Volatility and the investment response:
We use the World Bank decomposition of aggregate investment shares into their private and public components to test for the correlation between volatility and investment in a set of developing countries. We uncover a statistically significant negative correlation between various volatility measures...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1996
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
5841 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We use the World Bank decomposition of aggregate investment shares into their private and public components to test for the correlation between volatility and investment in a set of developing countries. We uncover a statistically significant negative correlation between various volatility measures and private investment, even when adding the standard control variables. No such correlation is uncovered when the investment measure is the sum of private and public investment spending. Indeed, public investment spending is positively correlated with some measures of volatility. We also use the new World Bank data to redo the Ramey and Ramey (1995) test for a correlation between investment and the standard deviation of innovations to a forecasting equation for growth. While Ramey and Ramey found no significant correlation using aggregate investment data, we find a negative and highly significant relationship between innovation volatility and private investment in developing countries. These findings suggest that the detrimental impact of volatility on investment may be difficult to detect using aggregate data. |
| Beschreibung: | 16 S. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 5841 | |
| 520 | |a We use the World Bank decomposition of aggregate investment shares into their private and public components to test for the correlation between volatility and investment in a set of developing countries. We uncover a statistically significant negative correlation between various volatility measures and private investment, even when adding the standard control variables. No such correlation is uncovered when the investment measure is the sum of private and public investment spending. Indeed, public investment spending is positively correlated with some measures of volatility. We also use the new World Bank data to redo the Ramey and Ramey (1995) test for a correlation between investment and the standard deviation of innovations to a forecasting equation for growth. While Ramey and Ramey found no significant correlation using aggregate investment data, we find a negative and highly significant relationship between innovation volatility and private investment in developing countries. These findings suggest that the detrimental impact of volatility on investment may be difficult to detect using aggregate data. | ||
| 650 | 4 | |a Entwicklungsländer | |
| 650 | 4 | |a Investments |z Developing countries | |
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| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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| id | DE-604.BV011536137 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:11:25Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007764767 |
| oclc_num | 36120466 |
| open_access_boolean | 1 |
| owner | DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 16 S. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Volatility and the investment response Joshua Aizenman ; Nancy P. Marion Cambridge, Mass. 1996 16 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 5841 We use the World Bank decomposition of aggregate investment shares into their private and public components to test for the correlation between volatility and investment in a set of developing countries. We uncover a statistically significant negative correlation between various volatility measures and private investment, even when adding the standard control variables. No such correlation is uncovered when the investment measure is the sum of private and public investment spending. Indeed, public investment spending is positively correlated with some measures of volatility. We also use the new World Bank data to redo the Ramey and Ramey (1995) test for a correlation between investment and the standard deviation of innovations to a forecasting equation for growth. While Ramey and Ramey found no significant correlation using aggregate investment data, we find a negative and highly significant relationship between innovation volatility and private investment in developing countries. These findings suggest that the detrimental impact of volatility on investment may be difficult to detect using aggregate data. Entwicklungsländer Investments Developing countries Technological innovations Developing countries Marion, Nancy Peregrim 1949- Verfasser (DE-588)124080022 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 5841 (DE-604)BV002801238 5841 http://papers.nber.org/papers/w5841.pdf kostenfrei Volltext |
| spellingShingle | Aizenman, Joshua 1949- Marion, Nancy Peregrim 1949- Volatility and the investment response National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Entwicklungsländer Investments Developing countries Technological innovations Developing countries |
| title | Volatility and the investment response |
| title_auth | Volatility and the investment response |
| title_exact_search | Volatility and the investment response |
| title_full | Volatility and the investment response Joshua Aizenman ; Nancy P. Marion |
| title_fullStr | Volatility and the investment response Joshua Aizenman ; Nancy P. Marion |
| title_full_unstemmed | Volatility and the investment response Joshua Aizenman ; Nancy P. Marion |
| title_short | Volatility and the investment response |
| title_sort | volatility and the investment response |
| topic | Entwicklungsländer Investments Developing countries Technological innovations Developing countries |
| topic_facet | Entwicklungsländer Investments Developing countries Technological innovations Developing countries |
| url | http://papers.nber.org/papers/w5841.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT aizenmanjoshua volatilityandtheinvestmentresponse AT marionnancyperegrim volatilityandtheinvestmentresponse |