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Capital expenditures of U.S. public firms, relative to total assets, decrease by more than a half from 1980 to 2012. The decline is pervasive across industries and firms of different characteristics. The decline is not explained by time variation in industry composition in the economy, firms’ changing investment opportunities or financial conditions, corporate lifecycle, or public listing cohorts. It is related to the widespread transformation of production technology – firms rely more on intangible capital instead of fixed assets in production over the past three decades. As a result, the sensitivity of capital expenditure to investment opportunities decreases. Our examination of the international data suggests that economic globalization also facilitates the transformation of production technology. Our findings reflect a shift in the relative importance of physical and intangible capital in firm production and have important implications for how we think about and measure corporate investment.

This paper applies panel data techniques to Austrian non-financial listed companies for investigating the managerial discretion hypothesis and asymmetric information. We ana- lyse full population of non-financial companies listed on the Vienna Stock Exchange from 2007- 2020. Equipment investment is susceptible to cash flows, providing evidence that over-investment leads to returns on investment lower than cost of capital. CFi,t-1/Ki,t-1 has a strongly positive effect in family-owned companies’ constraints. Cash constraints pre- vent firms from attaining optimal investment level. CFi,t-1/Ki,t-1 positively affects invest- ment providing strong evidence that state-owned companies’ managers exercise discre- tion while investing cash flows in sub-optimal projects. The effect of voting rights (VR) of ultimate shareholders on performance is an inverted U-curve with turning point at 49.8% VR concentration. Beyond this point downward slope provides strong evidence of en- trenchment hypothesis, with negative entrenchment effect dominating the incentive ef- fect. Ultimate shareholders’ expropriation is detrimental for minority shareholders. Large shareholders’ detrimental behaviour slows down growth of financial markets.

Inequality in the distribution of income of the population has a certain impact on different aspects of the economic and socio-cultural development of countries and regions. This inequality arises due to a number of factors as the current nature of the production specialization, the availability of production and economic infrastructure, the achieved level of development of the social sphere, socio-cultural, demographic, and other factors. The main objective of this study is to assess the nature and extent of the impact of income inequality in the Russian regions for the subsequent justification of the directions of socio-economic development. We conducted an econometric analysis of the impact of intraregional income inequality (the Gini coefficient), fixed capital investment per capita, and average per capita consumer spending on one of the main indicators of regional economic growth (GRP) per capita was carried out. The model is based on panel data for the period 2012-2018 for 85 regions of the Russian Federation. The results of the study confirm two of three hypotheses. As prospects for further research, it is proposed to consider the impact of inequality in the distribution of household income on economic growth for different groups of regions, including resource-type regions and regions with a predominance of manufacturing industries, as well as for leading regions and regions with a relatively low level of socio-economic development.

This paper develops and estimates a model of firm-level fixed capital investment when firms face borrowing constraints.

Foreign direct investment in a globalized and information technology driven environment, as we have today in the 21st century, acted as a driver of growth. This paper provides further evidences on macroeconomic management of FDI in emergent economies especially in Africa. The paper empirically measures the effects of fiscal prudence and financial development on foreign direct investment inflow in Nigeria. It tested the importance of household consumption, domestic credit to the private sector, fixed capital formation, domestic savings, external debt, foreign reserve and financial development for the purpose of ensuring FDI inflow in Nigeria. It findings show that domestic credit to private sector, fixed capital formation, foreign reserve and financial development are statistically significant in the case of Nigeria. The econometric methodologies followed for the study are log-linear regressions and ARDL bound testing. Data was sourced from National Bureau of statistics and World Bank’s World Development Index for the period ranging from 1985 to 2018.

