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

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  • Rafael Flores De Frutos
  • Mercedes Gracia-Diez
  • Teodosio Perez
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    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.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/000368498325156
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 30 (1998)
    Issue (Month): 8 ()
    Pages: 985-994

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    Handle: RePEc:taf:applec:v:30:y:1998:i:8:p:985-994

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    Cited by:
    1. Miguel ST. Aubyn & Álvaro Pina, 2004. "Comparing Macroeconomic Returns on human and Public Capital: An Empirical Analysis of the Portuguese Case (1960-2001)," Working Papers Department of Economics 2004/07, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    2. Angel de la Fuente, 2010. "Infrastructures and Productivity: an Updated Survey," Working Papers 475, Barcelona Graduate School of Economics.
    3. Christophe Kamps, 2005. "The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries," International Tax and Public Finance, Springer, vol. 12(4), pages 533-558, August.
    4. Balazs Egert & Tomasz Kozluk & Douglas Sutherland, 2009. "Infrastructure and Growth: Empirical Evidence," CESifo Working Paper Series 2700, CESifo Group Munich.
    5. Timothy Kam & Yi-Chia Wang, 2006. "Public Capital Spillovers and Growth: A Foray Downunder," ANU Working Papers in Economics and Econometrics 2006-474, Australian National University, College of Business and Economics, School of Economics.
    6. Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series 2390, The World Bank.
    7. E. Marrocu & R. Paci, 2006. "The effects of public capital on the productivity of the Italian regions," Working Paper CRENoS 200613, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    8. Nijkamp, Peter & Poot, Jacques, 2004. "Meta-analysis of the effect of fiscal policies on long-run growth," European Journal of Political Economy, Elsevier, vol. 20(1), pages 91-124, March.
    9. Alfredo Pereira & Jorge Andraz, 2012. "On the economic effects of public infrastructure investment: A survey of the international evidence," CEFAGE-UE Working Papers 2012_10, University of Evora, CEFAGE-UE (Portugal).
    10. Diego Martinez-Lopez, 2006. "Linking Public Investment to Private Investment. The Case of Spanish Regions," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(4), pages 411-423.
    11. Bertarelli Silvia, 2006. "Capitale pubblico e crescita: una sintesi critica," Politica economica, Società editrice il Mulino, issue 3, pages 361-398.
    12. Ward Romp & Jakob de Haan, 2007. "Public Capital and Economic Growth: A Critical Survey," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 8(s1), pages 6-52, 04.
    13. Pedro R.D. Bom & Jenny E. Ligthart, 2009. "How Productive is Public Capital? A Meta-Regression Analysis," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0912, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    14. Peter Nijkamp & Jacques Poot, Victoria, 2002. "Meta-Analysis of the Impact of Fiscal Policies on Long-Run Growth," Tinbergen Institute Discussion Papers 02-028/3, Tinbergen Institute, revised 23 Apr 2003.
    15. Diego Martínez López, 2001. "Linking public investment to private investment. The case of the Spanish regions," Economic Working Papers at Centro de Estudios Andaluces E2001/04, Centro de Estudios Andaluces.

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