Investment and Growth in Europe and in the United States in the Nineties
AbstractThe paper analyses the sharp devergence in the nineties between capital formation in the main euro-area countries, on the one hand, and the United States, on the other. We have used data from the OECD's International Sectoral Data Base (ISDB), which includes data comparable across a certain number of industrial countries for the most important manufacturing and service sectors on capital stock, investment and value added. Our econometric estimates of an investment fonction indicate the presence of structural instability at the beginning of the nineties and, in particular, a break in the coefficient that links the growth of capital stock to value added for both the euro-area countries and the Anglo-Saxon countries. This result does not seem to be related either to sectoral characteristics or to non-linearities in the relationship between capital formation and expected demand but is partly attributable, at least for the euro-area countries, to the greater demand uncertainty in the nineties compared with the previous period.
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Bibliographic InfoPaper provided by Banca Italia - Servizio di Studi in its series Papers with number 372.
Length: 44 pages
Date of creation: 2000
Date of revision:
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CAPITAL ; INVESTMENTS ; GROWTH RATE;
Other versions of this item:
- Paola Caselli & Patrizio Pagano & Fabiano Schivardi, 2001. "Investment and Growth in Europe and in the United States in the Nineties," Rivista di Politica Economica, SIPI Spa, vol. 91(8), pages 3-36, October.
- 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.
- L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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- Afonso, António & González Alegre, Juan, 2008.
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- 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.
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