Since aggregate spending and revenues are inaccurate measures of productive expenditures and distortionarytaxation,Table 1 presents the trend estimates for different spending and revenues categories which might have a growthimpact according to Barro's model. The second column confirms the long run upward trend in government spending,which appears mainly driven by transfers and to a somewhat lesser extent by government consumption. Interestingly,public investment shows the opposite development, as indicated by the negative and statistically significant coefficient
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