This paper examines how wage payments and fixed asset investments are determined, and their interrelationship, under China’s imperfect financial and labor markets. We collect aggregate data on wages, the financial market, and fixed asset investments from several statistical yearbooks. The main results are: (1) although greater financial market maturity has led to rising wage levels for state-owned enterprises, this phenomenon is not observed in the nonstate sector; (2) in the private sector, there is a strong reliance on internal reserves that is not observed in the state-owned sector, suggesting that the private sector is treated differently in the financial market; and (3) in the state-owned sector, wage growth has a positive correlation with fixed assets, whereas in the nonstate-owned sector this relationship is not observed. This implies that in the nonstate-owned sector, the underpayment of wages may be used as a survival strategy to conduct business under financial constraints.

The measurement indicator system of carbon lock-in was constructed from four dimensions: fixed investment, technique, institution and social behavior; and the projection pursuit evaluation model ba...

This study evaluates the impact of the anti-corruption campaign launched by President Xi since 2013 on coal mine mortality in China. Combining several unique provincial-level datasets on coal mines from 2004 to 2017, we find evidence that provinces with stronger exposure to the anti-corruption campaign have experienced a significantly larger decrease in coalmine death rates. This effect survives a vast array of robustness checks and also displays great heterogeneity. Further evidence suggests the campaign has led to fewer safety violations, more fixed investments and a decrease in profits accompanied by an increase in the costs of principal business in the coal mining industry. The above findings are most consistent with the interpretation that the campaign has made coal mining firms less likely to shirk on safety by curbing collusion between coal mines and local officials. We also rule out other channels such as intensified inspection and the change of employment composition in the industry.

En este trabajo relato la trayectoria empresarial de un emprendedor español en Sudamé­rica durante toda la década de 1880. Los proyectos de Emilio Reus desvelan la presencia de inversores españoles en América Latina durante la primera globalización, la importancia del capital social en el triunfo en los negocios de los españoles en ese continente y el enorme cos­te, en términos de pérdida de emprendedores, que supuso el exilio republicano español a Amé­rica en el siglo xix. Esas son las tesis que sostengo. Adicionalmente, en el texto se detallan in­versiones financieras y en capital fijo social en Argentina, Uruguay y Bolivia que ilustran su esplendor económico antes del crash de 1890.

Subject. This article considers investment in fixed assets as an economic growth factor. Objectives. The article aims to identify trends in the field of investment in fixed assets in the Perm Krai, Volga Federal District, and the Russian Federation. Methods. For the study, we used the methods of analysis, synthesis, comparison, and generalization. Results. The article presents the changes in and patterns of fixed investment for 2015–2019, and it assesses the level of fixed investment in the Russian Federation, Volga Federal District, and the Perm Krai. Relevance. The results of the study can be used to improve the effectiveness of management decisions on fixed capital investment.

This paper provides a vector autoregression model with an additional regularization problem similar to the Hodrick–Prescott filter problem to model a single, i.e., balanced, growth rate of the structural component of the main macroeconomic indicators of the Russian economy. This model includes the real GDP without government expenditure, the real household consumption, real fixed capital investment, the real exports, the real imports, and the real effective ruble exchange rate. Oil prices are exogenously included in the model. It is assumed that the GDP without government expenditure and its components have a balanced potential growth rate. The actual discrepancies in the time series are explained by the different long-term oil price multipliers and by the stochastic shocks. Based on the proposed model, we calculate the impacts of the oil price shocks and the structural component on the GDP without government expenditure and its components.

As micro e pequenas empresas brasileiras são marcadas por uma desigualdade no que se refere ao acesso de crédito e financiamento, se comparadas às empresas de maior porte. Dessa forma, surge a necessidade de investigar o cenário das micro e pequenas empresas mediante o contexto da liberação de crédito. Diante disso, a pesquisa objetiva averiguar as liberações de crédito para as micro e pequenas empresas por porte e se há associação estatística e significativa em tais liberações. A amostra foi composta de 269 empresas. Foi utilizado o teste qui-quadrado para verificar as associações entre o porte e os tipos de liberação de crédito. Diante disso, foram elaborados quatro hipóteses para testar as associações descritas no trabalho. Os resultados sugerem que não há associação significativa entre o porte da empresa e o tipo de recurso utilizado para financiar o investimento fixo no que tange o alongamento de prazos com fornecedores. A pesquisa evidencia que há uma associação significativa entre o porte e o tipo de financiamento com utilização de empréstimos bancários públicos. Por fim, há uma associação entre o porte empresarial e o tipo de liberação de crédito para pessoa jurídica voltados para MEs e EPPs, os MEIs são voltados para a liberação de crédito para pessoa física.

