| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11636 |
| DP11636 Investment Demand and Structural Change | |
| Manuel García-Santana; Josep Pijoan-Mas; Lucciano Villacorta | |
| 发表日期 | 2016-11-14 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study the joint evolution of the sectoral composition and the investment rate of developing economies. Using panel data for several countries in different stages of development, we document three novel facts: (a) the share of industry and the investment rate are strongly correlated and follow a hump-shaped profile with development, (b) investment goods contain more domestic value added from industry and less from services than consumption goods do, and (c) the evolution of the sectoral composition of investment and consumption goods differs from the one of GDP. We build and estimate a multi-sector growth model to fit these patterns and provide two important results. First, the hump-shaped evolution of investment demand explains half of the hump in industry with development. Second, asymmetric sectoral productivity growth helps explain the decline in the relative price of investment goods along the development path, which in turn increases capital accumulation and promotes growth. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Transitional dynamics Neo-classical growth model Structural change |
| URL | https://cepr.org/publications/dp11636-0 |
| 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/540450 |
| 推荐引用方式 GB/T 7714 | Manuel García-Santana,Josep Pijoan-Mas,Lucciano Villacorta. DP11636 Investment Demand and Structural Change. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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