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The Effect of Public Capital on Aggregate Output – Empirical Evidence for 22 OECD Countries –

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  • Wesselhöft, Jan-Erik

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    (Helmut Schmidt University, Hamburg)

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    Abstract

    Based on new estimates of public and private capital stocks for 22 OECD countries we study the dynamic effect of public capital on the real gross domestic product using a vector autoregression approach. Whereas most former studies put effort on examining the effects of public capital in a single country, this paper covers a large set of OECD countries. The results show that public capital has a positive effect on output in the short-, medium- and long-run in most countries. In countries where the effect is negative, possible explanations as the different productivities of investments, crowding out or high growth rates of government debt are analyzed.

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    Bibliographic Info

    Paper provided by Helmut Schmidt University, Hamburg in its series Working Paper with number 135/2013.

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    Length: 36 pages
    Date of creation: 17 Apr 2013
    Date of revision:
    Handle: RePEc:ris:vhsuwp:2013_135

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    Keywords: Public capital stock; VAR model; Cointegration; OECD countries;

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