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Transport infrastructure investment: implications for growth and productivity

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  • Nicholas Crafts

Abstract

Theory and evidence on the effects of public investment on growth and productivity are reviewed. It is concluded that, on average, public capital has positive impacts on output and private investment, partly offset by the effects of the taxation needed to finance it. A possible future shortfall in public capital in the UK is highlighted. The paper also reviews the contribution of transport infrastructure to productivity and considers implications for cost--benefit analysis. It is suggested that there is a case for greater UK investment in roads but, ideally, this should be implemented along with an efficient national road-pricing scheme. Copyright 2009, Oxford University Press.

Suggested Citation

  • Nicholas Crafts, 2009. "Transport infrastructure investment: implications for growth and productivity," Oxford Review of Economic Policy, Oxford University Press, vol. 25(3), pages 327-343, Autumn.
  • Handle: RePEc:oup:oxford:v:25:y:2009:i:3:p:327-343
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    File URL: http://hdl.handle.net/10.1093/oxrep/grp021
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    Cited by:

    1. Bonnafous, Alain, 2015. "The economic regulation of French highways: Just how private did they become?," Transport Policy, Elsevier, vol. 41(C), pages 33-41.
    2. Elissaios Papyrakis & Pak Hung Mo, 2014. "Fractionalization, Polarization, And Economic Growth: Identifying The Transmission Channels," Economic Inquiry, Western Economic Association International, vol. 52(3), pages 1204-1218, July.
    3. Nicholas Crafts, 2013. "Returning to Growth: Policy Lessons from History," Fiscal Studies, Institute for Fiscal Studies, vol. 34(2), pages 255-282, June.
    4. repec:eee:retrec:v:66:y:2017:i:c:p:36-45 is not listed on IDEAS
    5. Li, Yan & DaCosta, Maria N., 2013. "Transportation and income inequality in China: 1978–2007," Transportation Research Part A: Policy and Practice, Elsevier, vol. 55(C), pages 56-71.
    6. Muñoz, Juan Carlos & de Grange, Louis, 2010. "On the development of public transit in large cities," Research in Transportation Economics, Elsevier, vol. 29(1), pages 379-386.
    7. Nicholas Crafts, 2010. "Cliometrics and technological change: a survey," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1127-1147.
    8. Samira Barzin & Sabine D'Costa & Daniel Graham, 2016. "A Pseudo-Panel Approach to Estimating Dynamic Effects of Road Infrastructure Provision on Firm Performance in a Developing Country Context," Working Papers 69, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
    9. Hans Pitlik & Margit Schratzenstaller, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
    10. Taotao Deng & Shuai Shao & Lili Yang & Xueliang Zhang, 2014. "Has the transport-led economic growth effect reached a peak in China? A panel threshold regression approach," Transportation, Springer, vol. 41(3), pages 567-587, May.

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