Hostname: page-component-78c5997874-8bhkd Total loading time: 0 Render date: 2024-11-10T22:33:33.176Z Has data issue: false hasContentIssue false
  • English
  • Français

Investigating the “Complementarity Hypothesis” in Greek Agriculture: An Empirical Analysis

Published online by Cambridge University Press:  28 April 2015

Constantinos P. Katrakilidis  and
Nikolaos M. Tabakis
Constantinos P. Katrakilidis
Affiliation:
Aristotle University of Thessaloniki
Nikolaos M. Tabakis
Affiliation:
Technological Educational Institute of Thessaloniki
Get access Rights & Permissions [Opens in a new window]

Abstract

This study investigates determinants of private capital formation in Greek agriculture and tests the “complementarity” against the “crowding out” hypothesis using multivariate cointegration techniques and ECVAR modeling in conjunction with variance decomposition and impulse response analysis. The results provide evidence of a significant positive causal effect of government spending on private capital formation, thus supporting the “complementarity” hypothesis for Greek agriculture.

Keywords

agriculturecointegrationcomplementarity hypothesisGreeceinnovation accountinginvestment
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 33 , Issue 1 , April 2001 , pp. 189 - 198
Copyright
Copyright © Southern Agricultural Economics Association 2001

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Aschauer, D.A. “Is Public Expenditure Productive?” Journal of Monetary Economics 23(1989a): 177–200.CrossRefGoogle Scholar
Aschauer, D.A. “Does Public Capital ‘Crowd out’ Private Capital?” Journal of Monetary Economics 24(1989b): 171–188.CrossRefGoogle Scholar
Bairam, E., and Ward, B. “The Externality Effect of Government Expenditure on Investment in OECD Countries.” Applied Economics 25(1993):711–716.CrossRefGoogle Scholar
Buiter, W.H. “‘Crowding out’ and the Effectiveness of Fiscal Policy.” Journal of Public Economics 7(1977):309–328.CrossRefGoogle Scholar
Eberts, R.W. “Estimating the Contribution of Urban Public Infrastructure to Regional Economic Growth.” Working Paper No. 8610, Federal Reserve Bank of Cleveland, Cleveland, 1986.CrossRefGoogle Scholar
Engle, R.E., and Granger, C.W.J. “Cointegration and Error Correction: Representation, Estimation and Testing.” Econometrica 55(1987):251–276.CrossRefGoogle Scholar
Fuller, W.A.Introduction to Statistical Time Series. New York: John Wiley, 1976.Google Scholar
Granger, C.W.J. “Developments in the Study of Cointegrated Economic Variables.” Oxford Bulletin of Economics and Statistics 48(1986):213–228.CrossRefGoogle Scholar
Granger, C.W.J., and Newbold, P. “Spurious Regressions in Econometrics.” Journal of Econometrics 2(1974): 111–120.CrossRefGoogle Scholar
Grossman, P.J. “Growth in Government and Economic Growth: The Australian Experience.” Australian Economic Papers 27(1988):33–44.CrossRefGoogle Scholar
Johansen, S. “Statistical Analysis of Cointegration Vectors.” Journal of Economic Dynamics and Control 12(1988):231–254.CrossRefGoogle Scholar
Johansen, S. “Likelihood Based Inference on Cointegration.” Lecture Notes for a Course on Cointegration, Seminario Estivo di Econometria, Centro Studi Sorelle Clarke, Bagni di Lucca, Italy, 1989.Google Scholar
Johansen, S., and Juselius, K. “Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money.” Oxford Bulletin of Economics and Statistics 52(1990): 169–210.CrossRefGoogle Scholar
Lutkepohl, H.Introduction to Multiple Time Series Analysis. New York: Springer-Verlag, 1991.CrossRefGoogle Scholar
Mergos, G. “The Agricultural Sector in the '90s. Trends and Policy Decisions.” (In Greek). IOBE, Economic Topics No. 2, 1994.Google Scholar
Munnel, A.H. “How does Public Infrastructure Affect Regional Economic Performance?” New England Economic Review (1990): 11–32.Google Scholar
Phillips, P.C.B. “Understanding Spurious Regressions in Econometrics.” Journal of Econometrics 33(1986):311–340.CrossRefGoogle Scholar
Ram, R. “Government Size and Economic Growth: A New Framework and Some Evidence from Cross-Section and Time Series Data.” American Economic Review 76(1986): 191–203.Google Scholar
Ramirez, M. “Public and Private Investment in Mexico, 1950-1990: An Empirical Analysis.” Southern Economic Journal 61(1994): 1–17.CrossRefGoogle Scholar
Sims, C. “Macroeconomics and Reality.” Econometrica 48(1980): 1–48.CrossRefGoogle Scholar