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Does Public Investment Boost Economic Growth? Evidence from An Open-Economy Macro Model for India

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  • Pal, Soubarna

Abstract

Using 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 Info

Paper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2008/24.

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Length: 30 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:cdf:wpaper:2008/24

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Keywords: Public investment; Economic growth; Real exchange rate; Simultaneous model; Generalised method of moments;

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