Linden, M. and Leppänen, J. (Department of Business and Economics, University of Joensuu, Yliopistokatu 7, P.O. Box 111, FI-80101 Joensuu, Finland, and Finnish Forest Research Institute, Unioninkatu 40 A, FI-00170 Helsinki, Finland). Effects of public financed aid on private forest investments: some evidence from Finland, 1963 /2000. Received Oct. 17, 2003. Accepted Sep. 2, 2003. Scand. J. For....

Legislative Bargaining and the Dynamics of Public Investment by Marco Battaglini, Salvatore Nunnari, Thomas Palfrey * We present a legislative bargaining model of the provision of a durable public good over an infinite horizion. In each period, there is a societal endowment which can either be invested in the public good or consumed. We characterize the optimal public policy, defined by the tim...

This paper examines the link between foreign aid and the composition of government spending in aid-recipient countries. Two questions are addressed: (i) does foreign aid crowd out government spending in aid-recipient countries, and (ii) does the degree of fungibility vary across different categories of aid? Using a panel dataset of 67 countries for 1972-2000 we find that at the aggregate level ...

This paper analyzes how pharmaceutical research and development (R&D) investment responds to publicly supported biomedical research performed mainly at universities and nonprofit institutions. New microlevel data on investment, by the U.S. National Institutes of Health, allow measures of public basic and clinical research in seven medical classes to be included in a distributed lag model explai...

the theoretical base of this paper is the economic growth model that completed with capital stocks (private and public) and human capital. at the first, hypothesis test about constant returns to scale is studied, and then the related variables with macroeconomic policies are added to the model. the results show that 1) the aggregate production function exhibits increasing returns to scale, 2) p...

This paper examines how public disclosure affects private information acquisition activity in a market economy. We analyze a setting where traders with short-term investment horizons are allowed to trade on their private information prior to a public disclosure. We demonstrate in this setting that public disclosure stimulates investment in private information acquisition. This result is shown t...