标题： 政府支出的最佳规模：柬埔寨的证据 显示英文标题

标题： The Optimal Magnitude of Government Spending: Evidence from Cambodia

摘要： 学者和政策制定者一直激烈争论政府支出对经济增长的影响。 一些当前的研究和理论模型表明，经济增长对政府支出扩展的反应可能是积极的也可能是消极的。 本文旨在研究产出增长与政府支出之间的倒U型关系（即政府固定资本形成[GFCF]和政府最终消费支出[GFCE]）。 普通最小二乘法（OLS）被用作分析柬埔寨1971年至2015年年度数据的方法。 结果表明，GFCF和GFCE与经济增长之间存在倒U型关系，且5.40%和7.23%分别是GFCF和GFCE的最佳值。 劳动力增长率和出口增长率对产出增长率有积极贡献。 这项研究表明，政府支出水平的增加会降低政府支出的效果，并有助于柬埔寨政策制定者更有效地控制财政政策。 显示英文摘要

摘要： Scholars and policymakers have vigorously debated what the impact of government spending on economic growth is. Some current research and theoretical models suggest that the reaction of economic growth to the extension of government spending can be either positive or negative. This article intends to investigate the inverted-U shaped relationship between output growth and government spending (i.e., government fixed capital formation [GFCF] and government final consumption expenditure [GFCE]). Ordinary least squares (OLS) is employed as an approach to annual data for Cambodia obtained from 1971 to 2015. The result reveals that GFCF and GFCE have an inverted-U shaped relation with economic growth and that 5.40% and 7.23% are the optimal values of GFCF and GFCE, respectively. The labour growth rate and export growth rate contribute positively to the growth rate of output. This study indicates that the increasing level of government expenditure reduces the efficacy of government spending, and also helps Cambodia's policymakers to control fiscal policy more efficiently.