巴德学院利维经济研究所：财政政策如何发挥作用：印度公共基础设施投资“挤入”效应的实证分析（英文版）

Using high-frequency data, the paper analyzes the link between public infrastructure investment and private corporate investment in India for the decade ending 2023–24. We adopt the ARDL model to investigate the existence of cointegration and find strong evidence of the crowding-in of private corporate investment both in the long- and short-run analyses. Moreover, long-term real interest rates and foreign direct investment provide higher estimates of crowding-in vis-à-vis short-term real inte