The Impacts of Monetary and Fiscal Policies on Economic Growth in Vietnam

被引:0
作者
Nguyen, Khang The [1 ]
Do, Hao Gioan [1 ]
Nguyen, Nga Thi To [1 ]
Le, Ngan My Thi [1 ]
机构
[1] Univ Finance Mkt, Ho Chi Minh City, Vietnam
关键词
GDP; Fiscal policy; Monetary policy; Public Consumption; Broad Money;
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
Macroeconomic policies play an important role in stabilizing prices and sup-porting economic growth, especially during times of crisis. There is no defini-tive answer to the question of which monetary or fiscal policy is most appro-priate in a given context. Effective crisis prevention requires a well-thought-out plan of government actions to respond to such events. By studying the impact of both monetary and fiscal policies on economic growth, policymak-ers could obtain valuable insights to inform their responses to future crises. This article analyzes the impacts of monetary and fiscal policies on the eco-nomic growth of Vietnam, covering the period from 1996 to 2021. We utilizes empirical methods of regression analysis, including Ordinary Least Squares (OLS) estimation on a simple specified regression model and Vector Auto-regression (VAR). The results show that fiscal policy, as measured by public consumption expenditure, has a stronger impact on economic growth com-pared to monetary policy represented by broad money. The case of Vietnam has demonstrated the more appropriateness of government spending expan-sion as a policy towards a small open economy, particularly in the current context. However, it is important to acknowledge that spending has its limita-tions, especially in light of Vietnam's relatively high public debt. The govern-ment needs to carefully plan and implement public spending measures to ensure efficiency and instill confidence in a promising future for all economic sectors in Vietnam, thereby mitigating the effects of the current crisis period
引用
收藏
页码:19 / 26
页数:8
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