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Public investment and economic growth

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Author Info
R. Milbourne
G. Otto
G. Voss

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Abstract

This article uses an extension of Mankiw, Romer and Weil's augmented Solow-Swan growth model to examine whether public investment has a distinct role as a determinant of economic growth. It considers both the predictions of the model in steady state and in transition to steady state. For the steady state model, there is no significant effect from public investment on the level of output per worker. Using standard ordinary least squares (OLS) methods for the transition model, it observes a significant contribution to economic growth from public investment. When instrumental variables methods are used, however, the associated standard errors are much larger and the contribution of public investment is statistically insignificant.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 35 (2003)
Issue (Month): 5 (March)
Pages: 527-540
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Handle: RePEc:taf:applec:v:35:y:2003:i:5:p:527-540

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  1. Straub, Stephane, 2008. "Infrastructure and development : a critical appraisal of the macro level literature," Policy Research Working Paper Series 4590, The World Bank. [Downloadable!]
    Other versions:
  2. Bayraktar, Nihal & Fofack, Hippolyte, 2007. "Specification of investment functions in Sub-Saharan Africa," Policy Research Working Paper Series 4171, The World Bank. [Downloadable!]
  3. Ejaz Ghani & Musleh-Ud Din, 2006. "The Impact of Public Investment on Economic Growth in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(1), pages 87-98. [Downloadable!]
  4. Edward Anderson, 2007. "Travel and communication and international differences in GDP per capita," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(3), pages 315-332. [Downloadable!]
  5. Marianna Belloc & Pietro Vertova, 2006. "Public Investment and Economic Performance in Highly Indebted Poor Countries: An Empirical Assessment," International Review of Applied Economics, Taylor and Francis Journals, vol. 20(2), pages 151-170, April. [Downloadable!] (restricted)
  6. Margaret McKenzie, 2005. "Privatisation and Economic Growth," Economics Series 2005_21, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
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