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Residential Investment and Economic Growth

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  • Yi Wen

    ()
    (Economics Department, Cornell University)

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Abstract

The causal relationship between growth and fixed capital formation is reexamined. Our findings are in sharp contrast with the earlier findings by Blomstrom et al. (1996) that capital formation does not contribute to economic growth. However, our findings also reject the conventional wisdom represented by De Long and Summers (1991, 1992) that capital formation in the form of business equipment determines the rate of a country¡¯s economic growth. What we have found instead is that capital formation in the residential sector (housing) causes GDP growth, which in turn causes capital formation in the business sector (plant and equipment).

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Bibliographic Info

Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 2 (2001)
Issue (Month): 2 (November)
Pages: 437-444

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Handle: RePEc:cuf:journl:y:2001:v:2:i:2:p:437-444

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Keywords: Investment; Economic growth;

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Cited by:
  1. Jayaraman, Praveena & Lacombe, Donald & Gebremedhin, Tesfa, 2013. "A Spatial Analysis of the Role of Residential Real Estate Investment in the Economic Development of the Northeast Region of the United States," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150953, Agricultural and Applied Economics Association.
  2. Liu Hongyu & Yun W. Park & Zheng Siqi, 2002. "The Interaction between Housing Investment and Economic Growth in China," International Real Estate Review, Asian Real Estate Society, vol. 5(1), pages 40-60.
  3. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
  4. Wang, Chan, 2012. "A very preliminary survey on growth and development," MPRA Paper 39037, University Library of Munich, Germany.
  5. Jayaraman, Praveena & Gebremedhin, Tesfa G., 2013. "A Non-Spatial Analysis of the Role of Residential Real Estate Investment in the Economic Development of the Northeast Region of the United States," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143107, Southern Agricultural Economics Association.

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