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This paper establishes a nonlinear theoretical model and uses panel smoothing transitional regression to study the optimal levels of government investment and public debt in a growth model using a panel dataset of 65 developed and developing economies over the period 1991–2014. The empirical results show that the effect of government investment on economic growth is decreasing as the level of expenditure...
At present, in China's financial market, there exists very strong financial restriction in both indirect financing and direct financing. Financing channels for private sectors are so narrow that the efficiency of capital allocation is low. Financial restriction leads to the situation that China's economic growth mainly relies on government investment. Moreover, with the enlargement of market size,...
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