IMF paper highlights procyclicality of government spending

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An International Monetary Fund paper, published on Friday, finds that average government spending in commodity-exporting countries has been procyclical over the last four decades.

Rabah Arezki, Kirk Hamilton and Kazim Kazimov, the paper's authors, use a dataset on non-resource gross domestic product (GDP) for a panel of up to 129 countries from 1970 to 2007 to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth.

The results show that

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