@article{74c0108aa95e4ab48ef9aee3937b68ff,
title = "Macroeconomic uncertainty and private investment",
abstract = "This paper provides empirical support for a link between macroeconomic uncertainty and private investment in developing countries. Cross-section regressions with constructed measures of uncertainty confirm that for developing countries uncertainty is negatively correlated with private investment.",
author = "Joshua Aizenman and Marion, {Nancy P.} and Marion, {Nancy P.}",
note = "Funding Information: In order to obtain measures of domestic macroeconomic uncertainty for our sample of nearly 40 developing countries, we fit a first-order autoregressive process of the form: * The research reported here is part of the NBER's research program in international studies. Any opinions expressed are those of the authors and not those of the NBER. Financial support from the Reiss Family Fund is gratefully acknowledged. Corresponding author. ~For many developing countries, data on fiscal and monetary variables are unavailable prior to 1970. The choice of countries to include in the sample was determined by the availability of data on private and public investment expenditures. Data come from the IMF's International Financial Statistics tape, the World Bank study on public and private investment shares by Pfeffermann and Madarassy (1991), and the Summers-Heston (1988) project.",
year = "1993",
month = jan,
day = "1",
doi = "10.1016/0165-1765(93)90198-L",
language = "English",
volume = "41",
pages = "207--210",
journal = "Economics Letters",
issn = "0165-1765",
publisher = "Elsevier",
number = "2",
}