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An Empirical Study of Sectoral-Level Investments in New Zealand

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  • W.A. Razzak

    ()
    (New Zealand Treasury, New Zealand)

Abstract

We extend the Glick and Rogoff (1995) aggregate time-series, empirical, intertemporal model of countryinvestment to a sectoral-level, and estimate it for New Zealand. We fit the model to panel data of eleven industries from 1988-2009. The sectoral-level investment growth is a function of lagged investment level, sector-specific total factor productivity shocks (TFP), country-specific TFP shocks, and global TFP shocks. The estimates seem robust to government spending shocks and Terms of Trade shocks.

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File URL: http://www.lifescienceglobal.com/independent-journals/journal-of-reviews-on-global-economics/volume-3/85-abstract/jrge/918-abstract-an-empirical-study-of-sectoral-level-investments-in-new-zealand
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Bibliographic Info

Article provided by Lifescience Global in its journal Journal of Reviews on Global Economics.

Volume (Year): 3 (2014)
Issue (Month): ()
Pages: 140-155

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Handle: RePEc:lif:jrgelg:v:3:y:2014:p:140-155

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Keywords: Investments; total factor productivity; panel data;

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