Addressing direct crowding in/out by deriving and estimating an euler equation for investment
| dc.contributor.author | Syrogiannouli, Lamprini | en |
| dc.date.accessioned | 2020-05-27T09:41:30Z | |
| dc.date.available | 2020-05-27T09:41:30Z | |
| dc.identifier.uri | https://olympias.lib.uoi.gr/jspui/handle/123456789/29882 | |
| dc.identifier.uri | http://dx.doi.org/10.26268/heal.uoi.9778 | |
| dc.rights | Attribution-NonCommercial-NoDerivs 3.0 United States | * |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/us/ | * |
| dc.subject | Investment | en |
| dc.subject | Public investment | en |
| dc.subject | Private investment | en |
| dc.subject | Crowding-in effect | en |
| dc.subject | Crowding-out effect | en |
| dc.subject | Επένδυση | el |
| dc.subject | Δημόσια επένδυση | el |
| dc.subject | Ιδιωτική επένδυση | el |
| dc.subject | Αποτέλεσμα εκτοπίσεως | el |
| dc.subject | Αποτέλεσμα προωθήσεως | el |
| dc.title | Addressing direct crowding in/out by deriving and estimating an euler equation for investment | en |
| dc.title | Εξετάζοντας το φαινόμενο προωθήσεως ή εκτοπίσεως εξάγωντας και εκτιμώντας μίας εξίσωσης Euler για επένδυση | el |
| heal.abstract | I solve a discrete-time dynamic problem of profit maximization of the representative firm witha power-series adjustment cost function. I focus on the effect of government investment and ofseveral quality-of-institutions variables, such as control of corruption, political stability, andgovernment effectiveness, on private investment. To address this issue, I derive and estimatean Euler equation for investment (EEI) by Dynamic Programming as well as by Calculus-ofVariations. I estimate the EEI using the method of Generalized Methods of Moments (GMM)and annual aggregate data from a panel of 27 OECD countries over the period 1995-2015, aswell as from an expanded panel of 32 countries, to check the robustness of the estimates tosubstantial changes in the sample. My main findings are as follows: First, a crowding-in effectexists, i.e., government investment encourages private investment. Second, the conventional(quadratic) adjustment-cost function is too restrictive, whereas the power-series adjustmentcost function performs better. Third, according to the literature, previous specifications of theEEI fail empirically, whereas the one used here fares better. | en |
| heal.academicPublisher | Πανεπιστήμιο Ιωαννίνων. Σχολή Οικονομικών και Διοικητικών Επιστημών. Τμήμα Οικονομικών Επιστημών | el |
| heal.academicPublisherID | uoi | |
| heal.access | free | |
| heal.advisorName | Χατζηνικολάου, Δημήτριος | el |
| heal.bibliographicCitation | Βιβλιογραφία: σ. 63-71 | el |
| heal.classification | Investment | |
| heal.committeeMemberName | Χατζηνικολάου, Δημήτριος | el |
| heal.committeeMemberName | Κατρακυλίδης, Κωνσταντίνος | el |
| heal.committeeMemberName | Νούλας, Αθανάσιος | el |
| heal.committeeMemberName | Παπαπανάγος, Χαράλαμπος | el |
| heal.committeeMemberName | Σιδηρόπουλος, Μωϋσής | el |
| heal.committeeMemberName | Σίμος, Θεόδωρος | el |
| heal.committeeMemberName | Φουντάς, Στυλιανός | el |
| heal.dateAvailable | 2020-05-27T09:42:30Z | |
| heal.fullTextAvailability | true | |
| heal.language | en | |
| heal.numberOfPages | xiii, 75 σ. | |
| heal.publicationDate | 2019 | |
| heal.recordProvider | Πανεπιστήμιο Ιωαννίνων. Σχολή Οικονομικών και Διοικητικών Επιστημών. Τμήμα Οικονομικών Επιστημών | el |
| heal.type | doctoralThesis | |
| heal.type.el | Διδακτορική διατριβή | el |
| heal.type.en | Doctoral thesis | en |
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