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The Impact of Public Infrastructure on the Productivity of the Chilean Economy

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  • Jose Miguel Albala-Bertrand

    () (Queen Mary, University of London)

  • Emmanouel C. Mamatzakis

    (City University Business School)

Abstract

The aim of the present study is to assess the effect of public infrastructures on the cost structure of the Chilean economy, and thereby on productivity, differentiating between two key sequential periods. A derived aim is to establish to what extent infrastructure and non-infrastructure capitals are related. Our conclusions appear to indicate that infrastructure capital reduces the production cost of the economy, thereby increasing productivity, only in the second period. In turn, non-infrastructure capital appears to be mostly unrelated to infrastructure capital in the first period, but to be clearly complementary in the second period. In addition, infrastructure capital and labour appear to be substitutive in the first period, but mostly unrelated in the second period. Complementarity, neutrality and substitution can to a large extent be explained by the dramatic differences in the institutional structures between these two periods.

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Bibliographic Info

Paper provided by Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 435.

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Date of creation: Feb 2001
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Handle: RePEc:qmw:qmwecw:wp435

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Keywords: Infrastructure; Chilean institutional change; Translog cost function;

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References

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  1. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
  2. Feltenstein, Andrew & Ha, Jiming, 1995. "The Role of Infrastructure in Mexican Economic Reform," World Bank Economic Review, World Bank Group, vol. 9(2), pages 287-304, May.
  3. J. M. Albala-Bertrand, 1999. "Industrial Interdependence Change in Chile: 1960-90 a comparison with Taiwan and South Korea," International Review of Applied Economics, Taylor and Francis Journals, vol. 13(2), pages 161-191.
  4. E. C. Mamatzakis, 1999. "Testing for long run relationship between infrastructure and private capital productivity: a time series analysis for the Greek industry," Applied Economics Letters, Taylor and Francis Journals, vol. 6(4), pages 243-246.
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Cited by:
  1. Torrisi, Gianpiero, 2009. "Infrastructures and economic performance: a critical comparison across four approaches," MPRA Paper 18688, University Library of Munich, Germany.
  2. Pierre-Richard Agénor, 2008. "Fiscal policy and endogenous growth with public infrastructure," Oxford Economic Papers, Oxford University Press, vol. 60(1), pages 57-87, January.
  3. Becerril-Torres, Osvaldo U. & Álvarez-Ayuso, Inmaculada C. & Del moral-Barrera, Laura E., 2010. "Do infrastructures influence the convergence of efficiency in Mexico?," Journal of Policy Modeling, Elsevier, vol. 32(1), pages 120-137, January.
  4. Alfredo Marvão Pereira & Jorge M. Andraz, 2011. "On the economic effects of public infrastructure investment:A survey of the international evidence," Working Papers 108, Department of Economics, College of William and Mary.
  5. International Monetary Fund, 2010. "Public Capital and Growth," IMF Working Papers 10/175, International Monetary Fund.
  6. Torrisi, Gianpiero, 2009. "Public infrastructure: definition, classification and measurement issues," MPRA Paper 12990, University Library of Munich, Germany.
  7. Romp, Ward & de Haan, Jakob, 2005. "Public capital and economic growth: a critical survey," EIB Papers 2/2005, European Investment Bank, Economics Department.
  8. Agenor, Pierre-Richard & Moreno-Dodson, Blanca, 2006. "Public infrastructure and growth : new channels and policy implications," Policy Research Working Paper Series 4064, The World Bank.
  9. Jose Miguel Albala-Bertrand, 2006. "The Unlikeliness of an Economic Catastrophe: Localization & Globalization," Working Papers 576, Queen Mary, University of London, School of Economics and Finance.

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