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Public Infrastructure And Private Output: An Application To Greece

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  • E.C. Mamatzakis

    ()
    (Council of Economic Advisors, Ministry of Finance, Greece)

Abstract

Recently, it has been announced by economic policy makers, that Greece¡¯s ambition for the 21st century is to become a business and transport hub, linking south-east Europe with EU markets. Undoubtedly, public infrastructure plays a determinant role in fulfilling these expectations and plans. Nevertheless, the impact of public infrastructure on Greek economy has rarely been systematically examined at an empirical level. In this paper we take into account some of the points of the underlying criticism in the literature to empirically investigate the possible links between public infrastructure and Greek productivity. More precisely, we use cointegration techniques and vector autoregression (VAR) analysis in order to derive the long run relationship and the short run dynamics between public infrastructure and private output. Our results indicate that a one percent increase in public infrastructure enhances the productivity of the Greek industrial sector by 0.14 percent.

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Bibliographic Info

Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 27 (2002)
Issue (Month): 2 (December)
Pages: 143-160

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Handle: RePEc:jed:journl:v:27:y:2002:i:2:p:143-160

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Related research

Keywords: Public Infrastructure; Private Productivity; Cointegration Tests; VAR; IRF; VDC;

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References

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  1. Johansen, Soren, 1992. "Cointegration in partial systems and the efficiency of single-equation analysis," Journal of Econometrics, Elsevier, vol. 52(3), pages 389-402, June.
  2. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  3. Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
  4. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
  5. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
  6. Evans, Paul & Karras, Georgios, 1994. "Is government capital productive? Evidence from a panel of seven countries," Journal of Macroeconomics, Elsevier, vol. 16(2), pages 271-279.
  7. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  8. Ronald C. Fisher, 1997. "Effects of state and local public services on economic development," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 53-82.
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Cited by:
  1. Alfredo M. Pereira & Jorge M. Andraz, 2012. "On The Economic Effects Of Investment In Railroad Infrastructures In Portugal," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 37(2), pages 79-107, June.
  2. Niloy Bose & M. Emranul Haque, 2005. "Causality Between Public Investment In Transport And Communication And Economic Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 30(1), pages 95-106, June.
  3. Causa, Orsetta & Cohen, Daniel, 2006. "Industrial Productivity in 51 Countries, Rich and Poor," CEPR Discussion Papers 5549, C.E.P.R. Discussion Papers.
  4. Agenor, Pierre-Richard & Nabli, Mustapha K. & Yousef, Tarik M., 2005. "Public infrastructure and private investment in the Middle East and North Africa," Policy Research Working Paper Series 3661, The World Bank.

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