Front Matter Page
European Department
Authorized for distribution by Susan Schadler
Contents
I. Introduction
II. Historical Perspective
III. Panel Data Econometric Analysis of the Potential Determinants of Investment
A. Theoretical Considerations
B. Data
C. Panel Estimation: Fixed Effects
D. Panel Estimation: Arellano-Bond
E. Simulations
IV. Conclusions
Appendices
I. Data Sources and Construction of Variables
II. List of Sectors Included in the Panel Data Analysis
References
Figures
1. RAM-8: Gross Capital Formation, 1995–2004
2. RAM-8: Change in the Investment-to-GDP Ratio, 1995–99
3. EU-15 and Poland: Investment, 1995–2004
4. Public and Private Investment Outlays, 1995–2003
5. Private Sector Output as a Share of Total, 1995–2003
6. Public Investment by Sector, 1995 and 2003
7. Investment by Sector, 1991–2003
8. Index of Real Investment Outlays by Sector, 1991–2003
9. Change in Investment by Sector
10. Incremental Capital-Output Ratio by Sector, 1995–2003
11. Factors Affecting Investment Growth, 1995–2003
12. Factors Affecting Investment Growth, 1995–2005
13. Risk Assessment, 1990–2003
14. Selected Components of the Political Stability Risk Rating, 1990-2004
15. Real Investment Growth: Actual and Fitted Values, Arellano-Bond Estimation, 1993–2004
16. Real Investment Growth: Actual Minus Predicted, 1994–2004
17. Real Investment Growth: Actual and Fitted Values by Sector, 1995–2003
18. Real Investment-to-GDP Ratio: Out-of Sample Simulation, 1991–2010
Tables
1. Panel Estimation Using Fixed Effects with Year Dummies, 1995–2003
2. Panel Estimation Using Fixed Effects, 1995–2003
3. Panel Estimation Using Arellano-Bond, 1995–2003