The great depression of 1930s prompted the need for fiscal spending as an instrument of economic stabilization as proposed by Keynes. The recent economic meltdown necessitates a revisit of the effect of fiscal spending on business cycles. Very little academic literature that exist on this subject matter are mostly cross-country studies which normally neglect the heterogeneity nature of each country. Also, they either focused on fiscal policy as a whole or fiscal spending at aggregate level and this neglected the possible useful information at country specific and disaggregated fiscal spending level, hence this work. The book, therefore, specifically provides information about the volatility nature and cyclical effect of current and capital components of fiscal spending to provide refuge in the time of economic recession. This book is highly recommended for the use of policy makers, researchers, fiscal policy institutions, government at the local and national levels, and students in the field of economics, specifically, public sector economics.