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Investment Expenditure (investment + expenditure)
Selected AbstractsInvestment in Fixed Capital Stock: Testing for the Impact of Sectoral and Systemic Uncertainty*OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 2 2004Johannes Fedderke Abstract This paper applies current theory recognizing the irreversibility of investment, in order to test for the impact of uncertainty on investment expenditure for a middle income country. The contribution of the paper is unique in two respects. First, it employs dynamic heterogeneous panel estimation techniques not previously applied to investment functions. Secondly, it explicitly tests for the impact of both sectoral and systemic uncertainty on investment expenditure. We find that both sectoral (as measured by output volatility) and systemic uncertainty (as measured by political instability) have a negative impact on investment rates in a middle income country context. Liquidity constraints and growth in total factor productivity are found to have no impact on investment, while trade liberalization has the impact predicted by Heckscher-Ohlin trade theory. Finally, we find complementarity effects between physical capital and skilled human capital, suggesting that South African educational policies may have hampered investment in physical capital as well as the growth performance of the economy. Policy implications emphasize the importance of lowering uncertainty for investors, and the need for sound human capital investment. [source] Fiscal Incentives, European Integration and the Location of Foreign Direct InvestmentTHE MANCHESTER SCHOOL, Issue 3 2002Florence Hubert Foreign direct investment in the European Economic Area (EEA) has grown rapidly in recent years. This paper tests for structural change in the geographical and industrial pattern of foreign direct investment in Europe using a panel data set on outward investment by German companies in the EEA since 1980. There is evidence of significant structural change since 1990, with nearly all locations and industries seeing a higher level of cross,border investment than might have been expected. We also investigate the scope for national governments to affect location choice through the use of fiscal instruments such as corporation taxes, investment in infrastructure and other forms of development grants and subsidies. The findings are mixed. Some measures, such as tax competitiveness, appear important but are sensitive to the specification of the model. However, the level of government fixed investment expenditure relative to that in other economies is found to have a significant positive impact, particularly in locations with less need for EU structural funds. Although the direct marginal impact appears relatively small, an additional finding of significant agglomeration forces suggests that fiscal policies could still have a permanent influence on the location of economic activities. [source] Development of an Industrial Multi-Injection Microreactor for Fast and Exothermic Reactions , Part IICHEMICAL ENGINEERING & TECHNOLOGY (CET), Issue 8 2008D. M. Roberge Abstract A Grignard reaction performed in a microreactor is presented. The reaction is of type A (highly exothermic and very rapid) and has a low yield which is attributed to a hot spot formed in the mixing zone of the reactor. The reaction yield could be significantly increased by applying the multi-injection principle, leading to better thermal control in the microreactor. Nevertheless, the microreactor plays a major role in reducing the magnitude of the hot spot. Knowing this, it was possible to design and construct an industrial microreactor with significant advantages such as modularity, high flow rate operation, and low investment expenditure (pumps and flow controller minimization). [source] Nachhaltige Finanz- und Investitionspolitik der Bundesländer,PERSPEKTIVEN DER WIRTSCHAFTSPOLITIK, Issue S1 2007Wolfgang Kitterer Their portion of the public debt amounts to nearly 40 percent. Econometric tests show that the fiscal policy of the federal states taken collectively is not sustainable. The requirement for fiscal sustainability is fulfilled only by two western Laender, Hesse and North-Rhine Westphalia, and one eastern Land (Saxony). Furthermore, it is shown that the constitutional "golden rule" stipulating that borrowing should not exceed investment expenditures does not ensure the solvency of the states. This holds for theoretical reasons but also because there is a lack of clarity and enforceability. Finally, it is argued that the commitment of subnational governments to sustainable public finances could be strengthened by invigorating state-level tax and expenditure autonomy. [source] | ||||||||||