Investment and Growth in Europe and in the United States in the Nineties
AbstractThe 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 InfoArticle provided by SIPI Spa in its journal Rivista di Politica Economica.
Volume (Year): 91 (2001)
Issue (Month): 8 (October)
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Other versions of this item:
- Paola Caselli & Patrizio Pagano & Fabiano Schivardi, 2000. "Investment and Growth in Europe and in the United States in the Nineties," Temi di discussione (Economic working papers) 372, Bank of Italy, Economic Research and International Relations Area.
- Caselli, P. & Pagano, P. & Schivardi, F., 2000. "Investment and Growth in Europe and in the United States in the Nineties," Papers 372, Banca Italia - Servizio di Studi.
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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