The long-run effects of government expenditure on private investments: a panel CS-ARDL approach
نویسندگان
چکیده
Abstract We re-explore the link between government expenditure and private investments within a modern econometric framework. Performing dynamic analysis on panel of 28 OECD countries over 1990–2019, we account for nonstationarity, country-heterogeneity, cross-sectional dependence. By estimating an ECM version novel CS-ARDL model, find robust evidence both short-run long-run adverse effects aggregate investments. Increases in productive have no significant effect dynamics investments, whereas reallocating public resources towards enhances them. contrast, level increases shifts unproductive discourage capital formation sector. Using budget constraint (GBC) system, observe that depend how it is financed. In most cases, fall mainly associated with tax-financed expenditure, while debt-financed appears to be detrimental long-run.
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ژورنال
عنوان ژورنال: Journal of Economics and Finance
سال: 2023
ISSN: ['1055-0925', '1938-9744']
DOI: https://doi.org/10.1007/s12197-023-09617-y