The interaction of public and private capital: a study of 20 OECD members
This article addresses the interaction of public and private capital stocks. We show for most developed countries that there is a long-term equilibrium relation between public and private capital. We find that imbalances in the relation of public and private capital are most likely to be corrected through a public capital adjustment. Private capital tends towards weak exogeneity. The evidence presented suggests that public investment is more likely to be enticed by private investment rather than serve to crowd out private investment activity.
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Volume (Year): 44 (2012)
Issue (Month): 6 (February)
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