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On public investment, long-run growth, and the real exchange rate

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  • Sugata Ghosh

Abstract

This paper extends the Barro (1990) endogenous growth model with productive government services to a two-country world with perfect capital mobility, populated by optimising agents with uncertain lifetimes. It shows that increases in government spending on infrastructure for the home country result in higher growth rates and a terms of trade improvement. Both these effects are reversed after a point, showing that a hump-shaped curve--similar to the Barro curve, but with different properties--can be obtained here even with lump-sum taxes. We also examine the welfare implications of public investment policies, and characterise the world economy's dynamics. Copyright 2002, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 54 (2002)
Issue (Month): 1 (January)
Pages: 72-90

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Handle: RePEc:oup:oxecpp:v:54:y:2002:i:1:p:72-90

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Cited by:
  1. Florian Misch & Norman Gemmell & Richard Kneller, . "Growth and Welfare Maximization in Models of Public Finance and Endogenous Growth," Discussion Papers 08/09, University of Nottingham, CREDIT.
  2. CARLOS ESTEBAN POSADA & Wiliman Gómez, 2002. "Crecimiento Económico Y Gasto Público Un Modelo Para El Caso Colombiano," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
  3. Bertarelli Silvia, 2006. "Capitale pubblico e crescita: una sintesi critica," Politica economica, Società editrice il Mulino, issue 3, pages 361-398.
  4. Hajamini, Mehdi & Falahi, Mohammad Ali, 2012. "Economic growth and the optimum size of government in 15 European countries: A threshold panel approach," MPRA Paper 39616, University Library of Munich, Germany.
  5. Schiffbauer, Marc, 2007. "Calling for innovations - infrastructure and sources of growth," Papers DYNREG18, Economic and Social Research Institute (ESRI).
  6. Schiffbauer, Marc, 2006. "Theoretical and methodological study on the role of public policies in fostering innovation and growth," Papers DYNREG04, Economic and Social Research Institute (ESRI).

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