Investment and Growth in Europe and in the United States in the Nineties

Paola Caselli, Patrizio Pagano () and Fabiano Schivardi
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Paola Caselli: Banca d'Italia, Roma

Rivista di Politica Economica, 2001, vol. 91, issue 8, 3-36

Abstract: The paper analyzes the sharp divergence between capital formation in the leading euro-area countries and the United States in the nineties. We estimate an investment function at the sectoral level and find evidence of a break in the coefficient linking the growth of capital stock to demand in both the euro-area and Anglo-Saxon countries, but of opposite sign: while it declined in the former, it increased in the latter. This result is partly attributable to a rise in demand uncertainty in Europe and to a decrease in the Anglo-Saxon countries in the nineties.

Date: 2001
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Related works:
Working Paper: Investment and Growth in Europe and in the United States in the Nineties (2000)
Working Paper: Investment and Growth in Europe and in the United States in the Nineties (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:91:y:2001:i:8:p:3-36

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