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Investment in emerging market economies |
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| Authors: | Tuomas A Peltonen Ricardo M Sousa Isabel S Vansteenkiste |
| Institution: | 1. European Central Bank, Kaiserstra?e 29, 60311, Frankfurt am Main, Germany 2. London School of Economics, Financial Markets Group (FMG), Houghton Street, London, WC2 2AE, UK 3. Department of Economics and Economic Policies Research Unit (NIPE), University of Minho, Campus of Gualtar, 4710-057, Braga, Portugal |
| Abstract: | This article empirically models investment in emerging economies. Using dynamic panel estimation methods and quarterly data for 31 emerging economies for the period 1990:1?C2008:3, we show that (i) the GDP and the cost of capital are the key fundamental determinants of investment; (ii) financial factors (such as equity prices, credit and lending rate) play a relevant role on the dynamics of investment, in particular, for Asian and Latin American countries; (iii) investment growth exhibits substantial persistence and (iv) crises episodes magnify the negative response of investment. |
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