| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1329
|
| DP1329 Investment, Liquidity Constraints and Bank Relationships: Evidence from German Manufacturing Firms |
| Julie Ann Elston
|
| 发表日期 | 1996-01-31
|
| 出版年 | 1996
|
| 语种 | 英语
|
| 摘要 | This paper studies the investment creation and investment diversion effects of the EU's Single Market programme (EU92). We find suggestive, but not conclusive, evidence indicating that EU92 may have led to investment diversion in the economies of the European Free Trade Association (EFTA) and investment creation in the EU economies. We argue that a simple mechanism, based on the derived demand for capital can account for this. Discriminatory liberalization shifts production from excluded countries to the integrating region. Since EU92 focused on tradable sectors and these are capital intensive, the production shifting raises the rental rate in the integrating regions, lowering it elsewhere. This leads to investment creation and diversion. Results from our simulations show that investment diversion does occur for the EFTA6 (namely, the EFTA6 steady-state capital stock drops by two-thirds of a percent) when the EU's liberalization (EU92) involves market integration in addition to real trade cost reduction. When EU92 is extended to include the EFTA6, EFTA6 capital stocks rise by almost 5%. In terms of real income, the difference between the EFTA6-included and EFTA6-excluded cases is quite large for the EFTAns amounting to 5.5% of GDP. In all cases, the EU experiences investment creation (equal to approximately one-fifth of a percent of their initial capital stock) and real income gains (equal to 1.75% of GDP). The effects on the United States and Japan are trivially small, but mostly negative in terms of capital stocks and real income. |
| 主题 | International Trade and Regional Economics
|
| 关键词 | Investment creation
Investment diversion
Single market programme
|
| URL | https://cepr.org/publications/dp1329
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530466
|
推荐引用方式
GB/T 7714 |
Julie Ann Elston. DP1329 Investment, Liquidity Constraints and Bank Relationships: Evidence from German Manufacturing Firms. 1996.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
