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

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Author Info

  • Caselli, P.
  • Pagano, P.
  • Schivardi, F.

Abstract

The 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 Info

Paper provided by Banca Italia - Servizio di Studi in its series Papers with number 372.

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Length: 44 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:banita:372

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Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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Related research

Keywords: CAPITAL ; INVESTMENTS ; GROWTH RATE;

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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. 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.
  3. Afonso, António & González Alegre, Juan, 2008. "Economic growth and budgetary components: a panel assessment for the EU," Working Paper Series 0848, European Central Bank.
  4. 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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