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dc.contributor.author
Libman, Emiliano
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dc.contributor.author
Montecino, Juan Antonio
dc.contributor.author
Razmi, Arslan
dc.date.available
2020-10-30T17:51:24Z
dc.date.issued
2019-01
dc.identifier.citation
Libman, Emiliano; Montecino, Juan Antonio; Razmi, Arslan; Sustained investment surges; Oxford University Press; Oxford Economic Papers; 71; 4; 1-2019; 1071-1095
dc.identifier.issn
0030-7653
dc.identifier.uri
http://hdl.handle.net/11336/117269
dc.description.abstract
Existing empirical studies have mainly focused on determinants of average investment levels. Instead, we investigate episodes of accelerated capital stock growth having a duration of eight years or longer. We find that episodes are relatively common, even in low-growth regions, but more so in middle-income and Asian countries. After identifying 175 episodes between 1950 and 2014, we employ probit analysis to explore their characteristics. Turning points in investment tend to be preceded by macroeconomic stability, real exchange rate undervaluation, and net capital outflows (especially portfolio outflows). We also find a negative correlation with the capital to output ratio and per capita GDP, and a positive correlation with a human capital index. Investment surges tend to be associated with changes in the trade balance and, to a (statistically) weaker extent, with structural change.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Oxford University Press
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dc.rights
info:eu-repo/semantics/restrictedAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
INVESTMENT
dc.subject
CAPACITY
dc.subject
CAPITAL
dc.subject
OPEN ECONOMY MACROECONOMIC MODELS
dc.subject.classification
Economía, Econometría
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dc.subject.classification
Economía y Negocios
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dc.subject.classification
CIENCIAS SOCIALES
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dc.title
Sustained investment surges
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2020-10-29T20:04:00Z
dc.journal.volume
71
dc.journal.number
4
dc.journal.pagination
1071-1095
dc.journal.pais
Reino Unido
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dc.journal.ciudad
Oxford
dc.description.fil
Fil: Libman, Emiliano. Universidad Nacional de San Martín; Argentina. Centro de Estudios de Estado y Sociedad; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
dc.description.fil
Fil: Montecino, Juan Antonio. Columbia University; Estados Unidos
dc.description.fil
Fil: Razmi, Arslan. University of Massachussets; Estados Unidos
dc.journal.title
Oxford Economic Papers
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dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://academic.oup.com/oep/advance-article/doi/10.1093/oep/gpy071/5281216
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1093/oep/gpy071
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