The significant progress observed in the field of artificial economy opens up new possibilities for modeling economic growth. Agent-based models (ABM) allow leaving the concept of a representative agent in the past and linking investment decisions of economic agents at the micro level with long-term macroeconomic growth. Modern ABMs offer new algorithms for modeling expectations, agent interaction, technical progress, pricing, and production planning. Our article analyzes the current state of modeling investment in fixed assets in operating macroeconomic ABMs. The subject of the review is the families of models Eurace, CATS, KS, Jamel, Lagom. The authors also present the investment block of the agent-based multiregional input-output model (ABMIOM) being developed. Comparative analysis demonstrates that modern ABMs, as a rule, implement the principle of stock-flow consistency. Modeling the investment process requires detailing the commodity nomenclature, so that the initially adopted two-sector division into investment and consumer goods is replaced by more detailed structures, which gives rise to the problem of accounting for inter-sectoral relations in production and consumption. The Leontief production function copes with this problem, which is confirmed by its widespread use in ABM. The size of firms' investments is often derived from the need to expand capacity in accordance with the current production plan, so that planning turns out to be myopic, and long-term aspects in ABM are still largely unrealized. Nevertheless, already now ABMs reproduce many phenomena associated with the economic cycle. The developed ABMIOM provides horizontal consistency of cash flows between agents and analysis of results using input-output tables. ABMIOM represents a step forward in reflecting intersectoral and interregional flows. The model reproduces the growth and contraction of the economy as a result of independent investment decisions of individual firms and households, which is reflected in the sectoral and spatial structure of the economy. Further development of ABMIOM is associated with the modeling of savings, intrafirm finance, money market, innovation and technical progress.

The growth in the gross domestic product (GDP) has been below zero within the Southern Africa Development Community (SADC) region in recent years. Some member states have consistently experienced negative growth rates for an extended period which has contributed to low growth for the region on average. The lack of consensus on the findings in literature requires further research work to be done to guide policymakers on the potential sources of growth. This study examines the contribution of trade and investment on growth in the context of SADC. It applies the autoregressive distributed lag (ARDL) model to test relationships in both short and long run using annual data for the period 1994 to 2019. Findings confirm the existence of the trade and investment-led growth hypothesis. There is a short run, long run, and joint causality from both explanatory variables to economic growth. Cointegration between growth, trade, and investment is confirmed. Specifically, an increase in investment spurs growth in both the short and long run. Investment expenditure seems to double the growth potential in the long run. Additionally, the study shows that an increase in trade openness retards growth which is consistent with the Prebisch-Singer hypothesis. Results suggest that policies that focus on the development and improvements in fixed investment, locally, help to drive the growth potential. The improvement of capitalization by manufacturing-oriented firms, as opposed to primary product-oriented firms, is ideal.

This paper reinterprets the mixed evidence of the relationship and the long-run relationships between the general government budget (GGB) and some macroeconomics variables (current account deficit, fixed investment (FI), gross savings (GS), government consumption (GC) and gross domestic product (GDP) and GDP per capita) in Tunisia using the VAR model. The period of the study runs from 1975 until 2018 with a yearly data. We obtain evidence of fluctuations in current account deficit (CAD) as a response to GGB shocks. But during the end of the period, the shocks of the CAD have a negative effect on the GGB and the two deficits are found to be positively linked. Our results suggest that impulse responses of budget deficit did a weak impact on gross saving of Tunisia, but the one savings strategy has a positive effect on this deficit. On the basis of results published in the empirical literature, the general government deficit increase the fixed investment, but the response of the GGB to FI shocks is weak and almost stable. In addition, fiscal deficit shocks have a positive effect on consumption. Any increase in the GGB to an increase in consumption. GDP per capital’s impulse responses to GGB shocks is characterized by such stable and positive effects. The Granger causality test indicates that causation run from GGB shocks to most macroeconomics variables with the exception of the CAD, implying that variation in general government deficit is explained by increasing public spending and also by these five other variables.Keywords: VAR modeling, Budget Deficit, MacroeconomicsJEL Classifications: C22, E21, H62DOI: https://doi.org/10.32479/ijefi.10372

