WHEN DOES GOVERNMENT DEBT CROWD OUT INVESTMENT?

被引：60

作者：

Traum, Nora ^{[1
]}

Yang, Shu-Chun S. ^{[2
]}

机构：

[1] N Carolina State Univ, Dept Econ, Raleigh, NC 27695 USA

[2] Int Monetary Fund, Res Dept, Washington, DC 20431 USA

来源：

JOURNAL OF APPLIED ECONOMETRICS | 2015年 / 30卷 / 01期

关键词：

FISCAL-POLICY; MONETARY; MODEL; CONSUMPTION; MANAGEMENT;

D O I：

10.1002/jae.2356

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine when government debt crowds out investment for the US economy using an estimated New Keynesian model with detailed fiscal specifications and accounting for monetary and fiscal policy interactions. Whether investment is crowded in or out in the short term depends on policy shocks triggering debt expansions: higher debt can crowd in investment for cutting capital tax rates or increasing government investment. Contrary to the conventional view, no systematic relationships between real interest rates and investment exist, explaining why reduced-form regressions are inconclusive about crowding out. At longer horizons, distortionary financing is important for the negative investment response to debt. Copyright (c) 2013 John Wiley & Sons, Ltd.

引用

页码：24 / 45

页数：22

共 50 条

[21] Foreign Direct Investment in Selected Countries of Balkan and in the Visegrad Group Countries: Does it Crowd out or Crowd in Domestic Investment?
Gallova, Zuzana
PROCEEDINGS OF THE 13TH INTERNATIONAL CONFERENCE ON FINANCE AND BANKING, 2012, : 90 - 97
[22] Charity and public libraries: Does government funding crowd out donations?
Amir Borges Ferreira Neto
Journal of Cultural Economics, 2018, 42 : 525 - 542
[23] When Do State-Owned Firms Crowd Out Private Investment?
Buehler S.
Wey S.
Journal of Industry, Competition and Trade, 2014, 14 (3) : 319 - 330
[24] Does FDI Crowd-In or Crowd-Out Domestic Investment? Evidence from African Economies
Seetanah, Boopen
Matadeen, Jevita
Fauzel, Shareen
Kheshansing, Gopal
EDAMBA 2018: INTERNATIONAL SCIENTIFIC CONFERENCE FOR DOCTORAL STUDENTS AND POST-DOCTORAL SCHOLARS: CAPACITY AND RESOURCES FOR SUSTAINABLE DEVELOPMENT: THE ROLE OF ECONOMICS, BUSINESS, MANAGEMENT AND RELATED DISCIPLINES, 2018, : 429 - 437
[25] Government fiscal spending and crowd-out of private investment: An empirical evidence for India
Shankar, Shiv
Trivedi, Pushpa
ECONOMIC JOURNAL OF EMERGING MARKETS, 2021, 13 (01) : 92 - 108
[26] DOES FISCAL DEFICIT CROWD OUT PRIVATE CORPORATE SECTOR INVESTMENT IN INDIA?
Mohanty, Ranjan Kumar
SINGAPORE ECONOMIC REVIEW, 2019, 64 (05): : 1201 - 1224
[27] Does outward foreign direct investment crowd in or crowd out domestic investment in central, east and southeast europe countries? an asymmetric approach
Safet Kurtović
Nehat Maxhuni
Blerim Halili
Bujar Krasniqi
Economic Change and Restructuring, 2022, 55 : 1419 - 1444
[28] Does outward foreign direct investment crowd in or crowd out domestic investment in central, east and southeast europe countries? an asymmetric approach
Kurtovic, Safet
Maxhuni, Nehat
Halili, Blerim
Krasniqi, Bujar
ECONOMIC CHANGE AND RESTRUCTURING, 2022, 55 (03) : 1419 - 1444
[29] MONEY, GOVERNMENT DEBT, Q, AND INVESTMENT
MCMILLIN, WD
JOURNAL OF MACROECONOMICS, 1985, 7 (01) : 19 - 37
[30] Does Chinese Public Investment Crowd out Private Investment? Empirical Evidence from 1981 to 2009
Cheng Xinzhang
Wang Yanjun
PROCEEDINGS OF THE 5TH CONFERENCE ON CHINA'S ECONOMIC OPERATION RISK MANAGEMENT, 2011, : 37 - 42

← 1 2 3 4 5 →