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Public Investment in Infrastructure in Latin America: Is Debt the Culprit?

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Author Info
Eduardo Lora () (Research Department, Inter-American Development Bank)

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Abstract

Panel data for seven Latin American countries are used to assess the influence of public indebtedness on public investment in infrastructure in the period 1987- 2001. Debt increases are associated with higher public infrastructure investment, an effect that is robust to the inclusion of many other fiscal and macroeconomic variables. This paper also finds some evidence of complementarity between public and private investment and of the negative effect of IMF adjustment loans on infrastructure expenditures. No evidence is found that debt defaults affect public investment in infrastructure.

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File URL: http://www.iadb.org/res/publications/pubfiles/pubWP-595.pdf
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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 2006.

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Length: 23 pages
Date of creation: Jan 2007
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Handle: RePEc:idb:wpaper:2006

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Keywords: Public investment Public infrastructure Public debt Fiscal policies Default Latin America

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References listed on IDEAS
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. Agenor, Pierre-Richard & Moreno-Dodson, Blanca, 2006. "Public infrastructure and growth : new channels and policy implications," Policy Research Working Paper Series 4064, The World Bank. [Downloadable!]
  2. Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," RES Working Papers 1019, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Lora, Eduardo & Olivera, Mauricio, 2007. "Public debt and social expenditure: Friends or foes?," Emerging Markets Review, Elsevier, vol. 8(4), pages 299-310, December. [Downloadable!] (restricted)
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  4. Mahdavi, Saeid, 2004. "Shifts in the Composition of Government Spending in Response to External Debt Burden," World Development, Elsevier, vol. 32(7), pages 1139-1157, July. [Downloadable!] (restricted)
  5. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers 04/15, International Monetary Fund. [Downloadable!]
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Cited by:
(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. Eduardo Lora, 2007. "La Vulnerabilidad Fiscal del Gasto Publico Social: Es Diferente America Latina? (The Fiscal Vulnerability of Social Public Expenditure: Is Latin America Different?)," RES Working Papers 2007, Inter-American Development Bank, Research Department. [Downloadable!]
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