Main Growth Variables

Monetary Policy

Fiscal Policy

Time

Previous Growth

Interest

Saving

Capital Stock

Human Resource

Inflation

Interest

M1

M3

General Expenditure

Income Tax

Corporate Tax

Developed Countries

Short Run

√

(+)

√

(+)

▪

√

(−)

▪

√

(−)

√

(+)

√

(−/+)

√

(−/+)

√

(−)

▪

▪

Developing Countries

Short Run

√

(+)

√

(+)

√

(−)

√

(+/−)

▪

√

(−)

√

(+)

▪

▪

√

(−)

√

(+)

√

(−)

Developed Countries

Long Run

√

(+)

√

(+)

▪

√

(−)

▪

√

(−)

√

(+)

▪

▪

√

(−)

▪

▪

Developing Countries

Long Run

√

(+)

▪

√

(−)

▪

▪

√

(−)

√

(+)

▪

▪

√

(−)

√

(+)

▪