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Duality theory and cost function analysis in a regional context: the impact of public infrastructure capital in the Greek Regions

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Author Info
Antonis Rovolis
Nigel Spence ()
Abstract

There has been a significant resurgence of interest in the effects of public capital on the economic fortunes of the private sector of late. This renewed concern was sparked by the research of Aschauer on US infrastructure and the ensuing debate between himself, Munnell and Holtz-Eakin. This debate and much of the subsequent work in the US and elsewhere has been conducted utilising production functions. There is, however, another potentially more rewarding strand in the infrastructure literature that is based on duality theory and cost function analysis. This approach has been thought of as overcoming some of the methodological problems inherent in the use of production functions in this research context. This paper, using cost functions, attempts to estimate the impact of the productive categories of the Public Investment Programme of Greece on regional development, and especially on large scale manufacturing activities. The results demonstrate that public capital has a significant positive impact on the performance of the private sector, and reduces private costs of production. Also considered here are the links between infrastructure provision and private sector input factors of production.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa98p465.

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Date of creation: Aug 1998
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Handle: RePEc:wiw:wiwrsa:ersa98p465

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  1. Ratner, Jonathan B., 1983. "Government capital and the production function for U.S. private output," Economics Letters, Elsevier, vol. 13(2-3), pages 213-217. [Downloadable!] (restricted)
  2. Antonio Cutanda & Joaquina Paricio, 1994. "Infrastructure and Regional Economic Growth: The Spanish Case," Regional Studies, Taylor and Francis Journals, vol. 28(1), pages 69-77, February. [Downloadable!] (restricted)
  3. Seitz, Helmut, 1994. "Public capital and the demand for private inputs," Journal of Public Economics, Elsevier, vol. 54(2), pages 287-307, June. [Downloadable!] (restricted)
  4. Lynde, Catherine & Richmond, James, 1992. "The Role of Public Capital in Production," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 37-44, February. [Downloadable!] (restricted)
  5. Lynde, Catherine & Richmond, J, 1993. "Public Capital and Long-Run Costs in U.K. Manufacturing," Economic Journal, Royal Economic Society, vol. 103(419), pages 880-93, July. [Downloadable!] (restricted)
  6. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March. [Downloadable!] (restricted)
    Other versions:
  7. Conrad, Klaus & Seitz, Helmut, 1994. "The Economic Benefits of Public Infrastructure," Applied Economics, Taylor and Francis Journals, vol. 26(4), pages 303-11, April.
  8. Alicia H. Munnell & Leah M. Cook, 1990. "How does public infrastructure affect regional economic performance?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 11-33.
    Other versions:
  9. Matilde Mas & Joaquín Maudos & Francisco Pérez & Ezequiel Uriel, 1996. "Infrastructures and Productivity in the Spanish Regions," Regional Studies, Taylor and Francis Journals, vol. 30(7), pages 641-649, November. [Downloadable!] (restricted)
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  10. M. Ishaq Nadiri & Theofanis P. Mamuneas, 1994. "The Effects of Public Infrastructure and R&D Capital on the Cost Structure and Performance of U.S. Manufacturing Industries," NBER Working Papers 3887, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. David A. Aschauer, 1989. "Public investment and productivity growth in the Group of Seven," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 17-25. [Downloadable!]
  12. Douglas Holtz-Eakin, 1992. "Public-Sector Capital and the Productivity Puzzle," NBER Working Papers 4122, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Garcia-Mila, Teresa & McGuire, Therese J & Porter, Robert H, 1996. "The Effect of Public Capital in State-Level Production Functions Reconsidered," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 177-80, February. [Downloadable!] (restricted)
    Other versions:
  14. Aschauer, David Alan, 1989. "Does public capital crowd out private capital?," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 171-188, September. [Downloadable!] (restricted)
    Other versions:
  15. Holtz-Eakin, Douglas, 1993. "State-specific estimates of state and local government capital," Regional Science and Urban Economics, Elsevier, vol. 23(2), pages 185-209, April. [Downloadable!] (restricted)
  16. Catherine J. Morrison & Amy Ellen Schwartz, 1992. "State Infrastructure and Productive Performance," NBER Working Papers 3981, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  17. Evans, Paul & Karras, Georgios, 1994. "Is government capital productive? Evidence from a panel of seven countries," Journal of Macroeconomics, Elsevier, vol. 16(2), pages 271-279. [Downloadable!] (restricted)
  18. John A. Tatom, 1991. "Public capital and private sector performance," Review, Federal Reserve Bank of St. Louis, issue May, pages 3-15. [Downloadable!]
  19. David Alan Aschauer, 1990. "Why is infrastructure important?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 21-68. [Downloadable!]
  20. Garcia-Mila, Teresa & McGuire, Therese J., 1992. "The contribution of publicly provided inputs to states' economies," Regional Science and Urban Economics, Elsevier, vol. 22(2), pages 229-241, June. [Downloadable!] (restricted)
  21. Pinnoi, Nat, 1994. "Public infrastructure and private production measuring relative contributions," Journal of Economic Behavior & Organization, Elsevier, vol. 23(2), pages 127-148, March. [Downloadable!] (restricted)
  22. 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.
  23. Lynde, Catherine & Richmond, J, 1993. "Public Capital and Total Factor Productivity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(2), pages 401-14, May. [Downloadable!] (restricted)
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