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Public Capital and Growth

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  • International Monetary Fund

Abstract

This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to changes in time intervals and varying depreciation rates. Furthermore, in non-OECD countries the growth impact of public capital is higher once longer time intervals are considered.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/175.

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Length: 34
Date of creation: 01 Jul 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/175

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Related research

Keywords: Public investment; Economic growth; Economic models; capital stock; private capital; investment rate; private investment; capital growth; capital formation; capital accumulation; net capital; external borrowing; rate of return; investment projects; diminishing returns; fixed capital; investment spending; capital spending; increasing returns; capital remains; investors; domestic investment; capital productivity;

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References

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  1. JosÈ M. Albala-Bertrand & Emmanuel C. Mamatzakis, 2004. "The Impact of Public Infrastructure on the Productivity of the Chilean Economy," Review of Development Economics, Wiley Blackwell, vol. 8(2), pages 266-278, 05.
  2. Blanca Sanchez-Robles, 1998. "Infrastructure Investment And Growth: Some Empirical Evidence," Contemporary Economic Policy, Western Economic Association International, vol. 16(1), pages 98-108, 01.
  3. Hurlin, Christophe & Arestoff, Florence, 2006. "Estimates of Government Net Capital Stocks for 26 Developing Countries, 1970-2002," Economics Papers from University Paris Dauphine 123456789/1648, Paris Dauphine University.
  4. Jose Miguel Albala-Bertrand, 2004. "Can the Composition of Capital Constrain Potential Output? A Gap Approach," Working Papers 510, Queen Mary, University of London, School of Economics and Finance.
  5. Canning, David, 1999. "Infrastructure's contribution to aggregate output," Policy Research Working Paper Series 2246, The World Bank.
  6. Gupta, Sanjeev & Clements, Benedict & Baldacci, Emanuele & Mulas-Granados, Carlos, 2005. "Fiscal policy, expenditure composition, and growth in low-income countries," Journal of International Money and Finance, Elsevier, vol. 24(3), pages 441-463, April.
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Citations

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Cited by:
  1. Andrew Berg & Rafael Portillo & Edward F. Buffie & Catherine A. Pattillo & Luis-Felipe Zanna, 2012. "Public Investment, Growth, and Debt Sustainability," IMF Working Papers 12/144, International Monetary Fund.
  2. Suman S Basu & Jan Gottschalk & Werner Schule & Nikhil Vellodi & Shu-Chun S. Yang, 2013. "The Macroeconomic Effects of Natural Resource Extraction," IMF Working Papers 13/138, International Monetary Fund.
  3. Chassamboulli, Andri & Palivos, Theodore, 2013. "The impact of immigration on the employment and wages of native workers," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 19-34.
  4. Alfredo M. Pereira & Jorge M. Andraz, 2013. "On The Economic Effects Of Public Infrastructure Investment: A Survey Of The International Evidence," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 38(4), pages 1-37, December.
  5. Lofgren, Hans, 2012. "World food prices and human development: Policy simulations for archetype low-income countries," Policy Research Working Paper Series 6033, The World Bank.
  6. Gupta, Sanjeev & Kangur, Alvar & Papageorgiou, Chris & Wane, Abdoul, 2014. "Efficiency-Adjusted Public Capital and Growth," World Development, Elsevier, vol. 57(C), pages 164-178.
  7. Vandycke, Nancy, 2013. "Natural resources, physical capital and institutions : evidence from Eurasia," Policy Research Working Paper Series 6586, The World Bank.
  8. Lee Robinson & Alice Nicole Sindzingre, 2012. "China’s Ambiguous Impacts on Commodity-Dependent Countries: the Example of Sub-Saharan Africa (with a Focus on Zambia)," EconomiX Working Papers 2012-39, University of Paris West - Nanterre la Défense, EconomiX.

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