Investment gaps after the crisis / Christine Lewis; Nigel Pain; Jan Strasky; Fusako Menkyna

Lewis, Christine ; Pain, Nigel ; Strasky, Jan ; Menkyna, Fusako

Englisch

Paris : OECD, Economics Dep., 2014

Online-Ressource (43 S.) : graph. Darst.

ECO/WKP(2014)64

Zsfassung in franz. Sprache

Systemvoraussetzungen: Acrobat Reader

DOI: 10.1787/5jxvgg76vqg1-en

*Economics

Finanzkrise / Investitionsentscheidung / Kapitalkosten / Entscheidung unter Unsicherheit / Wirtschaftsprognose / Bilanz / Eurozone

Amtsdruckschrift / Government document / Arbeitspapier / Working paper / Online-Publikation / Online-publication

Journal of Economic Literature: G31

Journal of Economic Literature: E22

Journal of Economic Literature: D24

Journal of Economic Literature: O16

The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past. As a result, investment gaps are large in many countries, not only in relation to past norms but also relative to projected future steady-state levels, with a gap of 2 percentage points of GDP or more in several countries. A significant proportion of this investment shortfall is attributable to soft demand conditions (the accelerator effect) but financial factors and heightened uncertainty have also played a role. In addition to continued support to demand from macroeconomic policies, the recovery in investment could be boosted by tackling longer-term policy issues that bear on investment decisions indirectly, by reducing financial fragmentation in the euro area and by undertaking growth-friendly structural reforms.

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