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Privatisation and Economic Growth

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Abstract

The macroeconomic impact of privatisation on growth in Australia is investigated in a growth accounting framework. Separate measures of public and private capital are computed in order to estimate their impacts together with labour on GDP growth for the period 1960-2003. Previous empirical aggregate studies are relatively few. A simple growth rates version is found preferred by stationarity and other tests. Growth of labour input appears to have a strongly positive effect on the growth of GDP. In contrast, growth of public capital has no statistically significant effect on GDP growth, nor on private capital productivity. The data are consistent with the hypothesis that the coefficients of the growth equation are the same before and during privatisation.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2005_21.pdf
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Bibliographic Info

Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2005_21.

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Length: 24 pages
Date of creation: 23 Oct 2005
Date of revision:
Handle: RePEc:dkn:econwp:eco_2005_21

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Keywords: macroeconomic; growth; capital; public; privatisation; time series; data; estimation; test;

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  1. Blomquist, Sören & Christiansen, Vidar, 1998. "The Political Economy of Publicly Provided Private Goods," Working Paper Series 1998:14, Uppsala University, Department of Economics.
  2. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
  3. Otto, Glenn & Voss, Graham M, 1994. "Public Capital and Private Sector Productivity," The Economic Record, The Economic Society of Australia, vol. 70(209), pages 121-32, June.
  4. Ian W. McLean, 2004. "Australian Economic Growth in Historical Perspective," School of Economics Working Papers 2004-01, University of Adelaide, School of Economics.
  5. Lau, Sau-Him Paul & Sin, Chor-Yiu, 1997. "Public Infrastructure and Economic Growth: Time-Series Properties and Evidence," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 125-35, June.
  6. Ehrlich, Isaac & Georges Gallais-Hamonno & Zhiqiang Liu & Randall Lutter, 1994. "Productivity Growth and Firm Ownership: An Analytical and Empirical Investigation," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 1006-38, October.
  7. Domberger, Simon & Piggott, John, 1986. "Privatization Policies and Public Enterprise: A Survey," The Economic Record, The Economic Society of Australia, vol. 62(177), pages 145-62, June.
  8. R. Milbourne & G. Otto & G. Voss, 2003. "Public investment and economic growth," Applied Economics, Taylor & Francis Journals, vol. 35(5), pages 527-540.
  9. Mardi Dungey & John Pitchford, 2004. "Potential Growth and Inflation: Estimates for Australia, the United States and Canada," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 37(1), pages 89-101, 03.
  10. Dowrick, Steve, 1996. "Estimating the Impact of Government Consumption on Growth: Growth Accounting and Endogenous Growth Models," Empirical Economics, Springer, vol. 21(1), pages 163-86.
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