The Strategy for spatial development of the Russian Federation for the period up to 2025, which relies on the identification of effective specialisations, does not allow unambigu ously recognising industrial regions and forming approaches to assess their role in ensuring the national security. The paper focuses on the problem of identification of industrially devel oped regions in the context of spatial, scientific, technological and industrial development of the country. The research builds on a set of methodological approaches to the identification of industry-oriented regions, which enables the author to distinguish between two groups of classi fications: the ones based on the structural approach and the ones using industrial specialisation. The structural approach is one of the most widely applied for classifying regions and identify ing industrial-oriented regions among them. The author proposes a multi-criteria classification method, which also is based on the evaluation of the share of industry and manufacturing in GRP, as well as includes a number of additional classification criteria (GRP per capita, fixed capital investment per capita, the share of manufacturing and extractive industries in industry, etc.). Applying the multi-criteria classification, the author identifies the industrially developed regions of Russia and clarifies their role in ensuring the national security. The researcher as sesses the potential for new industrialisation in industrially developed regions on the basis of the high-tech and knowledge-intensive industries in GRP and the volume of domestic research and development expenditures. The theoretical and practical significance of the research lies in justification of the need for optimal choice of priorities for industrial development in the spatial context.

China's economy has been slowing down over the past decade since 2007, with real investment posting obviously sluggish growth, in contrast to a rising trend of financialization in non-financial firms. Using firm-level panel data, this paper examines the impacts of firms' financialization on real investment in China with an extended portfolio choice model. Empirical results show that firms' financialization has an economically and statistically significant reducing effect on their real investment. Unlike the existing literature, however, we find that the return gap between real and financial investments plays a limited role in affecting real investment.

Oil palm waste has been widely used in activated carbon (AC) by applying various activation methods and degrees of processing. The aim of this paper was to conduct technoeconomic assessment for pilot‐scale oil palm based AC (OPbAC) production to evaluate cost of these methods using different activation and post‐activation surface modification processes. Based on the assumptions in earlier publications, the pilot‐scale evaluation was estimated by summation of fixed capital investment with total annual operating costs according to the percentages of total equipment cost reported in the literature. The proposed investment in constructing and operating three different types of AC manufacturing facility is investigated by the net present value (NPV) method. The evaluation revealed that the physical activation process required lower fixed capital investment ($2.12 million) and annual operating cost ($1.53 million) compared to chemical and physiochemical processes with respective total fixed capital investment ($6.32 million) and total annual operating cost ($2.57 million). The NPV results reported that positive NPVs are evaluated for all three manufacturing facilities and the proposed investments associated with these facilities are acceptable. The highest production cost related to chemical activation with ZnCl2 in the presence or absence of an oxidizing gas was estimated to be $3.24 per kg AC, whereas the lowest production cost of $2.72 per kg AC was found for steam activation that required no additional purchase of commodity chemicals. On the other hand, a modification by impregnation using magnesium oxide estimates the highest additional modified AC product cost at $8.60 per kg AC given its high purchased chemical price. These findings are beneficial in providing preliminary insights in terms of economic aspects for OPbAC production. © 2020 Society of Chemical Industry and John Wiley & Sons, Ltd.

