FINANCIAL RESTRAINTS AND PRIVATE INVESTMENT: EVIDENCE FROM A NONSTATIONARY PANEL
FINANCIAL RESTRAINTS AND PRIVATE INVESTMENT: EVIDENCE FROM A NONSTATIONARY PANEL
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金融限制和私人投资：来自非固定小组的证据
DOI：
10.1111/j.1465-7295.2011.00424.x
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发表时间：
2012
期刊：
影响因子：
1.8
通讯作者：
COSTANTINI M
中科院分区：
文献类型：
--
作者：
COSTANTINI M
我们采用最近开发的面板数据方法，利用 1972-2000 年的年度数据来估算 20 个发展中国家在金融限制下的私人投资模型。我们表明，结果的定性性质取决于我们是否考虑跨国影响。当我们考虑到横截面依赖性时，投资对世界资本市场状况和汇率不确定性表现出更高的敏感性。或许更令人惊讶的结果是，那些设法抑制国内实际利率而不产生高通胀的国家享有比自由化条件下更高水平的私人投资。 （JELO16、G18、G28）
We employ recently developed panel data methods to estimate a model of private investment under financial restraints for 20 developing countries using annual data for 1972–2000. We show that the qualitative nature of the results varies depending on whether we take into account cross‐country effects. When we allow for cross‐sectional dependence, investment displays more sensitivity to world capital market conditions and exchange rate uncertainty. A perhaps even more surprising result is the finding that countries that managed to suppress domestic real interest rates without generating high inflation enjoyed higher levels of private investment than those that would have been obtained under liberalized conditions. (JELO16, G18, G28)