Has Economic Growth Been Led by Investment or Export? : Examination of Japanese, U.S., and U.K. Evidence
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概要
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This paper sets up four-variable VAR systems with error-correction mechanisms to search for causal directions between output growth and investment and between growth and exports for two periods, prewar and postwar, and for three countries, Japan, the U.S.A., and the U.K. The main (but tentative) findings are that : 1) In Japan, economic growth was spurred by both investment and exports (particularly the former), but the accelerator-type causality (from growth to investment) was not so strong. 2) In the U.S.A., output growth was relatively independent of investment and exports but, in the postwar period, the multiplier-accelerator interactive process was seen to take place. 3) In the U.K., the multiplier-accelerator interactions were seen in both periods. Also, the effect of exports on growth was stronger in the prewar period than in the other.
- 千葉大学の論文
- 2006-09-27
著者
関連論文
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- Has Economic Growth Been Led by Investment or Export? : Examination of Japanese, U.S., and U.K. Evidence