This paper establishes a two-echelon supply chain consisting of one manufacturer and one retailer. We consider the retailer buys a product from the manufacturer and sells it to consumers through a store channel and an online channel. The retailer needs to bear a fixed investment cost to running its store/online channel. We discuss the impact of the fixed investment cost, the operating cost for the product, and substitutive factor between the two channels on the optimal strategy for the retailer using complex network theory. The result shows that the ratio of net surplus and the ratio of the operating cost between the two channels play a significant role in the retailer’s optimal decisions. Moreover, finance constraint and the fixed investment cost are also two vital factors for the retailer to channel selection strategy. Numerical experiment shows the effectiveness of the conclusion, and some meaningful insights are generated.

China's 2004 value‐added tax (VAT) pilot reform in the Northeast region, which changed the VAT from production type to consumption type, introduced a sizable tax credit for fixed investment in manufacturing industries, leading to more investment and higher productivity at firm level. This paper, however, uses difference‐in‐difference estimation and finds a negative structural effect; that is, the VAT pilot reform leads to a reduction in the export sophistication of Northeast cities relative to other cities in China, and the results hold for a battery of robustness checks. It is found that resources are reallocated towards less‐sophisticated industries. As the products with higher export sophistication are more skill and research and development (R&D) intensive, the shortfalls of skilled labor and R&D spending hinder the upgrading process. With a new round of revitalization plans in the Northeast, policymakers should be cautious with similar structural effects and focus on increasing skilled labor supply and R&D investment.

The main purpose of this study is to investigate the effect of military expenditures on economic growth via technology or positive externalities. This study examines the extent and interaction level of military expenditures with the main components of long-term economic growth, capital accumulation and technological progress. We run a panel data of 33 OECD countries and used System GMM to estimate the Augmented Solow and Feder Ram models. The study finds that the effect of the military expenditures on growth is negative and its lagged value is positive. The positive effect of the lagged value of the military expenditure brings to mind the functional spillover effect of technological advance. The estimation of Feder-RAM based model reveals that military expenditure has positive contribution to growth, although negative sign of the changing in military expediture GDP share suggests that civil sector driven growth should be dominant in economy. However, both models conclude that the impact of military spending on growth is small, but not insignificant. We conclude that the share of the millitary fixed capital investment and military R&D expenditures must be higher in order to increase the contribution of military expenditure to growth. Our study also proposes that supporting small arms producing sector via civil demand may also increase the positive effect of technology., Çalışmanın temel amacı, askeri harcamaların; teknoloji veya pozitif dışsallıklar üzerinden büyümeyi uyarıcı etkisinin araştırılmasıdır. Uygulamalı literatürde yaygın bir şekilde işlenmiş olan bu çalışma, uzun dönemli iktisadi büyümenin asıl bileşenleri olan sermaye birikimi ve teknolojik gelişmenin; transfer niteliğindeki askeri harcamalar değişkeni ile ne ölçüde ve nasıl etkileşim içinde olduğu konusunu incelemektedir. Burada, 33 OECD ülkesinin gözlem değerlerinden hareketle Genişletilmiş Solow Modeli ve Feder-RAM temelli modeller üzerinden; Sistem GMM yöntemiyle tahmin edilmiş model katsayıları yorumlanmıştır. Çalışmanın bulguları açısından, askeri harcamalar değişkeninin büyümeye etkisi Genişletilmiş Solow Modelinde negatif, aynı değişkenin gecikmeli değeri nise pozitif etkiye shiptir. Gecikmeli değerin pozitif etkisi akla teknolojik gelişmenin işlevsel yayılma etkisini getirmektetir. Feder-RAM temelli modelin tahmini sonucunda, askeri harcamalar değişkeninin büyümeye pozitif katkı yaptığı gözlemlenmiş olmakla birlikte çıktı içindeki payının değişim oranının negatif etki göstermesi, sivil sektör kaynaklı büyümenin baskın olması gerektiği hususunu düşündürmektedir. Bununla birlikte, her iki model de askeri harcamaların büyümeye etkisi kısmen önemlidir. Çünkü modelin tahmincisi katsayılar oldukça küçüktür. Ancak, devletlerin bekası gereği yapılması zorunlu olan bir harcama olan askeri mal ve hizmet üretiminin büyümeye katkısının artırılması için teknoloji ve bilgi artışını sağlayan sabit sermaye yatırımları ve ar-ge harcamalarının verimliğini artıracak politikalar geliştirimesi önemli olup karar alıcılar aaçısından da önensenmelidir. Bu çalışmada, hafif silah üreten firmaların sivil talep yönlü desteklenmesinin teknoloji dışşalığını artıracağı beklentisi ek bir öneri kapsamında sunulmaktadır.

