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Public Capital and Output Growth in Portugal


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  • Johanna Elisabeth Ligthart


The paper investigates the growth effects of public capital in Portugal using annual data for the period 1965-95. Both a production function and a vector autoregressive model are estimated. Public capital is shown to be a significant long-term determinant of output growth. The size of the estimated production elasticity indicates, in line with studies for other countries, a substantial growth payoff from public investment. Disaggregating public capital shows that investment related to, among other things, roads, railways, and airports is more productive than public investment in other major categories.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/11.

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Length: 37
Date of creation: 01 Jan 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/11

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Capital; European Union; Economic growth; Public investment; Economic models; capital stock; private capital; cointegration; equation; statistics; time series; capital formation; capital utilization; statistic; equations; causation; capital accumulation; dummy variable; confidence intervals; capital goods; confidence interval; granger causality; capital productivity; samples; vector autoregression; descriptive statistics; standard deviation; logarithms; capital ratio; linear time; capital expenditures; constant term; standard errors; autocorrelation; estimation procedure; monte carlo simulations; probability; general equilibrium model; random variables; capital income; statistical analysis; prediction; time series analysis; equation system;


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