Credibility, Irreversibility of Investment, and Liberalization Reforms in LDCs

被引：0

作者：

Bassanini, Andrea ^{[1
]}

机构：

[1] OECD, DELSA, 2 Rue Andr Pascal, F-75775 Paris 16, France

来源：

ECONOMIC NOTES | 2006年 / 35卷 / 02期

关键词：

D O I：

10.1111/j.1468-0300.2006.00165.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Empirical evidence of the impact of policy uncertainty on aggregate investment is mixed. However, if the relationship between policy uncertainty and investment performance is nonlinear, linear regression exercises might not capture the effect of policy uncertainty. In this paper, I present a simple model with investment irreversibility which shows that, in the presence of legal constraints on investment in foreign assets, domestic real investment performance is poorer when liberalization reforms are only partially incredible.

引用

页码：203 / 218

页数：16

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