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How Productive is Public Capital? A Meta-Analysis

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Author Info
Duarte Bom, P.R.
Ligthart, J.E. (Tilburg University, Center for Economic Research)

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Abstract

The paper analyzes the contribution of public capital to private output using several metaanalytical techniques. Both fixed and random effects models are estimated by Weighted Least Squares. Sample overlap across studies is explicitly controlled for by employing a `full' Generalized Least Squares estimator. The weighted average output elasticity of public capital amounts to 0.08 after correcting for publication bias. A substantial part of the heterogeneity across studies is explained by study design parameters, such as econometric specification, estimation technique, empirical model, type of public capital, and level of aggregation of public capital data. The large elasticities of public capital found in the early literature seem to be caused by either unidentified (but present) cointegrating relationships or spurious relationships in national time series.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2008-10.

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Date of creation: 2008
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Handle: RePEc:dgr:kubcen:200810

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Find related papers by JEL classification:
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

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References listed on IDEAS
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  1. David A. Aschauer, 1989. "Public investment and productivity growth in the Group of Seven," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 17-25. [Downloadable!]
  2. Alicia H. Munnell, 1991. "Is there a shortfall in public capital investment? An overview," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 23-35.
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  3. Alicia H. Munnell & Leah M. Cook, 1990. "How does public infrastructure affect regional economic performance?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 11-33.
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  4. T. D. Stanley, 2001. "Wheat from Chaff: Meta-analysis as Quantitative Literature Review," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 131-150, Summer. [Downloadable!] (restricted)
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  1. Pedro Gomes & Francois Pouget, 2008. "Corporate Tax Competition and the Decline of Public Investment," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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