MACROECONOMIC RATES OF RETURN OF PUBLIC AND PRIVATE INVESTMENT: CROWDING-IN AND CROWDING-OUT EFFECTS

$48.00 plus tax (Refund Policy)

Download / Buy Article:

Abstract:

Using annual data from 17 developed economies, we evaluate the macroeconomic effects of public and private investment through a five-variable vector autoregression. From impulse response functions, we assess the extent of crowding-in or crowding-out of both components of investment. We also compute the associated macroeconomic rates of return of public and private investment for each country. The results show the existence of positive effects of public investment and private investment on output. On the other hand, the crowding-in effects of public investment on private investment vary across countries, while the crowding-in effect of private investment on public investment is more generalized.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/j.1467-9957.2009.02117.x

Affiliations: 1: European Central Bank, ISEG/TULisbon and UECE 2: ISEG/TULisbon and UECE

Publication date: September 1, 2009

Related content

Tools

Favourites

Share Content

Access Key

Free Content
Free content
New Content
New content
Open Access Content
Open access content
Subscribed Content
Subscribed content
Free Trial Content
Free trial content
Cookie Policy
X
Cookie Policy
ingentaconnect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more