The aim of this research was to evaluate the technoeconomic prospect of hydrochar production through co-hydrothermal carbonization of coal waste (CW) and food waste (FW). A process flow diagram was developed that considered seven reactors, six pumps, and other necessary equipment for producing 49,192 kg/h hydrochar. Three different cases were considered for the economic analysis. Case II considered both CW and FW transportation cost while cases I and III considered only FW and only CW transportation, respectively. The economic analysis revealed the break-even costs to be $62.24 per ton for case I, $69.90 per ton for case II, and $60.26 per ton for case III. The fixed capital investment (FCI) was $11.4M for all the cases while total capital investment (TCI), working capital (WC), and manufacturing costs were higher for case II compared to cases I and III. A sensitivity analysis examined the effect of nine different variables on the break-even cost. The raw materials’ cost as well as their transportation costs significantly affected the corresponding break-even cost. Additionally, increasing the hydrochar production capacity has drastically decreased the break-even cost. However, the analysis also revealed that excessive increase of production capacity can have negative impact on the process economics.

To tackle the severe pollution caused by electronic waste (e‐waste), several developing countries have introduced e‐waste legislation based on Extended Producer Responsibility (EPR). A major challenge to implement EPR in developing countries is the lack of formal recycling infrastructure. In this paper, we study if a collective form of EPR implementation where producers may jointly invest in recycling facilities can promote their incentives to do so. We develop a Nash bargaining model that captures the decision dynamics underlying joint recycling facility investment. We show that despite its advantage in reducing producers’ fixed investment costs, joint investment in the collective system may lead to a worse recycling infrastructure development outcome than independent investment in an individual system. This can particularly happen when the collective system involves products whose recycling costs are highly differentiated. We further show that cost sharing based on the principle of Individual Producer Responsibility (IPR) may undermine the recycling infrastructure development outcome in the collective system compared to simple proportional cost sharing rules. In practice, it is generally believed that IPR leads to better design incentives than proportional cost sharing rules. Accordingly, our result indicates that there exists a tradeoff between these two cost sharing rules, and promoting recycling infrastructure development via collective systems may come at the expense of design incentives and vice versa.

Literature on whether government spending crowds out or crowds in the private sector is large, but still without an unambiguous conclusion. Using firm-level data from Ukraine, this paper provides a granular empirical investigation to disentangle the impact of state-owned enterprises (SOEs) on private firm investment in Ukraine—a large transition economy. Controlling for firm characteristics and systematic differences across sectors, the results indicate that the SOE concentration in a given sector has a statistically significant negative effect on private fixed capital formation, and that the impact of SOEs is stronger in those industries in which SOEs have a more dominant presence. These findings imply that private firms operating in sectors with a high level of SOE concentration invest systematically less than businesses that are not competing directly with SOEs.

This paper derives firms’ desired rate of utilization from an explicit maximization of a conjectured rate of profit at the micro level. Invoking a strategic complementarity, desired utilization is thus an increasing function of not only the profit share but also the actual utilization. Drawing on recent empirical material and a straightforward functional specification, the model is subsequently numerically calibrated. In particular, this ensures a unique solution for a steady-state position in which the actual and the endogenous desired rates of utilization coincide. On the other hand, it turns out that the anticipated losses of firms by not producing at the desired level are rather small. Hence there may be only weak pressure on them to close a utilization gap in the ordinary way by suitable adjustments in fixed investment. It is indicated that this finding may serve Kaleckian economists as a more rigorous justification for viewing their equilibria as pertaining to the long run, even if they allow actual utilization to deviate persistently from desired utilization.

