Fixed Capital Adjustment : Is Latin America Different? Evidence from the Colombian and Mexican Manufacturing Sectors /

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 b...

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Xehetasun bibliografikoak
Egile nagusia: Gelos, R.
Beste egile batzuk: Isgut, Alberto
Formatua: Aldizkaria
Hizkuntza:English
Argitaratua: Washington, D.C. : International Monetary Fund, 1999.
Saila:IMF Working Papers; Working Paper ; No. 1999/059
Sarrera elektronikoa:Full text available on IMF
Deskribapena
Gaia: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.
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Deskribapen fisikoa:1 online resource (35 pages)
Formatua:Mode of access: Internet
ISSN:1018-5941
Sartu:Electronic access restricted to authorized BRAC University faculty, staff and students