INVESTMENTS AND ECONOMIC GROWTH: EMPIRICAL REVIEW
Keywords:
investments, investment policy, structure of national economy
Abstract
The article presents a theoretical review of empirical research on the importance of investments for the economic growth of developed and developing countries. Research shows that investment accelerates the growth of economic indicators that have a significant impact on the definition of investment policy in accordance with the existing economic system. It was established that the relative contribution of investments to economic growth in different countries was varied based on the accepted methodological approach; country samples; characteristics of the selected countries; variables used to measure investment, as well as data and sample period among other factors.
References
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3. Aschauer D. Is Public Expenditure Productive? Journal of Monetary Economics. 1989. № 23. Р. 167–200.
4. Batina R.G. On the Long Run Effects of Public Capital and Disaggregated Public Capital on Aggregate Output, International Tax and Public Finance. 1998. № 5. Р. 263–281.
5. Cullison W. Public Investment and Economic Growth. Federal Reserve Bank of Richmond Economic Quarterly. 1993. № 79(4). Р. 19–33.
6. Finn M. Is all Government Capital Productive? Federal Reserve Bank of Richmond, Economic Quarterly. 1993. № 79(4). Р. 53–80.
7. Hulten C., Schwab R. Public Capital Formation and the Growth of Regional Manufacturing Industries. National Tax Journal. 1991. № 64(4). Р. 121–134.
8. Pereira A., Andraz J. On the Economic Effects of Public Infrastructure Investment: A Survey of the International Evidence. Journal of Economic Development. 2013. № 38(4). Р. 1–37.
9. Ram R., Ramsey, D. Government Capital and Private Output in the United
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10. Mankiw G. Principles of economics. Mason. Oh^Thompson Higher Education. 2007. 896 р.
11. Mittnik S., Newman T. Dynamic Effects of Public Investment: Vector Autoregressive Evidence form Six Industrialized Countries. Empirical Economics. 2001. № 26(2). Р. 429–446.
12. Munnell A. Policy Watch, Infrastructure Investment and Economic Growth. Journal of Economic Perspectives. 1992. № 6(4). Р. 189–198.
13. Tatom J. Public Capital and Private Sector Performance. Review of the Federal Reserve Bank of St Louis. 1991. № 78(3). Р. 3–15.
14. Sturm J., Jacobs J., Grote P. Output Effects of Infrastructure Investment in the Netherlands, 1853-1913. Journal of Macroeconomics. 1999. № 21(2). Р. 355–380.
15. Yang Z. Empirical Studies on the Relationship Between Public and Private Investment and GDP Growth. Applied Economics. 2006. № 38(1). Р. 1259–1270.
Published
2019-05-23
Pages
122-125
Section
SECTION 3 ECONOMY AND OPERATION OF NATIONAL ECONOMY
