Country-level estimates of the elasticity of industry investment to value added

from Table 2 of Jeffrey Wurgler, 2000, "Financial Markets and the Allocation of Capital," Journal of Financial Economics

Variable names should be self-explanatory. N is as reported in Table 1 of paper. Eta (overall) is as in Table 2. The other four el
Data ranges are as reported in Table 1 (min year here applies to years for which we have growth rates, so Table 1 reports one
Data ranges do not necessarily indicate that data exists for every year within the range.

Although complete data is given below, note that some countries are excluded from the analysis in Table 4.
In particular, keep in mind that the between-year elasticities are often being estimated over small numbers of years.
Less than 15 years of data appears to be insufficient to offer meaningful between-year estimates (e.g. Ethiopia, Kenya).
As discussed in the paper, such countries were excluded from certain Table 4 regressions.

(Table 2) (Table 4) (Table 4)

Country N for eta (overall) eta (overall) eta (growing years) eta (declining years)
AUSTRALIA 526 0.681 0.788 0.753
AUSTRIA 686 0.835 0.776 0.811
BANGLADESH 180 0.131 0.264 0.112
BARBADOS 149 0.072 0.175 -0.111
BELGIUM 510 0.803 0.949 0.603
BOLIVIA 193 -0.202 -0.297 -0.226
CAMEROON 87 0.135 -0.292 0.762
CANADA 670 0.547 0.341 0.455
CHILE 500 0.294 -0.014 0.185
COLOMBIA 598 0.190 0.318 0.179
CYPRUS 472 0.421 0.120 0.343
DENMARK 604 0.853 0.569 0.702
ECUADOR 579 0.305 0.200 0.209
EGYPT 434 0.326 0.402 0.414
ELSALVADOR 117 0.262 0.389 -0.184
ETHIOPIA 179 0.135 0.266 0.919
FIJI 197 0.154 -0.063 0.448
FINLAND 723 0.557 0.377 0.367
FRANCE 325 0.893 0.817 0.881
GERMANY WEST 631 0.988 1.021 0.872
GREECE 629 0.635 0.495 0.157
GUATEMALA 198 0.633 0.792 0.442
HONGKONG 318 0.948 0.999 0.862
INDIA 413 0.100 -0.388 0.107
INDONESIA 434 0.217 0.106 0.130
IRAN 302 0.446 0.386 0.730
IRELAND 550 0.666 0.349 0.474
ISRAEL 431 0.263 0.207 0.161
ITALY 522 0.652 0.701 0.311
JAPAN 814 0.819 0.961 0.688
JORDAN 263 0.322 0.388 0.087
KENYA 61 0.068 0.111 0.803
KOREA REP 682 0.646 0.642 0.339
KUWAIT 290 0.047 0.084 -0.009
LIBYA 99 0.387 0.159 0.361
MACAO 145 0.237 0.069 -0.185
MALAWI 172 0.075 0.000 -0.093
MALAYSIA 334 0.285 0.238 -0.105
MALTA 390 0.268 0.239 0.275
MEXICO 362 0.344 0.097 0.301
MOROCCO 108 0.638 0.103 -0.427
NETHERLANDS 616 0.573 0.647 0.232
NEWZEALAND 377 0.896 0.948 1.274
NIGERIA 161 0.364 0.213 0.330
NORWAY 717 0.575 0.478 0.288
PAKISTAN 176 0.255 0.414 0.280
PANAMA 333 0.064 -0.128 0.004
PERU 201 0.651 0.830 0.074
PHILIPPINES 527 0.313 0.189 -0.041
PORTUGAL 557 0.539 0.274 0.557
SINGAPORE 642 0.486 0.377 0.577
SPAIN 563 0.867 1.057 0.943
SRILANKA 126 0.273 0.152 0.572
SWAZILAND 53 -0.069 -0.150 -0.254
SWEDEN 565 0.852 0.647 1.301
TANZANIA 220 0.087 -0.062 0.322
TRINIDAD&TOBAGO 73 0.340 0.304 -0.275
TUNISIA 387 0.287 0.089 0.310
TURKEY 596 0.242 -0.072 0.256
UK 620 0.812 0.543 0.829
URUGUAY 85 0.218 0.674 0.131
USA 868 0.723 0.590 0.740
VENEZUELA 352 0.593 0.240 0.640
ZAMBIA 106 0.123 0.082 -0.976
ZIMBABWE 403 0.726 0.158 0.708
of Financial Economics 58 (1-2), p 187-214.

s in Table 2. The other four elasticities are as analyzed in Table 4.

rates, so Table 1 reports one more year of levels data)

numbers of years.
e.g. Ethiopia, Kenya).

(Table 4) (Table 4)
eta (within-year component
eta (between-year
of eta overall)
component
min year ofofdata
eta overall)
max year of data
0.630 0.725 1964 1985
0.411 1.235 1970 1994
0.139 0.134 1982 1992
0.066 0.437 1971 1994
0.160 1.156 1964 1995
-0.269 0.417 1971 1994
0.048 0.331 1977 1994
0.319 0.978 1964 1990
0.131 0.689 1965 1994
0.179 0.188 1964 1994
0.108 0.727 1972 1995
0.536 1.040 1964 1991
0.308 0.303 1964 1994
0.312 0.353 1968 1993
0.159 0.455 1979 1994
-0.092 2.013 1966 1989
0.100 0.250 1971 1992
0.053 1.351 1964 1994
0.049 1.138 1964 1995
0.306 1.274 1965 1992
0.329 1.113 1964 1992
0.387 0.915 1975 1988
0.872 0.926 1974 1993
-0.025 1.101 1978 1993
0.051 0.633 1971 1995
0.281 0.695 1964 1993
0.276 1.247 1964 1991
0.334 0.157 1964 1994
0.330 1.032 1968 1991
0.383 0.987 1964 1993
0.251 0.579 1975 1994
-0.044 3.661 1968 1971
0.560 0.852 1967 1994
-0.015 0.173 1969 1994
0.336 0.496 1965 1980
0.142 0.565 1979 1993
-0.070 0.992 1965 1994
0.288 0.287 1969 1994
 0.162 0.512 1964 1993
-0.059 0.574 1971 1991
0.833 0.347 1986 1994
0.272 0.815 1964 1993
0.421 0.846 1964 1990
0.348 0.517 1964 1990
0.301 1.139 1964 1992
0.289 -0.749 1966 1991
-0.070 0.534 1964 1991
0.454 0.755 1983 1992
0.237 0.518 1964 1993
0.085 1.167 1972 1994
0.386 0.671 1964 1994
0.428 1.025 1965 1992
0.239 0.626 1980 1993
0.056 -0.370 1971 1993
0.483 1.099 1964 1987
0.041 0.207 1966 1991
0.299 0.461 1968 1991
0.249 0.185 1964 1995
0.091 0.474 1964 1994
0.207 1.212 1969 1991
0.110 1.456 1990 1993
0.693 0.772 1964 1995
0.316 0.884 1977 1993
-0.115 1.381 1964 1975
0.466 1.134 1964 1994