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

  • Paola Caselli

    (Banca d'Italia, Roma)

  • Patrizio Pagano

    (Banca d'Italia, Roma)

  • Fabiano Schivardi

    (Banca d'Italia, Roma)

The paper analyzes the sharp divergence between capital formation in the leading euro-area countries and the United States in the nineties. We estimate an investment function at the sectoral level and find evidence of a break in the coefficient linking the growth of capital stock to demand in both the euro-area and Anglo-Saxon countries, but of opposite sign: while it declined in the former, it increased in the latter. This result is partly attributable to a rise in demand uncertainty in Europe and to a decrease in the Anglo-Saxon countries in the nineties.

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Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 91 (2001)
Issue (Month): 8 (October)
Pages: 3-36

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Handle: RePEc:rpo:ripoec:v:91:y:2001:i:8:p:3-36
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