Private capital formation: Short- and long-run crowding-in (out) effects in ASEAN, 1971-99
This study presents an empirical assessment of the factors that have stimulated (deterred) private investment in the Association of Southeast Asian Nations (ASEAN) economies during the past three decades. The results for the short-run suggest that output growth and public investment were the dominant determinants of private investment, while those for the long-run suggest FDI as an additional dominant determinant. The monetary policy variables were on the other hand less effective determinants. Furthermore, whereas output growth and FDI were implicit crowding-in factors, public investment was an effective crowding-out factor. The other determinants imparted both crowding-in and crowding-out effects. While external indebtedness generated long-run crowding-out effects, there is limited evidence to suggest that it did so in the short-run.
Volume (Year): 3 (2003)
Issue (Month): 28 ()
|Contact details of provider:|| |
References listed on IDEAS
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.:
- Michael Kuehlwein & Sansern Samalapa, "undated". "Budget Deficits, Public Spending and Interest Rates in Thailand," Claremont Colleges Working Papers 1999-34, Claremont Colleges.
- H. Ahmed & SM. Miller, 2000.
"Crowding-out and crowding-in effects of the components of government expenditure,"
Contemporary Economic Policy,
Western Economic Association International, vol. 18(1), pages 124-133, 01.
- Habib Ahmed & Stephen M. Miller, 1999. "Crowding-Out and Crowding-In Effects of the Components of Government Expenditure," Working papers 1999-02, University of Connecticut, Department of Economics.
- Manuel Agosin & Roberto Machado, 2005. "Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment?," Oxford Development Studies, Taylor & Francis Journals, vol. 33(2), pages 149-162.
- Manuel R. AGOSIN & Ricardo MAYER, 2000. "Foreign Investment In Developing Countries, Does It Crowd In Domestic Investment?," UNCTAD Discussion Papers 146, United Nations Conference on Trade and Development.
- Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
- Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
- Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
- Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-472, August.
- Ronald Anderson and Chantal Kegels & Ronald Anderson and Chantal Kegels, 1997. "Finance and Investment in Transition: Czech Enterprises, 1993-1994," William Davidson Institute Working Papers Series 164, William Davidson Institute at the University of Michigan.
- Anderson, Ronald & Kegels, Chantal, 1997. "Finance and Investment in Transition : Czech Enterprises, 1993-1994," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Reinikka, Ritva & Svensson, Jakob, 1999. "How inadequate provision of public infrastructure and services affects private investment," Policy Research Working Paper Series 2262, The World Bank.
- Heijdra, B.J. & Meijdam, A.C., 1997. "Public Investment in a Small Open Economy," Discussion Paper 1997-80, Tilburg University, Center for Economic Research. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-03c50006. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.