2026-04-14T06:44:52Zhttps://recercat.cat/oai/request

oai:recercat.cat:10256/273262025-09-23T19:05:28Zcom_2072_452955com_2072_2054col_2072_452964

2025-09-23T19:05:28Z urn:hdl:10256/27326 The dynamics of fiscal policy: Insights from China's macroeconomic indicators Jiao, Yang Renart, Gemma Serra, Laura Jiao, Yang Renart i Vicens, Gemma Serra Saurina, Laura Xina -- Política fiscal Xina -- Política fiscal China -- Fiscal policy Crisi financera global, 2007-2009 -- Xina Global Financial Crisis, 2008-2009 -- China This paper examines the impact of China’s fiscal policy on macroeconomic performance during the 2008–2009 global financial crisis, focusing on whether government spending affected output and inflation dynamics. Using monthly data from 2001 to 2010, we apply a vector autoregression (VAR) framework with Johansen cointegration and impulse response analysis to evaluate the short- and long-term relationships between fiscal expenditure, GDP, the Consumer Price Index (CPI), and the Producer Price Index (PPI). The findings indicate that fiscal policy had a limited effect on short-term GDP growth but significantly influenced inflation, with government spending acting as a stabilizing tool for both consumer and producer prices. These results highlight the role of fiscal instruments in price stabilization when monetary policy is constrained. The study offers relevant policy insights for emerging economies seeking to maintain macroeconomic stability during global shocks through inflation-sensitive fiscal strategies Open Access funding provided thanks to the CRUE-CSIC agreement with Elsevier 2025-09-23T19:05:28Z 2025-09-23T19:05:28Z 2025-09 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion peer-reviewed http://hdl.handle.net/10256/27326 info:eu-repo/semantics/altIdentifier/doi/10.1016/j.qref.2025.102025 info:eu-repo/semantics/altIdentifier/issn/1062-9769 info:eu-repo/semantics/altIdentifier/eissn/1878-4259 Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess Elsevier The Quarterly Review of Economics and Finance, 2025, vol. 103, art. núm. 102025 Articles publicats (D-EC)