Public Investment in Europe: Evolution and Determinants in perspective*
Public Investment in Europe: Evolution and Determinants in perspective*
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欧洲公共投资：演变和决定因素的视角*
DOI：
10.1111/j.1475-5890.2006.00042.x
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发表时间：
2006
期刊：
影响因子：
7.3
通讯作者：
Timo Välilä
中科院分区：
文献类型：
--
作者：
Aaron N. Mehrotra;Timo Välilä
我们描述了过去三十年来欧洲公共投资和公共资本存量的演变。在此背景下，我们分析了公共投资的宏观经济决定因素，特别关注其长期趋势。我们发现，公共投资已经决定了国民收入，预算政策的立场和财政可持续性的考虑。无论是融资成本还是欧洲货币联盟所体现的财政规则，都没有对公共投资产生系统性影响。非凝聚力国家公共投资演变的显著下降趋势主要是由与欧洲货币联盟无关的长期财政整顿决定的。财政研究所版权，2006年。
We describe the evolution of public investment and public capital stocks in Europe over the past three decades. Against this background, we analyse 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 in non-cohesion countries is chiefly determined by drawn-out episodes of fiscal consolidation, unrelated to EMU. Copyright Institute for Fiscal Studies, 2006.