GRANT EQUIVALENT EXPENDITURE ON INDUSTRIAL SUBSIDIES IN THE POST‐WAR UNITED KINGDOM
构建了战后英国中央政府工业补贴的一致序列，从企业投资评估角度以等额补助衡量激励，区分国家、区域和行业或企业层面的补贴，并分析其时间序列特征。
ABSTRACT The paper constructs a consistent series for UK central government expenditure on industrial subsidies over the post‐war period, valuing incentives in grant equivalent terms from the position of a firm undertaking investment appraisal. The analysis includes direct subsidy payments, as well as tax allowances, and provides a disaggregation between those subsidies available on a national, regional and sectoral or firm specific basis. A time‐series analysis of the assembled data shows important differences between these components, with regional assistance performing a long‐run distributive role, while other elements perform a stabilisation function. The short‐run patterns are broadly constant across governments, but the long‐run relationships exhibit structural breaks related to both political and economic events.