
ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان

ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
Abstract
We study the macroeconomic effects of public and private investment in 17 OECD economies through a VAR analysis with annual data from 1960 to 2014. From impulse response functions we find that public investment had a positive growth effect in most countries, and a contractionary effect in Finland, UK, Sweden, Japan, and Canada. Public investment led to private investment crowding o ut in Belgium, Ireland, Finland, Canada, Sweden, the UK and crowding-in effects in the rest of the countries. Private investment has a positive growth effect in all countries; crowds-out (crowds-in) public investment in Belgium and Sweden (in the rest of the countries). The partial rates of return of public and private investment are mostly positive. Our results are robust to the ordering of private and public investment in the VAR.
5 Conclusion
In this paper we have used a VAR analysis for 17 countries OECD between 1960 and 2014 to assess the effects of public and private investment in terms of economic growth, crowding-out and crowding-in. In that context, we have also computed public and private investment macroeconomic rates of return, and assessed the potential effect of the 2008–2009 economic and financial crisis. Our results for the effects of investment shocks show that:
i) public investment had a positive growth effect in most countries;
ii) public investment had a contractionary effect on output in five cases (Finland, UK, Sweden, Japan, and Canada);
iii) positive public investment impulses led to a decline in private investment (crowdingout) in six countries (Belgium, Ireland, Finland, Canada, Sweden, the UK);
iv) public investment had a crowding-in effect on private investment in the remainder 11 countries;
v) private investment had a positive growth effect in all countries;
vi) private investment crowds-out public investment in the cases of Belgium, and Sweden;
vii) private investment crowds-in public investment in the remainder 15 countries;
viii) the results for the crowding-in and crowding-out effects, together with the macro rates of returns are essentially robust to the ordering of private and public investment in the VAR set up