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Our paper systematically examines the effects of fiscal structure on economic growth. We find that for developing countries, debt‐financed increases in government expenditure retard growth and tax‐financed increases stimulate growth, while for developed countries, debt‐financed increases in government expenditure do not affect growth and tax‐financed increases lower growth. We impose the government budget constraint on the regression equations so that the precise changes in fiscal policy can be identified (e.g., the effect of a debt‐financed increase in health expenditure), employing a pooled cross‐section, time‐series sample and fixed‐ and random‐effect methods. (JEL 04, E6)
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