Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2008
Outros Autores: St. Aubyn, Miguel
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2150
Resumo: Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to 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 point mostly to 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 generalised.
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spelling Macroeconomic rates of return of public and private investment crowding-in and crowding-out effectsfiscal policypublic investmentprivate investmentimpulse responsevector autoregressionEuropean UnionUsing annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to 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 point mostly to 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 generalised.European Central BankRepositório da Universidade de LisboaAfonso, AntónioSt. Aubyn, Miguel2010-06-22T13:45:14Z2008-022008-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2150engAfonso, António, Miguel St. Aubyn. 2008. "Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects". European Central Bank working paper series nº 864-20081725-2806info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:23Zoai:www.repository.utl.pt:10400.5/2150Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:13.208407Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
title Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
spellingShingle Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
Afonso, António
fiscal policy
public investment
private investment
impulse response
vector autoregression
European Union
title_short Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
title_full Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
title_fullStr Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
title_full_unstemmed Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
title_sort Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects
author Afonso, António
author_facet Afonso, António
St. Aubyn, Miguel
author_role author
author2 St. Aubyn, Miguel
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
St. Aubyn, Miguel
dc.subject.por.fl_str_mv fiscal policy
public investment
private investment
impulse response
vector autoregression
European Union
topic fiscal policy
public investment
private investment
impulse response
vector autoregression
European Union
description Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to 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 point mostly to 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 generalised.
publishDate 2008
dc.date.none.fl_str_mv 2008-02
2008-02-01T00:00:00Z
2010-06-22T13:45:14Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2150
url http://hdl.handle.net/10400.5/2150
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António, Miguel St. Aubyn. 2008. "Macroeconomic rates of return of public and private investment crowding-in and crowding-out effects". European Central Bank working paper series nº 864-2008
1725-2806
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv European Central Bank
publisher.none.fl_str_mv European Central Bank
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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