Elham Mohammad Alhaj Yousef, Eman Abdel Khalik Fseifes
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The Relative Effectiveness of Monetary and Fiscal Policies:Evidence from Jordan
The study aims at investigating the relative effectiveness of monetary and fiscal policies on economic growth of Jordan during the period 1977- 2019 using Autoregressive Distributed Lag (ARDL) methodology. The variables of the study were integrated of different orders as indicated by Augmented Dickey-Fuller (ADF) unit root test. Bounds cointegration test revealed that there is a cointegrated long-run relationship between the study variables. The study results showed that there is a statistically significant positive long-run relationship between real GDP and each of broad money supply and total government expenditures. Moreover, the long-run coefficient of money supply was much greater than that of government expenditures, implying that the effectiveness of monetary policy is higher than that of fiscal policy in affecting the economic performance, and both policies can be implemented to stimulate the economic growth in Jordan. Therefore, the study recommends the Jordanian government to improve the management of fiscal policy by controlling its current expenditures, increasing the productive investments, as well as applying a comprehensive tax reform in order to strengthen the role of fiscal policy in boosting the economic growth.
期刊介绍：
Global Journal Al-Thaqafah (GJAT) is a biannual journal, published by Universiti Sultan Azlan Shah (USAS), Perak, MALAYSIA. This journal is purely academic and peer reviewed. It caters to articles, research notes and reports, and book reviews on diverse topics relating to Islam and the Muslims. This journal is intended to provide an avenue for researchers and academics from all persuasions and traditions to share and discuss differing views, new ideas, theories, research outcomes, and socio-cultural and socio-political issues that impact on and directly or indirectly affect the Muslim World with the sole purpose of making this world a better place to live in. GJAT started in 2011 and was later granted the SCOPUS status in March 2014. Since then, GJAT has published numerous articles and materials from international contributors. GJAT welcomes contributions from all: academics, experts, and professionals. All articles submitted must be original, academic, of high scholarly standard, and meet the strict SCOPUS requirements. GJAT prioritizes articles that discuss fundamental issues and are of global relevance and importance, and publishes all articles that fulfill the basic criteria without prejudice (kindly refer to "Submission and Guidelines"). All decisions by GJAT to publish any article are final.
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