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The article dwells on theoretical analysis of optimum investment trajectories in growth models in which the rate of population change varies. Two sets of assumptions were adopted to study the implications of abandoning the fixed rate of population increase condition. The first assumes that the rate is exogenous and does not depend on the level of wealth. The second assumes that population growth rate diminishes together with the increase of output per capita. Optimum investment trajectories for both assumptions were calculated and compared with the traditional results. Optimum investment policies, arrived at for non-malthusian models, markedly differ from the classical ones. The paths of those optimal trajectories depend on the way the population growth rate is introduced into the models (exogenously or endogenously).
The study aimed at establishing the long-term influence of fiscal policy on investments in fixed assets. A cross-sectional sample of data covering 27 countries during 1960 - 2003 was used. It was found that an increase in deficit equal to 1 % of GDP decreases investments by 0.3 % of GDP, while 1 % increase in revenue of public finance sector corresponds to a decrease in investments equal to 0.2 % of GDP. The study results suggest that both, expansive fiscal policy, as well as the increase of the share of public sector in the economy, correspond, as a rule, to a reduction in long-term asset accumulation, which in turn, might negatively affect economic growth in longer perspective.
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