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Investment and Growth in Europe and in the United States in the Nineties

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Author Info

  • Paola Caselli

    (Banca d'Italia, Roma)

  • Patrizio Pagano

    (Banca d'Italia, Roma)

  • Fabiano Schivardi

    (Banca d'Italia, Roma)

Abstract

The paper analyzes the sharp divergence between capital formation in the leading euro-area countries and the United States in the nineties. We estimate an investment function at the sectoral level and find evidence of a break in the coefficient linking the growth of capital stock to demand in both the euro-area and Anglo-Saxon countries, but of opposite sign: while it declined in the former, it increased in the latter. This result is partly attributable to a rise in demand uncertainty in Europe and to a decrease in the Anglo-Saxon countries in the nineties.

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Bibliographic Info

Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 91 (2001)
Issue (Month): 8 (October)
Pages: 3-36

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Handle: RePEc:rpo:ripoec:v:91:y:2001:i:8:p:3-36

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Cited by:
  1. Paola Caselli & Patrizio Pagano & Fabiano Schivardi, 2003. "Uncertainty and the slowdown of capital accumulation in Europe," Applied Economics, Taylor & Francis Journals, vol. 35(1), pages 79-89.
  2. António Afonso & Juan González Alegre, 2007. "Economic Growth and Budgetary Components: a Panel Assessment for the EU," Working Papers Department of Economics 2007/29, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  3. Luigi Bonatti, 2004. "Fiscal transfers and distributive conflict in a simple endogenous growth model with unemployment," Working Papers 0401, University of Bergamo, Department of Economics.
  4. Ulf von Kalckreuth, 2003. "Exploring the role of uncertainty for corporate investment decisions in Germany," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 139(II), pages 173-206, June.

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