Threshold Effects of the Public Capital Productivity : An International Panel Smooth Transition Approach

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Threshold Effects of the Public Capital Productivity : An International Panel Smooth Transition Approach

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Gilbert Colletaz () (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans)
Christophe Hurlin () (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR6221 - Université d'Orléans)

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Christophe Hurlin

Abstract

Using a non linear panel data model we examine the threshold effects in the productivity of the public capital stocks for a panel of 21 OECD countries observed over 1965-2001. Using the so-called "augmented production function" approach, we estimate various specifications of a Panel Smooth Threshold Regression (PSTR) model recently developed by Gonzalez, Teräsvirta and Van Dijk (2004). One of our main results is the existence of strong threshold effects in the relationship between output and private and public inputs : whatever the transition mechanism specified, tests strongly reject the linearity assumption. Moreover this model allows cross-country heterogeneity and time instability of the productivity without specification of an ex-ante classification over individuals. Consequently it is posible to give estimates of productivity coefficients for both private and public capital stocks at any time and for each countries in the sample. Finally we proposed estimates of individual time varying elasticities that are much more reasonable than those previously published.

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Paper provided by HAL in its series Working Papers with number halshs-00008056_v1.

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Date of creation: 20 Jan 2006
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Handle: RePEc:hal:wpaper:halshs-00008056_v1

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Bayraktar, Nihal & Moreira, Emmanuel Pinto, 2007. "The composition of public expenditure and growth : a small-scale intertemporal model for low-income countries," Policy Research Working Paper Series 4430, The World Bank. [Downloadable!]
Jerome Creel & Gwenaëlle Poilon, 2006. "Is public capital productive in Europe?," Documents de Travail de l'OFCE 2006-10, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
Other versions:
- Jerome Creel & Gwenaelle Poilon, 2008. "Is public capital productive in Europe?," International Review of Applied Economics, Taylor and Francis Journals, vol. 22(6), pages 673-691. [Downloadable!] (restricted)
Delatte, Anne-Laure & Fouquau, Julien, 2009. "The Determinants of International Reserves in the Emerging Countries: a Non-Linear Approach," MPRA Paper 16311, University Library of Munich, Germany. [Downloadable!]
Chakroun, Mohamed, 2009. "Health care expenditure and GDP: An international panel smooth transition approach," MPRA Paper 14322, University Library of Munich, Germany. [Downloadable!]

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