Sustained investment surges

Existing empirical studies have mainly focused on determinants of average investment levels. Instead, we investigate episodes of accelerated capital stock growth having a duration of eight years or longer. We find that episodes are relatively common, even in low-growth regions, but more so in middle...

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Detalles Bibliográficos
Autores principales: Libman, Emiliano, Montecino, Juan Antonio, Razmi, Arslan
Formato: Artículo
Lenguaje:en_US
Publicado: Oxford University Press 2019
Materias:
Economía
Desarrollo Económico
Financiación del Capital
Acceso en línea:http://repositorio.cedes.org/handle/123456789/4491
https://doi.org/10.1093/oep/gpy071
Aporte de:
Respositorio Digital CRIS del CEDES - Centro de Estudios de Estado y Sociedad de Centro de Estudios de Estado y Sociedad (CEDES)
id I61-R167123456789-4491
record_format dspace
institution Centro de Estudios de Estado y Sociedad (CEDES)
institution_str I-61
repository_str R-167
collection Respositorio Digital CRIS del CEDES - Centro de Estudios de Estado y Sociedad
language en_US
orig_language_str_mv en_US
topic Economía
Desarrollo Económico
Financiación del Capital
spellingShingle Economía
Desarrollo Económico
Financiación del Capital
Libman, Emiliano
Montecino, Juan Antonio
Razmi, Arslan
Sustained investment surges
topic_facet Economía
Desarrollo Económico
Financiación del Capital
description Existing empirical studies have mainly focused on determinants of average investment levels. Instead, we investigate episodes of accelerated capital stock growth having a duration of eight years or longer. We find that episodes are relatively common, even in low-growth regions, but more so in middle-income and Asian countries. After identifying 175 episodes between 1950 and 2014, we employ probit analysis to explore their characteristics. Turning points in investment tend to be preceded by macroeconomic stability, real exchange rate undervaluation, and net capital outflows (especially portfolio outflows). We also find a negative correlation with the capital to output ratio and per capita GDP, and a positive correlation with a human capital index. Investment surges tend to be associated with changes in the trade balance and, to a (statistically) weaker extent, with structural change.
format Artículo
author Libman, Emiliano
Montecino, Juan Antonio
Razmi, Arslan
author_facet Libman, Emiliano
Montecino, Juan Antonio
Razmi, Arslan
author_sort Libman, Emiliano
title Sustained investment surges
title_short Sustained investment surges
title_full Sustained investment surges
title_fullStr Sustained investment surges
title_full_unstemmed Sustained investment surges
title_sort sustained investment surges
publisher Oxford University Press
publishDate 2019
url http://repositorio.cedes.org/handle/123456789/4491
https://doi.org/10.1093/oep/gpy071
work_keys_str_mv AT libmanemiliano sustainedinvestmentsurges
AT montecinojuanantonio sustainedinvestmentsurges
AT razmiarslan sustainedinvestmentsurges
bdutipo_str Repositorios
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