津巴布韦的公共和私人投资与经济增长:一个实证检验

Business and Economic Horizons Pub Date : 2017-01-01 DOI:10.15208/BEH.2017.05

Garikai Makuyana, N. Odhiambo

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引用次数: 10

摘要

本研究考察了1970年至2014年津巴布韦公共和私人投资对经济增长的影响。除了估算经济增长模型外，本文还估算了公共投资对私人投资的拥挤效应。该研究利用了新开发的ardl界检验方法，比传统的协整技术具有更好的小样本特性。结果表明，虽然公共投资对经济增长的短期影响高于私人投资，但从长期来看，私人投资对经济增长的贡献大于公共投资。此外，结果还报告了长期基础设施公共投资和短期总公共投资对私人投资的拥挤效应。此外，研究结果还发现，在长期和短期内，公共总投资和非基础设施公共投资对私人投资存在挤出效应。研究结果表明，在刺激基础设施公共投资增长的同时，将非基础设施公共投资削减到必要的最低水平，可以提高津巴布韦私人投资对经济增长的短期和长期贡献。

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Public and private investment and economic growth in Zimbabwe: An empirical test

This study performs an examination on the impact of public and private investment on economic growth in Zimbabwe from 1970 to 2014. In addition to estimating the economic growth model, the study also estimates the crowding effect of public investment on private investment. The study utilised the newly developed ARDL-bounds testing approach with better small sample properties than the traditional cointegration techniques. The results show that while public investment has higher short-run impact on economic growth than private investment, in the long run, private investment contributed more to economic growth than public investment. In addition, the results reported the crowding-in effect on private investment of infrastructural public investment in the long run and gross public investment in the short run. Furthermore, the results found the crowding-out effect on private investment of gross public investment in the long run and non-infrastructural public investment in the short run. The results suggest that the short-run and long-run contribution to economic growth of private investment in Zimbabwe can be improved by cutting back on non-infrastructural public investment to necessary minimum level while stimulating the growth in infrastructural public investment.

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Business and Economic Horizons ECONOMICS-

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期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.