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dc.contributor.authorVälilä, Timoen
dc.contributor.authorMehrotra, Aaronen
dc.date.accessioned2011-04-19-
dc.date.accessioned2011-04-29T08:06:10Z-
dc.date.available2011-04-29T08:06:10Z-
dc.date.issued2005-
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
dc.language.isoengen
dc.publisher|aEuropean Investment Bank (EIB) |cLuxembourgen
dc.relation.ispartofseries|aEconomic and Financial Report |x2005/01en
dc.subject.jelE62en
dc.subject.jelH54en
dc.subject.jelC23en
dc.subject.ddc330en
dc.titleEvolution and determinants of public investment in Europe-
dc.typeWorking Paperen
dc.identifier.ppn656631767en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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