2026-04-04T00:03:27Zhttps://recercat.cat/oai/request

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

00925njm 22002777a 4500 dc Jiao, Yang author Renart, Gemma author Serra, Laura author Jiao, Yang author Renart i Vicens, Gemma author Serra Saurina, Laura author Xina -- Política fiscal author 2025-09 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 http://hdl.handle.net/10256/27326 Xina -- Política fiscal China -- Fiscal policy Crisi financera global, 2007-2009 -- Xina Global Financial Crisis, 2008-2009 -- China The dynamics of fiscal policy: Insights from China's macroeconomic indicators