Investment and Growth in Europe and in the United States in the Nineties
The paper analyzes the sharp divergence between capital formation in the leading euro-area countries and the United States in the nineties. We estimate an investment function at the sectoral level and find evidence of a break in the coefficient linking the growth of capital stock to demand in both the euro-area and Anglo-Saxon countries, but of opposite sign: while it declined in the former, it increased in the latter. This result is partly attributable to a rise in demand uncertainty in Europe and to a decrease in the Anglo-Saxon countries in the nineties.
Year of publication: |
2001
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Authors: | Caselli, Paola ; Pagano, Patrizio ; Schivardi, Fabiano |
Published in: |
Rivista di Politica Economica. - SIPI Spa, ISSN 0035-6468. - Vol. 91.2001, 8, p. 3-36
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Publisher: |
SIPI Spa |
Saved in:
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