We study the impact of residential and non-residential investment on economic growth using U.S. data. Unlike previous studies
we include the external sector (net exports) in our estimations, and we calculate impulse response analysis using Pesaran
and Shin’s (Economics Letters 58:17–29, 1998) generalized impulse response approach. We find that shocks to residential investment
have a larger impact on GDP than shocks to non-residential investment, which supports the findings of the closed-economy approach
of Coulson and Kim (Real Estate Economics 28:233–247, 2000). However, a closed economy model tends to overstate the importance
of residential investment and understate the relevance of nonresidential investment.
While capital stock as the measure of productive capacity and the wealth of a nation figures prominently in policy analysis, capital stocks data is lacking in many countries because of the cost of data collection and other difficulties. Even in those countries where such data is compiled, the data is not always up to date. In this paper, we estimate and report the time series data for the capital stocks of 69 countries. We then use the capital stocks series to assess the future growth potentials of these countries.We would like to Thank an anonymos referee for many helpful comments on an earlier version of this paper. 相似文献
There are very few economic variables that capture as much public attention as the Composite Index of Leading Indicators (CLI). Designed as an early warning system for signaling recessions and recoveries in business cycles, CLI now has significant influence over the expectations of decision makers and market participants. Since its inception in 1938, the index has undergone many revisions, the last of which took effect in March 1989. In this study we evaluate the new index. A number of filters, including the Bayesian sequential probability recursion and the rule of three consecutive declines in CLI, are used to evaluate the information content of CLI in forecasting the turning points in the economy. We also report the result of our forecasting experiment to gauge the marginal value of the new index to improve forecasts of variables such as the unemployment rate, index of industrial production, GNP, sales, profit, consumption and housing starts. 相似文献
This paper introduces a new line of research in international coastal mass tourism destinations. Such destinations have started to function in a more complex and potentially beneficial way, acting as transitional areas between the global city and local territory while at the same time developing their own unique characteristics. From this perspective, such destinations can potentially become environments for creativity and innovation, two factors that act as economic driving forces in the so-called “knowledge society”, thereby promoting the sustainable development of the destination from a socioeconomic perspective.
The methodology used herein develops 10 indicators that are calculated and mapped out for two case studies which examine the same geographical context and comparable populations in order to demonstrate the creative capacity of a location whose economy is heavily reliant on tourism. The results show that tourist destinations have greater potential for generating creative capital than non-tourist destinations. Therefore, the consolidation of international mass tourism destinations as creative and innovative spaces which are capable of generating creative capital without losing their competitiveness as tourist destinations merits a reconception of their current role in global–local networks. 相似文献
This article examines the connection between economic growth and the capital-to-income ratio in the context of the work done on wealth distribution by Thomas Piketty and Emmanuel Saez. The article employs a simple mathematical formulation to understand the key influences on the capital-to-income ratio, and uses the stage theory of capitalism to conceptualize the long term theoretical relationship between growth and wealth concentration. The article contends (i) that inequality and growth are negatively related, (ii) that high wealth concentration can lead to low growth rates and vice versa, and (iii) that high inequality augments savings and speculation which, together, undermine growth and financial stability. 相似文献
We use a large firm-level panel data set to analyse the relevance of liquidity constraints on firm growth in Italy. In most European countries, mainstream financial institutions are scantly able to provide affordable credit facilities to small firms. Thus, these firms are forced to finance their growth almost exclusively through retained earnings. We estimate a dynamic version of Gibrat-law, incorporating cash flow as a measure of financial constraints, for two different size classes within small and medium size enterprises and for several industries in manufacturing and service sectors. The findings show that, in general, small manufacturing firms have higher growth-cash flow sensitivities with respect to medium firms. Conversely, our results highlight, for the services, a significant heterogeneity in the impact of liquidity constraints on firm growth. In particular, the sensitivity of growth rates to the cash flow appears relatively high for small firms belonging to Knowledge Intensive Business Services. Validation of Gibrat-law in the services suggests that an important group of industries, with a superior capacity of encouraging firm’s competitiveness, need more financial resources to promote their growth and that of the manufacturing sectors with whom they are connected. 相似文献
This study investigates the impact of liquidity crises on the relationship between stock (value and size) premiums and default risk in the US market. It first examines whether financial distress can explain value and size premiums, and then, subsequently, aims to determine whether liquidity crises increase the risk of value and size premium investment strategies. The study employs a time-varying approach and a sample of US stock returns for the period between January 1982 and March 2011, a period which includes the current liquidity crisis, so as to examine the relationship between default risk, liquidity crises and value and size premiums. The findings indicate that the default premium has explanatory power for value and size premiums, which affect firms with different characteristics. We also find that liquidity crises may actually increase the risks related to size and value premium strategies. 相似文献
Our goal is to highlight the relationship between vested interests of the meritocratic elite and the deteriorating situation of the common man. We provide an example of rising income inequality in selected OECD countries over the past thirty years. Income inequality is growing, despite the increase in labor productivity based on technological progress, which we prove by using robust panel regression models. Our findings could be explained by the effect of “extreme meritocracy” that describes a situation in which wages for “the working rich” are growing faster than their productivity, and creating wage stagnation for the middle-class workers. 相似文献
Buffer areas can be created for improving the sustainable management of Protected Areas (PAs). These areas differ in their governance both from the park and from the rest of the territory.In the present study, we used choice experiments for identifying a set of political environmental measures to be applied in the buffer areas of the Trasimeno Regional Park (Region of Umbria). Particularly, we focused our attention on the role played by the farmers in those areas. We used choice experiments in a planning context, highlighting their ability to elicit the preferences of a group of producers and to identify several classes with different orientations, through the Latent Class Approach. We individuated classes of farmers with very different preferences about the possible measures to be applied in the contiguous areas. Our work provides two interesting indications for park management: the interest of some farmers in creating contiguous areas for the Trasimeno Park and the opportunity for policy makers to propose very different measures because farmers’ interests are not uniform. 相似文献