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Rentabilidad social de la inversión pública española en infraestructuras

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Author Info

  • Jaime Alonso

    ()
    (Universidade de Vigo)

  • María Jesús Freire-Serén

    (Universidade de Vigo)

  • Baltasar Manzano

    (Universidade de Vigo)

Abstract

This paper quantifies the welfare effects of the Spanish public investment in infrastructures. For that purpose, we use data on Spanish economy to calibrate a dynamic general equilibrium model with a representative agent, where public investment is financed by means of distortionary taxes. As is usual, the stock of public infrastructures has a positive effect on the total factor productivity. However, as main contribution of the paper, we assume that this effect depends on the effective endowment of infrastructures. In particular, we assume that there are diminishing returns to scale at the private level as a consequence of the existence of transport costs, which negatively depend on the stock of infrastructures per unit of output.

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Bibliographic Info

Paper provided by Institut d'Economia de Barcelona (IEB) in its series Working Papers with number 2004/8.

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Length: 35 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:ieb:wpaper:212021art153

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Keywords: Dynamic comparative; Dynamic general equilibrium; Fiscal policy; Welfare;

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References

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  1. Sala-I-Martin, X. & Barro, R.J., 1991. "Public Finance in Models of Economic Growth," Papers 640, Yale - Economic Growth Center.
  2. Bajo-Rubio, Oscar & Diaz-Roldan, Carmen & Montavez-Garces, M. Dolores, 2002. "Optimal endowments of public investment: an empirical analysis for the Spanish regions," ERSA conference papers ersa02p214, European Regional Science Association.
  3. Chamley, Christophe, 1981. "The Welfare Cost of Capital Income Taxation in a Growing Economy," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 468-96, June.
  4. Cooley, T.F. & Hansen, G.D., 1991. "The Distortions in a Neoclassical Monetary Economy," Papers 91-01, Rochester, Business - General.
  5. Oscar Bajo-Rubio & Carmen Díaz-Roldán, . "Optimal endowments of public capital: An empirical analysis for the Spanish regions," Studies on the Spanish Economy 183, FEDEA.
  6. Sims, Christopher A, 2002. "Solving Linear Rational Expectations Models," Computational Economics, Society for Computational Economics, vol. 20(1-2), pages 1-20, October.
  7. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  8. Glomm, Gerhard & Ravikumar, B., 1994. "Public investment in infrastructure in a simple growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 18(6), pages 1173-1187, November.
  9. Rioja, Felix K., 1999. "Productiveness and welfare implications of public infrastructure: a dynamic two-sector general equilibrium analysis," Journal of Development Economics, Elsevier, vol. 58(2), pages 387-404, April.
  10. Alfonso Novales & Emilio Dominguez & Javier J. Perez & Jesus Ruiz, 1998. "Solving Non-linear Rational Expectations Models By Eigenvalue-Eigenvector Decompositions," QM&RBC Codes 124, Quantitative Macroeconomics & Real Business Cycles.
  11. Fisher, Walter H & Turnovsky, Stephen J, 1998. "Public Investment, Congestion, and Private Capital Accumulation," Economic Journal, Royal Economic Society, vol. 108(447), pages 399-413, March.
  12. Glomm, Gerhard & Ravikumar, B., 1999. "Competitive equilibrium and public investment plans," Journal of Economic Dynamics and Control, Elsevier, vol. 23(8), pages 1207-1224, August.
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