The article focuses on the dynamics and structure of fixed investments in the Russian Federation in the period of 2011-2019, analyses both the destabilizing factors, and those, having beneficial impact on the use of a wide range of financial mechanisms in financing projects on petrochemical companies’ development. It evaluates the competitiveness of petrochemical companies in the Russian Federation and abroad, for the current period and until 2030, according to the strategy of industry development. It outlines the investment potential of the industry and provides conclusion on the need to develop the use of mechanisms for financing innovative subprojects of petrochemical industry companies. All conclusions in the article are illustrated with relevant examples.

Utilizing a unique panel dataset of 273 listed firms in the Athens Stock Exchange (ASE) we explore the issue of capital market imperfections with respect to access to investment financing. In particular, we investigate the extent to which investment is sensitive to the availability of internal finance. By employing a fixed-effect model, our empirical results indicate a positive association of cash flow and investment, leading to the conclusion of imperfect substitutability between internal and external finance and thus the importance of the former for investment decisions. According to our knowledge, this is the first study covering the specific tremble period of ASE for Greek manufacturing firms.

Industrial growth is one of the essential drivers for the economic growth of any economy. In this paper, an attempt made to measure the growth rate of the Punjab industry in India during the period of post-liberalization era-spanning 2003 -2004 to 2017-2018. The study measures the magnitude and nature of the relationship among different components such as numbers of factories, fixed capital, investment, and profits, Net Value Added. Growth parameters of the manufacturing sector have used for the study. Econometric models, namely, Unit root test and Granger Causality applied in the existing research for analysis. The study shows that there is a strong positive relationship between the growth of the industry in Punjab and growth in India. Economic Reforms and liberalization process fail to bring significant improvements in the performance of the industry in terms of the factors, namely, number of units, employment, production, and fixed investment in Punjab. Finally, the paper also provided recommendations to boost the development of industries in Punjab.

