STRUCTURES INVESTMENT AND ECONOMIC-GROWTH - A LONG-TERM INTERNATIONALCOMPARISON

Citation
M. Ball et al., STRUCTURES INVESTMENT AND ECONOMIC-GROWTH - A LONG-TERM INTERNATIONALCOMPARISON, Urban studies, 33(9), 1996, pp. 1687-1706
Citations number
44
Language
INGLESE
art.tipo
Article
Categorie Soggetti
Environmental Studies","Urban Studies
Journal title
ISSN journal
0042-0980
Volume
33
Issue
9
Year of publication
1996
Pages
1687 - 1706
Database
ISI
SICI code
0042-0980(1996)33:9<1687:SIAE-A>2.0.ZU;2-N
Abstract
Interest has grown again in recent years about the long-term and cycli cal nature of building investment and its effect on the macroeconomy, This paper investigates the nature of building trends and cycles from the 19th century to the present day for eight major OECD economies. Fo cusing predominantly on non-housing structures, the Kalman filter is u sed to decompose the series into trends and cycles, It was found that building cycles exist in all countries, though with considerable varia tion, Comparisons of volatility between countries and between the diff erent types of fixed investment are made, The long-run share of fixed investment in structures as a proportion of national income is investi gated, Consideration is given to whether international building invest ment trends are coincident, and an analysis made of the long-term corr elation between structures investment cycles.