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Public Investment and Endogenous Growth in a Small Open Economy

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Author Info
Alogoskoufis, George
Kalyvitis, Sarantis C

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Abstract

This paper examines the effects of three alternative rules for public investment on output growth in a model with private and public capital. The rules considered are: (i) a fixed ratio of public capital to output; (ii) a fixed growth rate for public capital; and (iii) a fixed ratio of public investment to output. We find that all these rules are closely associated with the growth rate of output and generate endogenous growth. A permanent change in the policy rule implies a new long-run growth rate of output, but the economy will only gradually approach the new steady state due to adjustment costs in private capital accumulation.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1479.

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Date of creation: Sep 1996
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Handle: RePEc:cpr:ceprdp:1479

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Related research
Keywords: Adjustment Costs; Endogenous Growth; Public Private Capital;

Find related papers by JEL classification:
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

Cited by:
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  1. Rovolis, Antonis & Spence, Nigel, 1999. "Public infrastructure capital, scale economies and returns to variety," ERSA conference papers ersa99pa077, European Regional Science Association. [Downloadable!]
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This page was last updated on 2009-11-25.

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