Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/305383 
Year of Publication: 
2024
Series/Report no.: 
ADB Economics Working Paper Series No. 737
Publisher: 
Asian Development Bank (ADB), Manila
Abstract: 
This paper analyzes the growth impact of public and private investment shocks based on a large sample of emerging and developing countries over the period 1980-2021 with a particular focus on the Asian region. We develop new measures of investment shocks based on cyclically adjusted investment data. Estimations using local projections suggest that public investment shocks play a much greater role in boosting economic growth in comparison with private investment shocks. In emerging market and developing economies (EMDEs) (including in Asia), the growth response to investment shocks is positive and much stronger in recessions relative to economic expansions. Finally, public investment shocks in EMDE and Asian samples crowd-in private investment and private consumption.
Subjects: 
fiscal multipliers
public investment
private investment
JEL: 
C33
E22
H30
H50
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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