Afonso, António (contributor); Furceri, Davide (contributor) - 2008
and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking … volatility); iv) subsidies (size); and v) government investment (volatility) have a sizeable, negative and statistically … investment does not significantly affect growth, and transfers have
a positive and significant effect only for the EU countries …