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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w5841 |
来源ID | Working Paper 5841 |
Volatility and the Investment Response | |
Joshua Aizenman; Nancy P. Marion | |
发表日期 | 1996-11-01 |
出版年 | 1996 |
语种 | 英语 |
摘要 | We use the World Bank decomposition of aggregate investment shares into their private and public components to test for the correlation between volatility and investment in a set of developing countries. We uncover a statistically significant negative correlation between various volatility measures and private investment, even when adding the standard control variables. No such correlation is uncovered when the investment measure is the sum of private and public investment spending. Indeed, public investment spending is positively correlated with some measures of volatility. We also use the new World Bank data to redo the Ramey and Ramey (1995) test for a correlation between investment and the standard deviation of innovations to a forecasting equation for growth. While Ramey and Ramey found no significant correlation using aggregate investment data, we find a negative and highly significant relationship between innovation volatility and private investment in developing countries. These findings suggest that the detrimental impact of volatility on investment may be difficult to detect using aggregate data. |
主题 | International Economics ; International Factor Mobility ; Macroeconomics ; Consumption and Investment |
URL | https://www.nber.org/papers/w5841 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563335 |
推荐引用方式 GB/T 7714 | Joshua Aizenman,Nancy P. Marion. Volatility and the Investment Response. 1996. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w5841.pdf(630KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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