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dc.contributor.authorCavallo, Eduardoen_US
dc.contributor.authorDaude, Christianen_US
dc.date.accessioned2010-02-24en_US
dc.date.accessioned2011-11-18T11:48:29Z-
dc.date.available2011-11-18T11:48:29Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/51504-
dc.description.abstractThis paper analyzes the impact of public investment on private investment in panel of 116 developing countries between 1980 and 2006 using dynamic panel data techniques, finding a strong and robust crowding-out effect that seems to be the norm rather than the exception, both across regions and over time. It is also found that this effect is dampened (or even reversed) in countries with better institutions and that are more open to international trade and financial flows. These results are consistent with the hypothesis that, while public infrastructure may be complementary to private capital in the aggregate production function, there are distortions associated with the public investment process that might render a crowding out of private investment in the course of building public capital stocks. These distortions, in turn, are more prevalent in countries with worse institutions or that lack trade and financial openness.en_US
dc.language.isoengen_US
dc.publisherInter-American Development Bank, Research Dep. Washington, DCen_US
dc.relation.ispartofseriesWorking paper // Inter-American Development Bank, Research Department 648en_US
dc.subject.jelE22en_US
dc.subject.jelH54en_US
dc.subject.jelH41en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordpublic investmenten_US
dc.subject.keywordcrowding outen_US
dc.subject.keywordinstitutionsen_US
dc.subject.keywordopennessen_US
dc.subject.stwÖffentliche Investitionen_US
dc.subject.stwCrowding outen_US
dc.subject.stwInstitutionalismusen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwEntwicklungsländeren_US
dc.titlePublic investment in developing countries: A blessing or a curse?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn586094113en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Research Department Working Papers, Inter-American Development Bank

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