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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2331

Title: Macroeconomic Rates of Return of Public and Private investment: Crowding-in and Crowding-out Effects
Authors: Afonso, António
St.Aubyn, Miguel
Keywords: fiscal policy
public investment
private investment
impulse response
vector autoregression
European Union
Issue Date: 2008
Publisher: ISEG – Departamento de Economia
Citation: Afonso, António e Miguel St.Aubyn. 2008. "Macroeconomic Rates of Return of Public and Private investment: Crowding-in and Crowding-out Effects". Instituto Superior de Economia e Gestão - DE Working papers nº 6-2008/DE/UECE
Series/Report no.: DE Working papers;nº 6-2008/DE/UECE
Abstract: 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.
URI: http://hdl.handle.net/10400.5/2331
ISSN: 0874-4548
Publisher version: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=26508
Appears in Collections:DE - Documentos de trabalho / Working Papers

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