Macroeconomic effects of public investment in South-East Europe

Autor:	Igor Masten, Ana Grdović Gnip
Rok vydání:	2019
Předmět:	Economics and Econometrics Public investment 050208 finance Crowding in Economic sector 05 social sciences Fiscal multiplier Monetary economics Investment (macroeconomics) Capital expenditure Spillover effect 0502 economics and business South east Economics 050207 economics
Zdroj:	Journal of Policy Modeling. 41:1179-1194
ISSN:	0161-8938
DOI:	10.1016/j.jpolmod.2019.05.005
Popis:	This paper provides the first cross-country study of the macroeconomic effects of public investment in South-East Europe. For these countries, we construct a unique dataset of exogenous changes in public investment and use them with Jorda (2005) local projections method to estimate their dynamic effects on the main macroeconomic aggregates, the unemployment rate and debt-to-GDP ratio. Our results show significant multiplicative effects of public investment on GDP, delivered primarily through crowding in of private investment. Our analysis confirms that public investment can be seen as a catalyst of positive spillover effects to other sectors of the economy and thus contribute to productivity growth.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::2fc01a14ffa7014bdff3ec5171ea2a80 https://doi.org/10.1016/j.jpolmod.2019.05.005 Zobrazit plný text záznamu Full Text from ScienceDirect