Submitted by Anna Barbara Alves Beraldine (annabarbara@unisinos.br) on 2022-04-18T17:56:43Z No. of bitstreams: 1 Adriano Cristian Gewehr_.pdf: 1273712 bytes, checksum: de3a119825c2e7a466f56f089e166879 (MD5) Made available in DSpace on 2022-04-18T17:56:43Z (GMT). No. of bitstreams: 1 Adriano Cristian Gewehr_.pdf: 1273712 bytes, checksum: de3a119825c2e7a466f56f089e166879 (MD5) Previous issue date: 2022-02-24 CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior Esta pesquisa demonstrou que a discussão no tocante a relevância da indústria de transformação ao crescimento econômico e ao desenvolvimento, ainda possui elementos a serem revisitados, pois algumas relações podem estar sendo desconsideradas na literatura empírica pertinente. Diversos autores evidenciaram empiricamente a importância da manufatura ao crescimento econômico dos países. Contudo, a revisão empírica realizada detectou que, apesar da dedicação ao tema, as relações da manufatura com o investimento fixo e, da manufatura com o crédito bancário disponível não são contempladas. Sendo assim, a pesquisa visa responder ao problema apontado: os efeitos do setor manufatureiro sobre o crescimento econômico e o desenvolvimento são potencializados pelos gastos com investimento e pelo crédito bancário ofertado? Como objetivo, estabeleceu-se mensurar os efeitos de interação da indústria de transformação com o investimento fixo e com o crédito bancário disponível ao crescimento econômico e ao desenvolvimento das nações. Com efeito, para alcançar este objetivo, a pesquisa utiliza modelos econométricos estruturados a partir de dados em painel. O modelo de dados em painel dinâmico se mostrou mais apropriado em uma amostra contendo 119 países, que detinham 96% do PIB mundial. Na medida em que os valores de investimento fixo dos países transitam para muito próximo do seu valor máximo na amostra, tem-se que para cada alteração de 1 ponto percentual da participação do setor manufatureiro no PIB, a taxa de crescimento do PIB per capita eleva-se em média 0,81%. Quando um país eleva os gastos em investimento, o efeito positivo do seu setor manufatureiro para o crescimento e para o desenvolvimento da economia se potencializa: o investimento fixo pode fazer com que o efeito médio da participação do setor manufatureiro na taxa de crescimento do PIB per capita seja quadruplicado. Tais resultados são consistentes com a teoria da mudança estrutural. Na medida em que o crédito bancário disponível transita para muito próximo do seu valor máximo na amostra, tem-se que para cada alteração de 1 ponto percentual da participação do setor manufatureiro no PIB, a taxa de crescimento do PIB per capita eleva-se em média 1,38%. Quando o sistema financeiro bancário de um país disponibiliza mais crédito às empresas, o efeito positivo do seu setor manufatureiro para o crescimento da economia se potencializa: o volume de crédito disponível pode fazer com que o efeito médio da participação do setor manufatureiro na taxa de crescimento do PIB per capita seja quase quadruplicado. Tais resultados corroboram pressupostos contidos na abordagem pós-keynesiana de uma economia monetária de produção. Os efeitos amplificadores em ambas as interações tem excepcional importância, uma vez que, sendo a variável dependente a taxa de crescimento do PIB per capita, estão implícitas adicionalmente questões de desenvolvimento. Os resultados obtidos indicam que a pesquisa inovou e adicionou uma nova página para a literatura específica. As evidências empíricas, além de corroborarem a importância do setor manufatureiro para o crescimento econômico e o desenvolvimento, aprofundam os resultados a partir da proposição das interações testadas. This research demonstrated that the discussion regarding the relevance of the manufacturing industry to economic growth and development still has elements to be revisited, because some relationships may be being disconsidered in the relevant empirical literature. Several authors have empirically evidenced the importance of manufacturing to the economic growth of countries. However, the empirical review carried out detected that, despite the dedication to the topic, the relationship between manufacturing and fixed investment, and the relationship between manufacturing and available bank credit, are not considered. Thus, the research aims to respond to the problem pointed out: are the effects of the manufacturing sector on economic growth and development enhanced by investment spending and bank credit offered? As an objective, it was established to measure the interaction effects of the manufacturing industry with fixed investment and bank credit available for economic growth and the development of nations. Indeed, to achieve this aim, the research uses structured econometric models based on panel data. The dynamic panel data model proved to be more appropriate in a sample containing 119 countries that held 96% of the world's GDP. When countries' fixed investment values move very close to their maximum value in the sample, it is assumed that for every 1 percentage point change in the share of the manufacturing sector in GDP, the GDP per capita growth rate rises by average 0.81%. When a country increases investment spending, the positive effect of its manufacturing sector on economic growth and development is enhanced: fixed investment can cause the average effect of the manufacturing sector's share on the GDP growth rate per capita is quadrupled. Such results are consistent with the theory of structural change. As available bank credit moves very close to its maximum value in the sample, for every 1 percentage point change in the share of the manufacturing sector in GDP, the GDP per capita growth rate rises by average 1.38%. When a country's financial banking system makes more credit available to companies, the positive effect of its manufacturing sector on economic growth is enhanced: the volume of available credit can cause the average effect of the participation of the manufacturing sector in the growth rate of GDP per capita is almost quadrupled. These results corroborate assumptions contained in the post-Keynesian approach of a monetary production economy. The amplifying effects in both interactions are of exceptional importance, since, as the dependent variable is the rate of growth of GDP per capita, development matters are additionally implied. The results obtained indicate that the research innovated and added a new page to the specific literature. Empirical evidence, in addition to corroborating the importance of the manufacturing sector for economic growth and development, deepens the results based on the proposition of tested interactions.