Manufacturing investment and taxation in the Nordic countries

Martin Dufwenberg, Heikki Koskenkylä and Jan Södersten

No 8/1994, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: This paper analyzes the accumulation of fixed productive capital in the manufacturing industries in Denmark, Finland, Norway, and Sweden over the years 1965-1990.Particular attention is given to the effect of taxes on this process.The following conclusions appear fairly robust across countries: Cointegrating long-run relationships can be found within the framework of the neo-classical model.The error-correction estimations indicate that investment is relatively sensitive to economic shocks.Taxes seem not to have had significant effects on long-run capital levels nor on the timing of investment behavior.

Date: 1994
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