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An Empirical Analysis Of The Effects Of Government Spending On Capital Investment: Evidence From O.E.C.D. Countries

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Author Info
D. GIANNAROS
B. KOLLURI
M. PANIK

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Abstract

This paper focuses on the possible "direct” effect of increased government size on fixed capital formation. That is, we hypothesize that as government increases its consumption as a percentage of GAP, investors modify their investment plans accordingly. It is our contention that the direct effects of government size on fixed capital investment manifest themselves through a downward shift in the investment schedule. To test this hypothesis, we estimate an aggregate investment function for eighteen O.E.C.D. countries for the period 1960--1994. Our findings suggest a negative relationship between government size and fixed capital investment. [E22, E62]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 13 (1999)
Issue (Month): 1 (April)
Pages: 45-55
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Handle: RePEc:taf:intecj:v:13:y:1999:i:1:p:45-55

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Feldstein, Martin, 1982. "Government deficits and aggregate demand," Journal of Monetary Economics, Elsevier, vol. 9(1), pages 1-20. [Downloadable!] (restricted)
    Other versions:
  2. Modigliani, Franco & Sterling, Arlie, 1986. "Government Debt, Government Spending and Private Sector Behavior: Comment," American Economic Review, American Economic Association, vol. 76(5), pages 1168-79, December. [Downloadable!] (restricted)
  3. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-47, December. [Downloadable!] (restricted)
  4. Michael W. Keran, 1970. "Monetary and fiscal influences on economic activity : the foreign experience," Review, Federal Reserve Bank of St. Louis, issue Feb, pages 16-28. [Downloadable!]
  5. D. Giannaros & B. Kolluri, 1989. "The Impact Of Budget Deficits On Real Interest Rates: An International Empirical Investigation," International Economic Journal, Korean International Economic Association, vol. 3(2), pages 17-25, June. [Downloadable!] (restricted)
  6. Eisner, Robert & Pieper, Paul J, 1986. "A New View of the Federal Debt and Budget Deficits: Reply," American Economic Review, American Economic Association, vol. 76(5), pages 1156-57, December. [Downloadable!] (restricted)
  7. Barth, James R & Russek, Frank S & Wang, George H K, 1986. "A Time Series Analysis of the Relationship between the Capital Stock and Federal Debt: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(4), pages 527-38, November. [Downloadable!] (restricted)
  8. Barro, Robert J, 1981. "Output Effects of Government Purchases," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1086-1121, December. [Downloadable!] (restricted)
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  9. Kolluri, Bharat R. & Giannaros, Demetrios S., 1987. "Budget deficits and short-term real interest rate forecasting," Journal of Macroeconomics, Elsevier, vol. 9(1), pages 109-109. [Downloadable!] (restricted)
  10. Kormendi, Roger C, 1983. "Government Debt, Government Spending, and Private Sector Behavior," American Economic Review, American Economic Association, vol. 73(5), pages 994-1010, December. [Downloadable!] (restricted)
  11. Leonall C. Andersen & Jerry L. Jordon, 1968. "Monetary and fiscal actions: a test of their relative importance in economic stabilization," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 11-23. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Lee C. Spector, 2005. "Macroeconomic Models and the Determination of Crowding Out," Working Papers 200511, Ball State University, Department of Economics, revised Mar 2006. [Downloadable!]
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