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The Contribution Of Equipment Leasing In The Error-Correction Model Of Investment In Machinery And Equipment: Evidence From Italy


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  • ZANIN, Luca


Several studies have shown a positive correlation between investment in machinery and equipment and economic growth. For this reason, it is very important for policy-makers to study the dynamics of investments and their expected evolution over time through forecast scenarios. The paper aims to present an error-correction model of investment in machinery and equipment at current price with a focus on the contribution of equipment leasing. The main empirical results of the model with equipment leasing as exogenous show that the variable explains 96% of the investment variability and, that as leasing grows by 1 percentage point, investment grows by 0.3%; the elasticity is reduced to 0.2 in the model with all the exogenous variables taken into account (equipment leasing, demand (defined as sum of consumptions and exports), long-term interest rate and industrial production index).

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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 9 (2009)
Issue (Month): 2 ()

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Handle: RePEc:eaa:aeinde:v:9:y:2009:i:2_8

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Keywords: Equipment Leasing; Error-Correction Model; Investment in Machinery and Equipment; Unit Root and (co-)Integration Tests;

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