Espinoza, Raphael; Gamboa-Arbelaez, Juliana; Sy, Mouhamadou - 2020
theory (Myers 1977). We also find that the effect of public investment on corporate investment is much weaker for firms that …This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a … database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment …
