2000 period. The cointegration model is also used to test the relationship between government expenditures, taxes, and seigniorage. The results show that the Muslim countries use taxes and seigniorage to finance their government expenditures. The empirical results also allow us to conclude that fiscal policy may be sustainable for most Muslim countries. JEL classification: E60; H62; H63;Keywords:    deficit finance; inter-temporal budget constraint; fiscal policy; monetary policy; islamic countries.
Fiscal Decentralization and Economic Growth: Evidence from Selected Muslim Countries Abd. Ghafar b. Ismail; Muhammad Zilal Hamzah; Jhon Tafbu Ritonga
Economic Journal of Emerging Markets Vol. 9 No. 2 (2004)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v9i2.615

Abstract

Since 1970 era, the discussion about fiscal decentralization becomes an important subject. A recent World Bank study found that of the 75 developing and transition countries in the world with populations greater than 5 million, all but 12 claim to be embarked on some transfer of fiscal power from the central to sub national governments. This is a revolu-tion of how people think fiscally. The subject has also attracted many researchers to explore the decentralization system. As such many researchers mainly try to focus that fiscal decen-tralization would have a significant effect on economic growth. Empirically, these research-ers also prove that the decentralization approach of a nation's fiscal structure is an effective strategy to promote economic growth. The central structure of fiscal decentralization is the degree that creates growth-promoting decentralization systems that distinguish decentraliza-tion system capabilities in promoting economic growth to a greater or lesser degree. Hence, this paper will provide the empirical evidence for selected Muslim countries where these countries adopt the differences approaches in fiscal decentralization, i.e., transition coun-tries versus countries with a well-functioning fiscal system. JEL classification: H7; O4Keywords: fiscal decentralization; economic growth
Co-Authors Jhon Tafbu Ritonga Muhammad Zilal Hamzah