| 来源类型 | Discussion paper
|
| 规范类型 | 论文
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| 来源ID | DP3656
|
| DP3656 Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany |
| David Audretsch; Erik Lehmann
|
| 发表日期 | 2002-11-20
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | In this Paper, we investigate the relation between public and private consumption, by constructing a general government spending dataset, by function, for twelve European Union countries. In particular, we split government consumption into two categories. The first category includes defence, public order, and justice ('public goods'). The second category includes health, education, and other services that could have been provided privately ('merit goods'). Equations from a relatively general theoretical model of household behaviour are estimated by GMM. The estimates are fairly robust in showing that public goods substitute, while merit goods complement, private consumption, and that the relation between merit goods and private goods is stronger than that between public goods and private goods. So that, in the aggregate, government and private consumption are complements. It also suggests that the potential calibration/estimation bias by ignoring the composition of government consumption might be substantial. |
| 主题 | International Macroeconomics
|
| 关键词 | Public goods
Merit goods
Government consumption
Dynamic panel estimation
|
| URL | https://cepr.org/publications/dp3656
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532663
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推荐引用方式
GB/T 7714 |
David Audretsch,Erik Lehmann. DP3656 Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany. 2002.
|
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