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Public capital stock and economic growth: an analysis of the Spanish economy

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Listed:
  • Rafael Flores De Frutos
  • Mercedes Gracia-Diez
  • Teodosio Perez

Abstract

The objective of this paper is to evaluate the short- and long-term effects of public investment in infrastructure on aggregate output, labour and capital formation in the private sector. The problem is analysed in a dynamic multivariate framework, which allows for explicit consideration of feedback among all the variables. This approach generalizes the current literature, which relies on a single-equation model to estimate production functions and implicitly assumes the absence of feedback relationships. For the Spanish economy, our results suggest positive long-term effects of public investment on the private sector variables.

Suggested Citation

  • Rafael Flores De Frutos & Mercedes Gracia-Diez & Teodosio Perez, 1998. "Public capital stock and economic growth: an analysis of the Spanish economy," Applied Economics, Taylor & Francis Journals, vol. 30(8), pages 985-994.
    • Handle: RePEc:taf:applec:v:30:y:1998:i:8:p:985-994
    DOI: 10.1080/000368498325156
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    References listed on IDEAS

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    1. Alicia H. Munnell, 1991. "Is there a shortfall in public capital investment? An overview," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 23-35.
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