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Public versus Private Investment Multipliers in Emerging Market and Developing Economies: Cross-Country Analysis with a Focus on Asia
This paper introduces new measures of investment shocks based on cyclically adjusted investment data to examine the effect of public and private investment shocks on growth.
The results suggest that public investment shocks play a much greater role in boosting economic growth in comparison with private investment shocks. In emerging market and developing economies, including those in Asia, the growth response to investment shocks is positive and much stronger during recessions compared with economic expansions. Investment shocks also stimulate private investment and private consumption.
The results suggest that public investment shocks play a much greater role in boosting economic growth in comparison with private investment shocks. In emerging market and developing economies, including those in Asia, the growth response to investment shocks is positive and much stronger during recessions compared with economic expansions. Investment shocks also stimulate private investment and private consumption.
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