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Efficiency of Disaggregate Public Capital Provision in Japan

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  • Toshihiro Ihori

    (Faculty of Economics, University of Tokyo)

  • Hiroki Kondo

    (Department of Economics, Shinshu University)

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    Abstract

    We investigate the efficiency of disaggregated public capital provision for the Japanese economy. We estimate the optimality conditions based on simultaneous Euler equations by using GMM. Our results suggest that public capital productivities have been relatively high and divergent among several public capital goods. The allocation of public works is not optimal yet in Japan.

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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2000/2000cf75.pdf
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    Bibliographic Info

    Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-75.

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    Length: 25 pages
    Date of creation: Jun 2000
    Date of revision:
    Handle: RePEc:tky:fseres:2000cf75

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    1. "Iwamoto, Yasushi", 1990. "An Evaluation of Public Investment Policy in Postwar Japan," Economic Review, Hitotsubashi University, vol. 41(3), pages 250-261, July.
    2. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
    3. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
    4. Cochrane, John H, 1991. " Production-Based Asset Pricing and the Link between Stock Returns and Economic Fluctuations," Journal of Finance, American Finance Association, vol. 46(1), pages 209-37, March.
    5. Otta, G.D. & Voss, G.M., 1996. "Is Public capital Provision Efficient?," Papers 96/10, New South Wales - School of Economics.
    6. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
    7. 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.
    8. McMillin, W Douglas & Smyth, David J, 1994. "A Multivariate Time Series Analysis of the United States Aggregate Production Function," Empirical Economics, Springer, vol. 19(4), pages 659-73.
    9. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 50(5), pages 1269-86, September.
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