An Empirical Study of Sectoral-Level Investments in New Zealand

Weshah Razzak

Journal of Reviews on Global Economics, 2014, vol. 3, 140-155

Abstract: We extend the Glick and Rogoff (1995) aggregate time-series, empirical, intertemporal model of countryinvestment to a sectoral-level, and estimate it for New Zealand. We fit the model to panel data of eleven industries from 1988-2009. The sectoral-level investment growth is a function of lagged investment level, sector-specific total factor productivity shocks (TFP), country-specific TFP shocks, and global TFP shocks. The estimates seem robust to government spending shocks and Terms of Trade shocks.

Keywords: Investments; total factor productivity; panel data (search for similar items in EconPapers)
JEL-codes: C2 C33 E2 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:lif:jrgelg:v:3:y:2014:p:140-155

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