Is public investment in construction and in R&D, growth enhancing? A PVAR Approach
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/25803 |
Resumo: | We study the impacts of public investment, notably in construction and in R&D on economic growth and of crowding-out effects on private investment. For this purpose, we use Panel Vector Autoregression (PVAR) models and the Generalised Method of Moments (GMM) approach for 40 advanced and emerging countries from 1995 to 2019. Our findings are as follows: i) innovations in public investment have more positive effects on GDP growth and private investment in emerging economies; ii) the positive impulse of public investment on private sector is pronounced and significant in emerging economies; iii) government construction investment has a more positive effect on economic growth in emerging economies; iv) innovations in public construction crowd-out private investment spending in advanced countries; v) emerging economies benefit from public R&D investment; vi) the public investment multiplier of the full sample is 1.67, while it is 0.87 for advanced economies and 2.29 for emerging economies. |
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Is public investment in construction and in R&D, growth enhancing? A PVAR ApproachPublic InvestmentConstructionResearch & DevelopmentPVARWe study the impacts of public investment, notably in construction and in R&D on economic growth and of crowding-out effects on private investment. For this purpose, we use Panel Vector Autoregression (PVAR) models and the Generalised Method of Moments (GMM) approach for 40 advanced and emerging countries from 1995 to 2019. Our findings are as follows: i) innovations in public investment have more positive effects on GDP growth and private investment in emerging economies; ii) the positive impulse of public investment on private sector is pronounced and significant in emerging economies; iii) government construction investment has a more positive effect on economic growth in emerging economies; iv) innovations in public construction crowd-out private investment spending in advanced countries; v) emerging economies benefit from public R&D investment; vi) the public investment multiplier of the full sample is 1.67, while it is 0.87 for advanced economies and 2.29 for emerging economies.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaAfonso, AntónioRodrigues, Eduardo de Sá Fortes Leitão2022-10-26T10:12:23Z2022-102022-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25803engAfonso, António e Eduardo de Sá Fortes Leitão Rodrigues (2022). "Is public investment in construction and in R&D, growth enhancing? A PVAR Approach". REM Working paper series, nº 0249/20222184-108Xinfo: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:RCAAP2023-03-06T14:55:19Zoai:www.repository.utl.pt:10400.5/25803Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:33.685291Repositório 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 |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
title |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
spellingShingle |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach Afonso, António Public Investment Construction Research & Development PVAR |
title_short |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
title_full |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
title_fullStr |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
title_full_unstemmed |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
title_sort |
Is public investment in construction and in R&D, growth enhancing? A PVAR Approach |
author |
Afonso, António |
author_facet |
Afonso, António Rodrigues, Eduardo de Sá Fortes Leitão |
author_role |
author |
author2 |
Rodrigues, Eduardo de Sá Fortes Leitão |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Rodrigues, Eduardo de Sá Fortes Leitão |
dc.subject.por.fl_str_mv |
Public Investment Construction Research & Development PVAR |
topic |
Public Investment Construction Research & Development PVAR |
description |
We study the impacts of public investment, notably in construction and in R&D on economic growth and of crowding-out effects on private investment. For this purpose, we use Panel Vector Autoregression (PVAR) models and the Generalised Method of Moments (GMM) approach for 40 advanced and emerging countries from 1995 to 2019. Our findings are as follows: i) innovations in public investment have more positive effects on GDP growth and private investment in emerging economies; ii) the positive impulse of public investment on private sector is pronounced and significant in emerging economies; iii) government construction investment has a more positive effect on economic growth in emerging economies; iv) innovations in public construction crowd-out private investment spending in advanced countries; v) emerging economies benefit from public R&D investment; vi) the public investment multiplier of the full sample is 1.67, while it is 0.87 for advanced economies and 2.29 for emerging economies. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-10-26T10:12:23Z 2022-10 2022-10-01T00:00:00Z |
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/10400.5/25803 |
url |
http://hdl.handle.net/10400.5/25803 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António e Eduardo de Sá Fortes Leitão Rodrigues (2022). "Is public investment in construction and in R&D, growth enhancing? A PVAR Approach". REM Working paper series, nº 0249/2022 2184-108X |
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 |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
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) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131190574186496 |