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

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Author Info
Eduardo Lora ()

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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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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4502.

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Date of creation: Jan 2007
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Handle: RePEc:idb:wpaper:4502

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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. Peter S. Heller & Alan A. Tait, 1982. "International Comparisons of Government Expenditure," IMF Occasional Papers 10, International Monetary Fund.
  2. Eduardo Lora & Mauricio Olivera, 2006. "Public Debt and Social Expenditure: Friends or Foes?," RES Working Papers 4465, Inter-American Development Bank, Research Department. [Downloadable!]
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  3. Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," RES Working Papers 4461, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Eduardo Lora, 2007. "La vulnerabilidad fiscal del gasto social: ¿Es Diferente América Latina?," RES Working Papers 4506, Inter-American Development Bank, Research Department. [Downloadable!]
  5. 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)
  6. 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 social: ¿Es Diferente América Latina?," RES Working Papers 4506, Inter-American Development Bank, Research Department. [Downloadable!]
  2. Eduardo A. Cavallo & Christian Daude, 2008. "Public Investment in Developing Countries: A Blessing or a Curse?," RES Working Papers 4597, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Ramón Espinasa, 2008. "Prospects for the Oil-importing Countries of the Caribbean," RES Working Papers 2007, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Eduardo Lora, 2007. "The Fiscal Vulnerability of Social Public Expenditure: Is Latin America Different?," RES Working Papers 4505, Inter-American Development Bank, Research Department. [Downloadable!]
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This page was last updated on 2009-12-19.

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