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Promoting regional economic growth in Greece by investing in public infrastructure

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  • Antonis Rovolis
  • Nigel Spence

Abstract

The role of public infrastructure capital in the development process, either at national or at regional levels, was a relatively neglected area of research until recently. The innovatory work of Aschauer, and the ensuing debate between himself, Munnell, and Holtz-Eakin regarding the role of infrastructure in the development process in the USA, has spawned much interest in the issue. The authors aim to assess the impact of public capital on Greek manufacturing industries, especially focused at the regional scale. Capital stocks were estimated for the private and public sectors and Cobb - Douglas production functions were used in the analytical framework. The results suggest that the role of private capital in economic development in recent times has been marginal, as private investment has declined, whereas the role of labour and public capital has been both positive and significant. The authors segregate public capital into 'productive' and 'social' infrastructure; they argue that when productive infrastructure makes a positive contribution to production output, the impact of social infrastructure is insignificant and/or negative in most cases. The network effects of infrastructure are also estimated.

Suggested Citation

  • Antonis Rovolis & Nigel Spence, 2002. "Promoting regional economic growth in Greece by investing in public infrastructure," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 20(3), pages 393-419, June.
  • Handle: RePEc:pio:envirc:v:20:y:2002:i:3:p:393-419
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    Cited by:

    1. Benos, Nikos & Karagiannis, Stelios, 2016. "Do education quality and spillovers matter? Evidence on human capital and productivity in Greece," Economic Modelling, Elsevier, vol. 54(C), pages 563-573.
    2. Andrés Rodríguez-Pose & Vassilis Tselios, 2010. "Inequalities in income and education and regional economic growth in western Europe," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(2), pages 349-375, April.

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