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Europe > Norway

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions x
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Cover IMF Working Papers
Fixed Capital Adjustment: Is Latin America Different? Evidence from the Colombian and Mexican Manufacturing Sectors
Mr. R. G Gelos
and
Mr. Alberto Isgut
This paper examines capital adjustment patterns using two large and largely novel data sets from the manufacturing sectors of Colombia and Mexico. The findings show that investment patterns in these countries resemble those reported for the United States to a surprising extent. Capital adjustments beyond maintenance investment occur only rarely, but large spikes account for a significant fraction of total investment. Although duration models do not provide strong evidence for the presence of substantial fixed costs, nonparametric adjustment function estimates reveal the presence of irreversibilities in investment. These irreversibilities are important for understanding aggregate investment behavior.
Keywords:
WP; investment rate; investment spike; capital stock; equipment investment; hazard function; Investment; lumpiness; irreversibilities; nonconvexities; manufacturing; panel data; investment episode; Stocks; Logit models; Producer price indexes; Productivity
Cover IMF Working Papers
Economic Determinants of Government Subsidies
Mr. Benedict J. Clements
,
Mr. Hugo Rodríguez
, and
Mr. Gerd Schwartz
The paper studies the economic determinants of government subsidies using panel data for 40 countries over 18 years (from 1975 to 1992) and finds that individual country-specific factors play a sizeable role in determining government subsidies. But it also suggests several characteristics—a small government, a small external current account deficit, and a productive structure geared more toward services and agriculture than manufacturing—may make it easier to keep subsidy expenditures down. The paper also suggests that globalization and the associated increase in openness are not impediments to reducing subsidies. In itself, an IMF-supported adjustment program is found not to be a significant determinant of government subsidy expenditures.
Keywords:
WP; government; subsidy equation; government subsidies; government expenditures; optimization problem; interest expenditures; subsidization policy; subsidy expenditure; non-resident government unit; government subsidy expenditure; government intervention; government subsidization policy; government transfer; government assistance; government interest expenditures; Total expenditures; Logit models