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Economic Growth and Public and Private Investment Returns

出版	ISEG - School of Economics and Management, Department of Economics, University of Lisbon, 2016
URL	http://books.google.com.hk/books?id=phbKvQEACAAJ&hl=&source=gbs_api

註釋We study the macroeconomic effects of public and private investment in 17 OECD economies through a VAR analysis with annual data from 1960 to 2014. From impulse response functions we find that public investment had a positive growth effect in most countries, and a contractionary effect in Finland, UK, Sweden, Japan, and Canada. Public investment led to private investment crowding out in Belgium, Ireland, Finland, Canada, Sweden, the UK and crowding-in effects in the rest of the countries. Private investment has a positive growth effect in all countries; crowds-out (crowds-in) public investment in Belgium and Sweden (in the rest of the countries). The partial rates of return of public and private investment are mostly positive.