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Thresholds Effects, Public Capital And The Growth Of The United States

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  • José García-Montalvo

    (Instituto Valenciano de Investigaciones Económicas)

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    Abstract

    El documento analiza la posibilidad de efectos umbral en el crecimiento asociados con la intensidad de capital público. Se estima un modelo de crecimiento de Solow aumentado con capital humano usando datos de los estados estadounidenses para el período 1969-86, rechazándose la existencia de un régimen único para todos los estados, cuando el capital público es utilizado para discriminar movimientos en la función de producción. La tasa de convergencia para los estados difiere dependiendo de su nivel inicial de capital público. Se discuten las implicaciones de la política económica de estos resultados. This paper analyzes the possibility of threshold effects in growth associated with the intensity of public capital. A Solow growth model augmented by human capital is estimated using US states data for the period 1969-86. The existence of a unique regime for all the states is strongly rejected by the data when public capital per capita is used to discriminate shifts in the production function. The rate of convergence for states differs depending on their initial level of public capital. The economic policy implications of these results are discussed .

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-1993-11.pdf
    File Function: Fisrt version / Primera version, 1993
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    Bibliographic Info

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 1993-11.

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    Length: 36 pages
    Date of creation: Dec 1993
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    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:1993-11

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    1. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
    2. Perron, Pierre, 1989. "The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Econometrica, Econometric Society, vol. 57(6), pages 1361-1401, November.
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    7. Alicia H. Munnell, 1990. "How does public infrastructure affect regional economic performance?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 34, pages 69-112.
    8. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
    9. Alicia H. Munnell, 1990. "Why has productivity growth declined? Productivity and public investment," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 3-22.
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    12. Arturo González & Santiago J. Rubio Jorge, 1993. "El PROBLEMA DE LA PLANIFICACIÓN HIDROLÓGICA: UNA APLICACIÓN AL CASO ESPAÑOL," Working Papers. Serie EC 1993-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
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    15. Lawrence J. Christiano, 1988. "Searching For a Break in GNP," NBER Working Papers 2695, National Bureau of Economic Research, Inc.
    16. Evans, Paul & Karras, Georgios, 1994. "Are Government Activities Productive? Evidence from a Panel of U.S. States," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 1-11, February.
    17. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
    18. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
    19. Dowrick, Steve & Nguyen, Duc-Tho, 1989. "OECD Comparative Economic Growth 1950-85: Catch-Up and Convergence," American Economic Review, American Economic Association, vol. 79(5), pages 1010-30, December.
    20. Steven N. Durlauf & Paul A. Johnson, 1992. "Local Versus Global Convergence Across National Economies," NBER Working Papers 3996, National Bureau of Economic Research, Inc.
    21. Randall W. Eberts, 1990. "Public infrastructure and regional economic development," Economic Review, Federal Reserve Bank of Cleveland, issue Q I, pages 15-27.
    22. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
    23. Francisco Pérez García & Matilde Mas Ivars, 1990. "Los Determinantes De La Evolucion De La Productividad En Espana," Working Papers. Serie EC 1990-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    24. David A. Aschauer, 1990. "Highway capacity and economic growth," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 14-24.
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