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: 2009
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/10400.5/25661
Resumo: Using annual data from 17 developed economies, we evaluate the macroeconomic effects of public and private investment through a fivevariable 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.
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spelling Macroeconomic rates of return of public and private investment: crowding‐in and crowding‐out effectsDeveloped EconomiesMacroeconomic EffectsPublic and Private InvestmentAutoregressionUsing annual data from 17 developed economies, we evaluate the macroeconomic effects of public and private investment through a fivevariable 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.UECE is supported by FCT (Fundação para a Ciência e a Tecnologia, Portugal).Blackwell Publishing Ltd.Repositório da Universidade de LisboaAfonso, AntónioSt. Aubyn, Miguel2022-10-04T15:58:23Z20092009-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25661engAfonso, António and Miguel St. Aubyn. (2009). "Macroeconomic rates of return of public and private investment: crowding‐in and crowding‐out effects". The Manchester School, Vol. 77: pp. 21-39.info: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:RCAAP2023-03-06T14:55:12Zoai:www.repository.utl.pt:10400.5/25661Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:27.873587Repositório 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
Developed Economies
Macroeconomic Effects
Public and Private Investment
Autoregression
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 Developed Economies
Macroeconomic Effects
Public and Private Investment
Autoregression
topic Developed Economies
Macroeconomic Effects
Public and Private Investment
Autoregression
description Using annual data from 17 developed economies, we evaluate the macroeconomic effects of public and private investment through a fivevariable 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.
publishDate 2009
dc.date.none.fl_str_mv 2009
2009-01-01T00:00:00Z
2022-10-04T15:58:23Z
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/10400.5/25661
url http://hdl.handle.net/10400.5/25661
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António and Miguel St. Aubyn. (2009). "Macroeconomic rates of return of public and private investment: crowding‐in and crowding‐out effects". The Manchester School, Vol. 77: pp. 21-39.
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 Blackwell Publishing Ltd.
publisher.none.fl_str_mv Blackwell Publishing Ltd.
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
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