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http://hdl.handle.net/10419/45279
  

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dc.contributor.authorVälilä, Timoen_US
dc.contributor.authorMehrotra, Aaronen_US
dc.date.accessioned2011-04-19en_US
dc.date.accessioned2011-04-29T08:06:10Z-
dc.date.available2011-04-29T08:06:10Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/45279-
dc.description.abstractWe 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 find that public investment has been determined by national income, the stance of budgetary policies, and fiscal sustainability considerations. Neither the cost of financing nor the fiscal rules embodied in EMU have had a systemic impact on public investment. The significant downtrend that characterises the evolution of public investment, measured in relation to GDP, in non-cohesion countries is chiefly determined by drawn-out episodes of fiscal consolidation, unrelated to EMU.en_US
dc.language.isoengen_US
dc.publisherEuropean Investment Bank Luxembourgen_US
dc.relation.ispartofseriesEconomic and financial reports / European Investment Bank 2005/01en_US
dc.subject.jelE62en_US
dc.subject.jelH54-
dc.subject.jelC23-
dc.subject.ddc330en_US
dc.titleEvolution and determinants of public investment in Europeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn656631767en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Economic and Financial Reports, European Investment Bank (EIB)

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