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Public and Private Investment as Catalysts for Growth: An analysis of emerging markets and developing economies with a focus on Asia

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  • Tovar Jalles, João
  • Park, Donghyun
  • Qureshi, Irfan

Abstract

The paper analyzes the growth impact of public and private investment shocks based on a large sample of emerging and developing countries over the period 1980–2021 with a particular focus on the Asian region. We develop new measures of investment shocks based on cyclically adjusted investment data. Estimations using local projections suggest that public investment shocks play a much greater role in boosting economic growth in comparison with private investment shocks. In EMDEs (including in Asia) the growth response to investment shocks is positive and much stronger in recessions (relative to economic expansions) and in countries with more fiscal space. Finally, public investment shocks in EMDE and Asian samples crowd-in private investment and private consumption.

Suggested Citation

  • Tovar Jalles, João & Park, Donghyun & Qureshi, Irfan, 2024. "Public and Private Investment as Catalysts for Growth: An analysis of emerging markets and developing economies with a focus on Asia," Journal of International Money and Finance, Elsevier, vol. 148(C).
    • Handle: RePEc:eee:jimfin:v:148:y:2024:i:c:s0261560624001530
    DOI: 10.1016/j.jimonfin.2024.103166
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    Keywords

    Fiscal multipliers; Public investment; Private investment; Local projections; Nonlinearities; Corruption; Fiscal space;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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