مقاله انگلیسی رایگان در مورد رشد اقتصادی و بازگشت سرمایه گذاری عمومی و خصوصی – اسپرینگر 2018

Introduction

The 2008–2009 economic and financial sovereign debt crisis led to a substantial drop in both GDP and investment levels and growth rates. Moreover, it led to substantial changes in economic policy, namely budgetary policy. Under budgetary duress, the level of government indebtedness is deemed to have a negative impact on public investment in EMU member countries (see, for instance, Turrini 2004, for the cases in the 1980s and in the 1990s). In fact, the abovementioned changes took in several countries the form of reduced expenditure, including public investment, and increased taxation. It is expectable that these changes may well constitute a policy regime change with structural implications on previous estimations regarding the relevance of investment for long-term growth. Additionally, such policy changes, and especially in euro area countries following adjustment programs, notably after the 2008–2009 economic and financial crisis, came with an emphasis on structural reforms that concern public spending levels and structure, and more generally, the way the economy and markets operate. It becomes then important to test if macroeconomic efficiency changes effectively occurred, and in what direction. For instance, Afonso and Jalles (2015) argue that the relevance of fiscal components differs for private and public investment developments. Understanding and measuring linkages between public and private investment and economic growth is of crucial importance in both developed economies and emerging markets. Public investment is a part of public expenditure (typically accounted for in the General Government) and decisions are taken within the larger framework of public finance. At the same time, it constitutes an addition to public capital. The latter, together with private and human capital, labour and other inputs, is in several approaches considered as a production factor. Public investment may therefore be linked to growth prospects. However, and as it is well documented in the literature, as part of public expenditure, it may crowd other types of investment, namely private, so that in some circumstances the net impact of public investment on GDP may be negative (see, for instance, Dreger and Reimers 2016; Cavalcanti et al. 2014; IMF 2014). At the same time, note the importance of public investment in the fiscal surveillance mechanisms of the EU, where n° 3 of Article 126 of the Treaty of the European Union (TEU 2012) reads: