Does Public Capital Crowd Out Private Capital?
| Author | : David Alan Aschauer |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1988 |
| Genre | : Capital |
| ISBN | : |
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Does public capital crowd out private capital? : evidence from india
| Author | : Luis Serven |
| Publisher | : World Bank Publications |
| Total Pages | : 44 |
| Release | : 1996 |
| Genre | : Inversiones privadas - India |
| ISBN | : 6121413050 |
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Does Public Capital Crowd Out Private Capital? Evidence from India
| Author | : Luis Servén |
| Publisher | : |
| Total Pages | : |
| Release | : 1999 |
| Genre | : |
| ISBN | : |
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May 1996 A recent but rapidly growing empirical literature focuses on the relationship between public and private capital. But for the most part, it ignores the heterogeneity of public investment. In many countries, especially in the developing world, public investment includes not only basic infrastructure projects, but also commercial and industrial projects similar to those undertaken by the private sector. And those two types of public investment are likely to have quite different effects on the accumulation of private capital. Using data from India, the author examines this issue empirically by implementing a simple analytical model encompassing two types of public capital. The empirical results show that in the long run capital for public infrastructure projects crowds in private capital - other types of public capital have the opposite effect. But in the short run, both kinds of public investment may crowd out private investment.
Does Public Capital Crowd Out Private Capital?.
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 1990 |
| Genre | : |
| ISBN | : |
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Crowding-Out or Crowding-In? Public and Private Investment in India
| Author | : Girish Bahal |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 2015-12-17 |
| Genre | : Business & Economics |
| ISBN | : 1513549065 |
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This paper contributes to the debate on the relationship between public-capital accumulation and private investment in India along the following dimensions. First, acknowledging major structural changes that the Indian economy has undergone in the past three decades, we study whether public investment in recent years has become more or less complementary to private investment in comparison to the period before 1980. Second, we construct a novel data-set of quarterly aggregate public and private investment in India over the period 1996Q2-2015Q1 using investment-project data from the CapEx-CMIE database. Third, embedding a theory-driven long-run relationship on the model, we estimate a range of Structural Vector Error Correction Models (SVECMs) to re-examine the public and private investment relationship in India. Identification is achieved by decomposing shocks into those with transitory and permanent effects. Our results suggest that while public-capital accumulation crowds out private investment in India over 1950-2012, the opposite is true when we restrict the sample post 1980 or conduct a quarterly analysis since 1996Q2. This change can most likely be attributed to the policy reforms which started during early 1980s and gained momentum after the 1991 crises.
Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement
| Author | : Shafik Hebous |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2016-03-10 |
| Genre | : Business & Economics |
| ISBN | : 1513578723 |
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We study the effects of federal purchases on firms’ investment using a novel panel dataset that combines federal procurement contracts in the United States with key financial firm-level information. We find that 1 dollar of federal spending increases firms’ capital investment by 7 to 11 cents. The average effect masks heterogeneity: Effects are stronger for firms that face financing constraints and they are close to 0 for unconstrained firms. In line with the financial accelerator model, our findings indicate that the effect of government purchases works through easing firms’ access to external borrowing. Furthermore, industry-level analysis suggests that that the increase in investment at the firm level translates into an industry-wide effect without crowding-out capital investment of other firms in the same industry.
The Macroeconomic Effects of Public Investment
| Author | : Mr.Abdul Abiad |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2015-05-04 |
| Genre | : Business & Economics |
| ISBN | : 1484361555 |
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This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Does Public Spending Crowd Out Private Investment?
| Author | : Isabel Argimón |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1995 |
| Genre | : Expenditures, Public |
| ISBN | : |
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Este trabajo analiza empiricamente la relacion entre gasto publico e inversion privada con un panel de 14 paises de la OCDE. Se presenta evidencia que sugiere que la inversion publica tiene un efecto de crowding-in importante sobre la inversion privada, a traves del impacto positivo de las infraestructuras sobre la productividad. Por otra parte, el consumo publico expulsa a la inversion privada. Las implicaciones de estos resultados para la politica de consolidacion fiscal son relevantes. En concreto, las reducciones de los deficit publicos generadas por disminuciones en la inversion publica podrian dificultar la acumulacion de capital y afectar negativamente a las posibilidades de crecimiento. (iam) (jgp) (jra) (mac).
Successful Transitions from Public to Private-Sector Led Growth: Lessons for Benin
| Author | : Aissatou Diallo |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2021-12-03 |
| Genre | : Business & Economics |
| ISBN | : 1589068548 |
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Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some restraint of public spending, and, in particular, public investment. In this context, maintaining or even raising the region’s economic growth will require an offset by the private sector. The analysis draws lessons from countries that have successfully transitioned from public investment to private investment-led growth using a global sample starting in the mid-1980s. These lessons highlight policies that have been crucial in fostering a rebound of private investment in the wake of a contraction of public investment. The analytical framework proposed by Hausman, Rodrik and Velasco (2005) is used to identify and classify such policies. Finally, the paper analyses how the identified policies could help Benin achieving a smooth transition from public to private sector-led growth.
The Impact of Social Security on Private Saving
| Author | : Robert J. Barro |
| Publisher | : Washington : American Enterprise Institute for Public Policy Research |
| Total Pages | : 64 |
| Release | : 1978 |
| Genre | : Business & Economics |
| ISBN | : |
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Report on the impact of social security on private sector savings in the USA - presents the controversial points of view of r j barro and m feldstein concerning capital formation, taking into consideration consumer expenditure in the period from 1929 to 1974, and includes estimates on the reduction of personal savings due to social security wealth. References and statistical tables.
