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The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries

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Author Info
Christophe Kamps ()

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Abstract

The issue of whether public capital is productive has received a great deal of recent attention. Yet, empirical analyses of public capital productivity have been limited to a small sample of countries for which official capital stock estimates are available. Building on a new database that provides internationally comparable capital stock estimates, this paper estimates the dynamic effects of public capital using the vector autoregressive (VAR) methodology for a large set of OECD countries. The empirical results suggest that there is evidence for positive output effects of public capital in OECD countries, but hardly any evidence for positive employment effects. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s10797-005-1780-1
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Publisher Info
Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 12 (2005)
Issue (Month): 4 (August)
Pages: 533-558
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Handle: RePEc:kap:itaxpf:v:12:y:2005:i:4:p:533-558

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Web page: http://www.springerlink.com/link.asp?id=102915

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Related research
Keywords: public capital VAR model cointegration OECD countries

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Crowder, William J & Himarios, Daniel, 1997. "Balanced Growth and Public Capital: An Empirical Analysis," Applied Economics, Taylor and Francis Journals, vol. 29(8), pages 1045-53, August. [Downloadable!] (restricted)
  2. Baxter, Marianne & King, Robert G, 1993. "Fiscal Policy in General Equilibrium," American Economic Review, American Economic Association, vol. 83(3), pages 315-34, June. [Downloadable!] (restricted)
    Other versions:
  3. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March. [Downloadable!] (restricted)
    Other versions:
  4. Cheung, Yin-Wong & Lai, Kon S, 1993. "Finite-Sample Sizes of Johansen's Likelihood Ration Tests for Conintegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(3), pages 313-28, August.
  5. William E. Cullison, 1993. "Public investment and economic growth," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 19-34. [Downloadable!]
  6. Jakob Haan & Jan Sturm & Bernd Sikken, 1996. "Government capital formation: Explaining the decline," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(1), pages 55-74, March. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. António Afonso & Miguel St. Aubyn, 2008. "Macroeconomic rates of return of public and private investment: crowding-in and crowding-out effects," Working Paper Series 864, European Central Bank. [Downloadable!]
    Other versions:
  2. Alfredo M. Pereira & Maria de Fátima Pinho, 2006. "Public Investment and Budgetary Consolidation in Portugal," Working Papers 41, Department of Economics, College of William and Mary. [Downloadable!]
  3. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers 2006/26, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  4. Alfredo M. Pereira & Oriol Roca Sagales, 2006. "On the Effects of Fiscal Policies in Portugal," Working Papers 35, Department of Economics, College of William and Mary. [Downloadable!]
  5. Antonio Afonso & Peter Claeys, 2007. "The dynamic behaviour of budget components and output," Working Paper Series 775, European Central Bank. [Downloadable!]
    Other versions:
  6. Jaakko Kiander & Reino Hjerppe & Matti Virén, 2006. "Are Government Expenditures Productive? Measuring the Effect on Private Sector Production," VATT Discussion Papers 381, Government Institute for Economic Research (VATT). [Downloadable!]
  7. Alfredo M. Pereira & Martin B. Schmidt, 2007. "Structural Breaks in Public Infrastructure Investment in the U.S," Working Papers 55, Department of Economics, College of William and Mary. [Downloadable!]
  8. Alfredo M. Pereira & Maria de Fátima Pinho, 2006. "Public Investment, Economic Performance and Budgetary Consolidation: VAR Evidence for the 12 Euro Countries," Working Papers 40, Department of Economics, College of William and Mary. [Downloadable!]
  9. Xavier Ramos & Oriol Roca-Sagales, 2007. "Long Term Effects of Fiscal Policy on the Size and the Distribution of the Pie in the UK," RSCAS Working Papers 2007/39, European University Institute. [Downloadable!]
  10. Enflo, Kerstin & Hjertstrand, Per, 2006. "Relative sources of European regional productivity convergence: A bootstrap frontier approach," Working Papers 2006:17, Lund University, Department of Economics. [Downloadable!]
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