Does Public Investment Boost Economic Growth? Evidence from An Open-Economy Macro Model for India
AbstractUsing annual data for India for the period 1984-2003 and employing parametric technique (GMM), the present paper jointly determines GDP growth, real exchange rate and net foreign assets in Indian economy. There is evidence that public investment exerts a significant influence on real exchange rate and the growth rate and does so non-linearly. A comparison of the Indian estimates with those available for the UK and the USA economies is also revealing and highlights the role of governance on the effects of public investment.
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Bibliographic InfoPaper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2008/24.
Length: 30 pages
Date of creation: Oct 2008
Date of revision:
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Public investment; Economic growth; Real exchange rate; Simultaneous model; Generalised method of moments;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-28 (All new papers)
- NEP-CWA-2008-10-28 (Central & Western Asia)
- NEP-DEV-2008-10-28 (Development)
- NEP-MAC-2008-10-28 (Macroeconomics)
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