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Infrastructure's contribution to aggregate output

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  • Canning, David

Abstract

Using panel data for a cross-section of countries, the author estimates an aggregate production function that includes infrastructure capital. He finds that: 1) The productivity of physical and human capital is close to the levels suggested by microeconomic evidence on their private returns. 2) Electricity generating capacity and transportation networks have roughly the same marginal productivity as capital as a whole. 3) Telephone networks appear to show higher marginal productivity than other types of capital. Panel data co-integration methods used in estimation take account of the non-stationary nature of the data, are robust to reverse causation, and allow for different levels of productivity and different short-run business-cycle and multiplier relationships across countries.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2246.

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Date of creation: 30 Nov 1999
Date of revision:
Handle: RePEc:wbk:wbrwps:2246

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Related research

Keywords: Economic Theory&Research; Banks&Banking Reform; Decentralization; Capital Markets and Capital Flows; Fiscal&Monetary Policy; Economic Theory&Research; Banks&Banking Reform; Economic Growth; Environmental Economics&Policies; Inequality;

References

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  1. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
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  14. Antonio Estache, 1994. "World Development Report: Infrastructure for Development," ULB Institutional Repository 2013/44144, ULB -- Universite Libre de Bruxelles.
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  17. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
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