Public investment as a fiscal stimulus : evidence from Japan's regional spending during the 1990s /

Public investment as a fiscal stimulus : evidence from Japan's regional spending during the 1990s /

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Bibliographic Details
Author / Creator:Bruckner, Markus, author.
Imprint:[Washington, D.C.] : International Monetary Fund, ©2010.
Description:1 online resource (33 pages) : color illustrations
Language:English
Series:IMF working paper ; WP/10/110
IMF working paper ; WP/10/110.
Subject:
Fiscal policy -- Japan -- Econometric models.
Public investments -- Japan -- Econometric models.
Economic policy -- Econometric models.
Fiscal policy -- Econometric models.
Public investments -- Econometric models.
Japan -- Economic policy -- 1989- -- Econometric models.
Japan.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12499185
Hidden Bibliographic Details
Other authors / contributors:Tuladhar, Anita, author.
International Monetary Fund. Fiscal Affairs Department, issuing body.
ISBN:1283554178
9781283554176
9781455288892
1455288896
9781455200696
1455200697
Notes:Includes bibliographical references (pages 30-33).
Print version record.
Summary:How effective was public investment in stimulating the Japanese economy during the economic stagnation of the 1990s? Using a dataset of regional public investment spending, we find that investment multipliers were higher than for public consumption, although they were relatively low and declining over time. The paper also finds that the effectiveness of economic infrastructure investment, implemented mainly by the central government, is lower than that of social investment mostly undertaken by local governments. These results suggest that while public investment may yield higher output effects than other spending, its effectiveness depends upon its composition, the level of government implementation, and supply side factors.
Other form:Print version: Bruckner, Markus. Public investment as a fiscal stimulus. [Washington, D.C.] : International Monetary Fund, 2010
Table of Contents:
  • Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Background; A. Fiscal Stimulus Packages: Size and Composition; 1. Japan: Composition of Stimulus Packages, 1990-2008; 2. Fiscal Balance, Stimulus and Growth, 1990-2000; 3. Public Fixed Capital Formation and Public Consumption, 1990-2006; B. Literature Review; III. Empirical Strategy and Data; IV. Results: Elasticity and Multiplier Estimates; A. Government Investment Elasticities; 1. Government Investment Elasticities; B. Government Investment Multiplier Estimates.
  • 2. Estimates of the Government Investment Multiplier by Type of Investment and Administrative LevelC. The Government Expenditure Multiplier; 3. Estimates of the Local Government Expenditure Multiplier; D. Robustness Analysis; 4. Estimates of the Public Investment Multipliers in the Literature; V. Factors Contributing to the Low Multipliers; A. Testing for Crowding Out Effects; 5. The Effect of Government Investment (Expenditures) on Private Investment, Consumption, and Employment; B. Regional Allocation of Government Investment: Efficiency vs. Equity.
  • 4. Heterogeneity in Government Investment Multipliers Across Prefectures5. Heterogeneity in the Government Investment Multiplier and Total Government Investment; 6. Government Investment and Prefecture-Differences in Per Capita GDP; C. Declining Marginal Productivity of Public Capital; 6. Estimates of the Output Elasticity of Public Capital; 7. Declining Marginal Product of Capital; 7. Evolution of the Government Expenditure Multiplier Over Time; D. Other Factors; VI. Conclusion; I. Fiscal Stimulus Package in Japan since 1990s; 8. Fiscal Stimulus Packages from 1990 to 2008.
  • II. Data Description9. Correlation Matrix; 10. Description of Specific Investment Measures Used; III. Alternative Estimation Strategies; 11. Panel VAR Estimates of the Government Spending Multiplier; 12. Dynamic Panel First-Difference Level Estimates of the Government Spending Multiplier; References; Footnotes.

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