摘要：This study investigates the politico-economic determinants of the crowding-in
effects of public investments in a cross-section of 25 developing countries for the
1975-2000 period using multivariate probit analysis. The estimation results
show that public fixed capital investments may crowd in private investments, but
this still depends on the developments in the economic, political, and legal
environment of business in individual countries. As such, our findings capture
the essence of the mixed results found in this literature well and shed further
light on the conditions under which public investments are more likely (not) to
crowd in private investments in developing countries.
关键词：Public investment, crowding-in effects, environment of private business,
institutions, rule of law, property rights
