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Infraestructure And Economic Growth

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  • María Teresa Ramírez

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  • Hadi Salehi Esfahani

Abstract

The relationship between infrastructure capital and economic growth has been controversial. A number of empirical studies have found very high returns to infrastructure investment (Aschauer, 1989; Canning and Fay, 1993). But, the robustness of the results have been questioned in other empirical studies and surveys (Gramlich, 1994; Munnell, 1992).2 A major problem seems to be that interactions between infrastructure and GDP are mediated in the short run by a host of variables that cannot all be captured in statistical studies, and in the long run causality between infrastructure and GDP cannot be established. While infrastructure may give rise to higher productivity and output, past and future economic growth also tend to raise the demand for infrastructure services and induce increased supply.3 Moreover, infrastructure inadequacies may not have tangible output consequences in the short or medium run because infrastructure services have substitutes and the assets may be used with different intensities.4 As a result, the empirical basis of the case for high returns to infrastructure investment has been elusive.

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Bibliographic Info

Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 002876.

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Length: 43
Date of creation: 30 Jun 1999
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Handle: RePEc:col:000094:002876

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  1. María Teresa Ramírez & Hadi Salehi Esfahani, . "Infrastructure and Economic Growth," Borradores de Economia 123, Banco de la Republica de Colombia.
  2. Charles R. Hulten, 1996. "Infrastructure Capital and Economic Growth: How Well You Use It May Be More Important Than How Much You Have," NBER Working Papers 5847, National Bureau of Economic Research, Inc.
  3. Easterly, William & Levine, Ross, 1997. "Africa's Growth Tragedy: Policies and Ethnic Divisions," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1203-50, November.
  4. Ernst R. Berndt & Bengt Hansson, 1991. "Measuring the Contribution of Public Infrastructure Capital in Sweden," NBER Working Papers 3842, National Bureau of Economic Research, Inc.
  5. Spiller, Pablo T, 1996. "Institutions and Commitment," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 421-52.
  6. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
  7. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
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Cited by:
  1. Manfred Wiebelt & Karl Pauw & John Mary Matovu & Evarist Twimukye & Todd Benson, 2011. "Managing Future Oil Revenues in Uganda for Agricultural Development and Poverty Reduction: A CGE Analysis of Challenges and Options," Kiel Working Papers 1696, Kiel Institute for the World Economy.
  2. María Teresa Ramírez & Hadi Salehi Esfahani, 1999. "Infraestructure And Economic Growth," BORRADORES DE ECONOMIA 002876, BANCO DE LA REPÚBLICA.
  3. Carlos Esteban Posada & Wilman Gómez, . "Crecimiento Económico y Gasto Público: Un Modelo para el Caso Colombiano," Borradores de Economia 218, Banco de la Republica de Colombia.
  4. Edgar MONCAYO JIMENEZ, 2002. "Nuevos enfoques de política regional an América Latina: El caso de Colombia en perspectiva histórica. Tendencias del desarrollo regional en," ARCHIVOS DE ECONOMÍA 003289, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
  5. Daido, Kohei & Tabata, Ken, 2013. "Public infrastructure, production organization, and economic development," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 330-346.
  6. María Teresa Ramírez, . "The Impact of Transportation Infrastructure on the Colombian Economy," Borradores de Economia 124, Banco de la Republica de Colombia.
  7. Bah, El-hadj M. & Fang, Lei, 2011. "Impact of the business environment on output and productivity in Africa," MPRA Paper 32517, University Library of Munich, Germany.
  8. Barham, Tania & Lipscomb, Molly & Mobarak, Ahmed Mushfiq, 2011. "Development Effects of Electrification: Evidence from the Geologic Placement of Hydropower Plants in Brazil," CEPR Discussion Papers 8427, C.E.P.R. Discussion Papers.
  9. Alokesh Barua & Aparna Sawhney, . "Structural Change, Economic Growth and Trade: Case for Regional Reallocation of Investment in India," Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi Discussion Papers 10-06, Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi, India.
  10. Briceno-Garmendia, Cecilia & Estache, Antonio & Shafik, Nemat, 2004. "Infrastructure services in developing countries : access, quality, costs and policy reform," Policy Research Working Paper Series 3468, The World Bank.
  11. Anna Bottaso & Carolina Castagnetti & Maurizio Conti, 2011. "And Yet they Co-Move! Public Capital and Productivity in OECD: A Panel Cointegration Analysis with Cross-Section Dependence," Quaderni di Dipartimento 154, University of Pavia, Department of Economics and Quantitative Methods.
  12. Causa, Orsetta & Cohen, Daniel, 2006. "Industrial Productivity in 51 Countries, Rich and Poor," CEPR Discussion Papers 5549, C.E.P.R. Discussion Papers.

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