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An Empirical Study of Sectoral-Level Investments in New Zealand

Author

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  • W.A. Razzak

    (New Zealand Treasury, New Zealand)

Abstract

We extend the Glick and Rogoff (1995) aggregate time-series, empirical, intertemporal model of countryinvestment to a sectoral-level, and estimate it for New Zealand. We fit the model to panel data of eleven industries from 1988-2009. The sectoral-level investment growth is a function of lagged investment level, sector-specific total factor productivity shocks (TFP), country-specific TFP shocks, and global TFP shocks. The estimates seem robust to government spending shocks and Terms of Trade shocks.

Suggested Citation

  • W.A. Razzak, 2014. "An Empirical Study of Sectoral-Level Investments in New Zealand," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 140-155.
    • Handle: RePEc:lif:jrgelg:v:3:y:2014:p:140-155
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    More about this item

    Keywords

    Investments; total factor productivity; panel data;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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