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A primer on public investment in Europe, old and new /

Perée, Eric; Välilä, Timo - 2007

We take stock of what is known about public investment in the member states of the European Union, old and new alike. The interesting features about the long-term evolution of public investment have been its downtrend in old EU member states, bar the cohesion countries, and its volatility in new...

Persistent link: https://www.econbiz.de/10008939528

Fiscal rules and public investment

Perée, Eric; Välilä, Timo - 2005

This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special...

Persistent link: https://www.econbiz.de/10008939538

Evolution and determinants of public investment in Europe

Välilä, Timo; Mehrotra, Aaron N. - 2005

We examine the evolution of public investment and public capital stocks in Europe during the past three decades. Against this background, we employ an array of econometric techniques to assess the macroeconomic determinants of public investment, with a special focus on its long-term trend. We...

Persistent link: https://www.econbiz.de/10008939539

Public-private partnerships in Europe : an update

Blanc-Brude, Frédéric; Goldsmith, Hugh; Välilä, Timo - 2007

This paper offers an updated description of the macroeconomic and sectoral significance of PPPs in Europe, without assessing PPPs from a normative perspective. It shows that, over the past fifteen years, more than one thousand PPP contracts have been signed in the EU, representing a capital...

Persistent link: https://www.econbiz.de/10008939526

Composition of public investment and fiscal federalism : panel data evidence from Europe

Kappeler, Andreas; Välilä, Timo - 2007

We present some stylised facts about the composition of public investment in Europe and analyse its determinants, with a special focus on the role of fiscal decentralisation. The empirical analysis is conducted both for levels of different types of public investment and for their shares in total...

Persistent link: https://www.econbiz.de/10008939527

Ex ante construction costs in the European road sector : a comparison of public-private partnerships and traditional public procurement

Blanc-Brude, Frédéric; Goldsmith, Hugh; Välilä, Timo - 2006

Theoretical literature suggests a variety of reasons why a public-private partnership (PPP) should exhibit higher costs of construction than traditionally procured public infrastructure projects. The bundling of construction and operation contracts in a PPP give the private partner greater...

Persistent link: https://www.econbiz.de/10008939534

Do prices in the EMU converge (non-linearly)?

Fritsche, Ulrich; Lein-Rupprecht, Sarah M.; Weber, Sebastian - 2009

This paper examines the current state of price convergence amongst the eleven initial EMU member states. Special … attention is given to possible changes in the convergence process during the euro cash changeover. We apply the convergence … kernel-density estimates. We find that convergence took place before 2000, slowed down substantially between 2000 and 2003 …

Persistent link: https://www.econbiz.de/10010425231

Adjustment in EMU : is convergence assured?

Dullien, Sebastian; Fritsche, Ulrich; Größl, Ingrid; … - 2009

Using a modified version of the model presented by Belke and Gros (2007), we analyze the stability of adjustment in a currency union. Using econometric estimates for parameter values we check the stability conditions for the 11 original EMU countries and Greece. We found significant instability...

Persistent link: https://www.econbiz.de/10010425867

Analysing convergence in Europe using a non-linear single factor model

Fritsche, Ulrich; Kuzin, Vladimir - 2008

We investigate convergence in European price level, unit labor cost, income, and productivity data over the period of … extremely flexible on order to model a large number of transition paths to convergence. We find regional clusters in consumer … indicate the existence of three convergence clubs without strong regional linkages; Italy and Germany are not converging to any …

Persistent link: https://www.econbiz.de/10010426359

Does the dispersion of unit labor cost dynamics in the EMU imply long-run divergence? : results from a comparison with the United States of America and Germany

Dullien, Sebastian; Fritsche, Ulrich - 2007

inflation convergence using different approaches, namely panel unit root tests, cointegration tests and error-correction models …. All in all we cannot reject convergence of ULC growth in EMU, however, country-specific deviations from the rest of the …

Persistent link: https://www.econbiz.de/10010426361