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Public capital stock and economic growth: an analysis of the Spanish economy

  • Rafael Flores De Frutos
  • Mercedes Gracia-Diez
  • Teodosio Perez
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    The objective of this paper is to evaluate the short- and long-term effects of public investment in infrastructure on aggregate output, labour and capital formation in the private sector. The problem is analysed in a dynamic multivariate framework, which allows for explicit consideration of feedback among all the variables. This approach generalizes the current literature, which relies on a single-equation model to estimate production functions and implicitly assumes the absence of feedback relationships. For the Spanish economy, our results suggest positive long-term effects of public investment on the private sector variables.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/000368498325156
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    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 30 (1998)
    Issue (Month): 8 ()
    Pages: 985-994

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    Handle: RePEc:taf:applec:v:30:y:1998:i:8:p:985-994
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