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Infraestructure And Economic Growth

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Author Info
María Teresa Ramírez ()
Hadi Salehi Esfahani

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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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Publisher 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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. 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.
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  3. Spiller, Pablo T, 1996. "Institutions and Commitment," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 421-52.
  4. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September. [Downloadable!] (restricted)
  5. María Teresa Ramírez & Hadi Salehi Esfahani, . "Infrastructure and Economic Growth," Borradores de Economia 123, Banco de la Republica de Colombia. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. María Teresa Ramírez & Hadi Salehi Esfahani, 1999. "Infraestructure And Economic Growth," BORRADORES DE ECONOMIA 002876, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  2. 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. [Downloadable!]
  3. Causa, Orsetta & Cohen, Daniel, 2006. "Industrial Productivity in 51 Countries, Rich and Poor," CEPR Discussion Papers 5549, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. 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. [Downloadable!]
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  5. María Teresa Ramírez, 1999. "The Impact Of Transportation Infraestructure On The Colombian Economy," BORRADORES DE ECONOMIA 003600, BANCO DE LA REPÚBLICA. [Downloadable!]
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