全球智库信息集成服务系统(G2TT): Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Investigation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26478
来源ID	Working Paper 26478
	Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Investigation
	Alejandro Izquierdo; Ruy E. Lama; Juan Pablo Medina; Jorge P. Puig; Daniel Riera-Crichton; Carlos A. Vegh; Guillermo Vuletin
发表日期	2019-11-25
出版年	2019
语种	英语
摘要	Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, little is known about public investment multipliers. In particular, the clear theoretical implication that public investment multipliers should be higher (lower) the lower (higher) is the initial stock of public capital has not, to the best of our knowledge, been tested. This paper tackles this empirical challenge and finds robust evidence in favor of the above hypothesis: countries with a low initial stock of public capital (as a proportion of GDP) have significantly higher public investment multipliers than countries with a high initial stock of public capital. This key finding seems robust to the sample (European countries, U.S. states, and Argentine provinces) and identification method (Blanchard-Perotti, forecast errors, and instrumental variables). Our results thus suggest that public investment in developing countries would carry high returns.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy
URL	https://www.nber.org/papers/w26478
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/584151
推荐引用方式 GB/T 7714	Alejandro Izquierdo,Ruy E. Lama,Juan Pablo Medina,et al. Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Investigation. 2019.

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