Whether the Belt and Road Initiative Has Significantly Expanded Stochastic Frontier of Fiscal Spending:A Quasi-natural Experiment Based on 272 Prefecture-level Cities in China
The efficiency of fiscal expenditure is an important guarantee for building a Chinese-style modernization and promoting high-quality economic development.The implementation of the"Belt and Road"initiative has increased the infrastructure investment and trade cooperation,which require the cities along the route to support them with a large amount of local fiscal expenditure.So,do the cities along the route have an endogenous motivation to join the initiative system,and do their fiscal expenditures become more incentive?Does the policy shock improve the efficiency level of fiscal expenditure?We hope the in-depth study on this issue could reveal whether the local governments respond to the"Belt and Road"initiative efficiently,and whether it helps the high-quality investment of infrastructure.We regard the implementation of this initiative as a quasi-natural experiment,based on the panel data of 272 prefecture-level cities in China from 2011 to 2021,this paper constructs a difference-in-difference model to test the impact of the"Belt and Road"initiative on the stochastic frontier of fiscal expenditure of the cities along the route,and identifies the impact mechanism.This paper's research has reference significance for further analyzing the economic effects of"Belt and Road"from the government perspective,as well as for China's policy practice of improving fiscal expenditure efficiency.
"Belt and Road"initiativeFiscal expenditure efficiencyStochastic frontierDifference-in-difference model
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