The Macroeconomic Effects of Public Investment

Released on by Mr.Abdul Abiad
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  • The Macroeconomic Effects of Public Investment Book Detail

  • Author : Mr.Abdul Abiad
  • Release Date : 2015-05-04
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 26
  • ISBN 13 : 1484361555
  • File Size : 4,4 MB
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The Macroeconomic Effects of Public Investment by Mr.Abdul Abiad PDF Summary

Book Description: 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.

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Financial Reform

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Financial sector liberalization was high on the agenda of policymakers during the last quarter of the twentieth century. But there were significant differences