Manufacturing Investment and Taxation in the Nordic Countries
The accumulation of fixed productive capital in the manufacturing industries of Denmark, Finland, Norway, and Sweden is analyzed for the period 1965-90. Particular attention is given to the effect of taxes on this process. The following conclusions appear fairly robust across countries: cointegrating long-run relationships can be found within the framework of the neoclassical model; the error-correction estimations indicate that investment is relatively sensitive to economic shocks; and taxes do not seem to have had significant effects on either long-run capital levels or the timing of investment. Copyright 1994 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 96 (1994)
Issue (Month): 3 ()
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