国际货币基金组织：蒙古的财政乘数（英文版）

Fiscal policy plays an important macroeconomic role in Mongolia. On the one hand, fiscal expansion is seen as a measure to boost aggregate demand. On the other hand, import leakages mitigate the impact of fiscal expansion on growth. Applying a structural vector autoregressive model, this paper finds that Mongolia’s total spending and revenue multipliers are below 1, peaking at 0.3 and -0.1, respectively. The lower than 1 multiplier can be explained by import leakages in Mongolia. Capital spen