Public spending and inclusive growth: A cross-country empirical analysis
研究了政府不同类别支出（环保、健康、教育、住房、社会保护）对包容性增长的影响，基于191个国家1980-2023年数据，发现促进公平的支出能降低收入不平等并改善人类发展指标，且对贫困家庭更有利，在发达经济体效果最显著。
We investigate the effects of different components of government spending on inclusive growth. More specifically, we consider the inclusive impact of public spending on environmental protection, health, education, housing, and social protection, all of which can conceivably promote inclusive growth. For our empirical analysis, we apply panel regressions and local projections to a comprehensive database of 191 countries between 1980 and 2023. Our evidence indicates that equity-promoting government spending reduces income inequality, as measured by the Gini index, and improves human development indicators. Moreover, our analysis reveals that poorer households benefit disproportionately, suggesting that targeted fiscal expenditures can promote equity. Notably, the inclusive effects are most pronounced in advanced economies, where robust fiscal frameworks support and amplify such effects. In contrast, emerging and developing economies experience more modest gains. Overall, the findings highlight the importance of well-designed public spending programs for equitable growth. Finally, we conduct state-dependent local projections and regional sub-sample analysis.