IDEAS home Printed from https://ideas.repec.org/a/taf/rehdxx/v34y2019i2p156-208.html
   My bibliography  Save this article

Economic and Political Factors in Infrastructure Investment: Evidence from Railroads and Roads in Africa 1960–2015

Author

Listed:
  • Remi Jedwab
  • Adam Storeygard

Abstract

Transport investment has played an important role in the economic development of many countries. Starting from a low base, African countries have recently initiated several massive transportation infrastructure projects. However, surprisingly little is known about the current levels, past evolution, and correlates of transportation infrastructure in Africa. In this paper, we introduce a new data set on the evolution of the stocks of railroads (1862–2015) and multiple types of roads (1960–2015) for 43 sub-Saharan African countries. First, we compare our estimates with those from other available data sets, such as the World Development Indicators of the World Bank. Second, we document the aggregate evolution of transportation investments over the past century in Africa. We confirm that railroads were a ‘colonial’ transportation technology, whereas paved roads were a ‘post-colonial’ technology. We also highlight how investment patterns have followed economic patterns. Third, we report conditional correlations between five-year infrastructure growth and several geographic, economic and political factors during the period 1960–2015. We find strong correlations between transportation investments and economic development as well as more political factors including pre-colonial centralization, ethnic fractionalization, European settlement, natural resource dependence, and democracy.

Suggested Citation

  • Remi Jedwab & Adam Storeygard, 2019. "Economic and Political Factors in Infrastructure Investment: Evidence from Railroads and Roads in Africa 1960–2015," Economic History of Developing Regions, Taylor & Francis Journals, vol. 34(2), pages 156-208, May.
  • Handle: RePEc:taf:rehdxx:v:34:y:2019:i:2:p:156-208
    DOI: 10.1080/20780389.2019.1627190
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/20780389.2019.1627190
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/20780389.2019.1627190?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Akyeampong,Emmanuel & Bates,Robert H. & Nunn,Nathan & Robinson,James (ed.), 2014. "Africa's Development in Historical Perspective," Cambridge Books, Cambridge University Press, number 9781107041158, June.
    2. Nathan Nunn, 2008. "The Long-term Effects of Africa's Slave Trades," The Quarterly Journal of Economics, Oxford University Press, vol. 123(1), pages 139-176.
    3. Alberto Alesina & Caterina Gennaioli & Stefania Lovo, 2019. "Public Goods and Ethnic Diversity: Evidence from Deforestation in Indonesia," Economica, London School of Economics and Political Science, vol. 86(341), pages 32-66, January.
    4. Nathan Nunn & Diego Puga, 2012. "Ruggedness: The Blessing of Bad Geography in Africa," The Review of Economics and Statistics, MIT Press, vol. 94(1), pages 20-36, February.
    5. Filipe Campante & Quoc-Anh Do & Bernardo Guimaraes, 2014. "Capital Cities, Conflict, and Misgovernance: Theory and Evidence," Sciences Po Economics Discussion Papers 2014-13, Sciences Po Departement of Economics.
    6. Andrei Shleifer & Florencio Lopez-de-Silanes & Rafael La Porta, 2008. "The Economic Consequences of Legal Origins," Journal of Economic Literature, American Economic Association, vol. 46(2), pages 285-332, June.
    7. Claudia N. Berg & Brian Blankespoor & Harris Selod, 2018. "Roads and Rural Development in Sub-Saharan Africa," Journal of Development Studies, Taylor & Francis Journals, vol. 54(5), pages 856-874, May.
    8. Timothy Besley & Torsten Persson, 2009. "The Origins of State Capacity: Property Rights, Taxation, and Politics," American Economic Review, American Economic Association, vol. 99(4), pages 1218-1244, September.
    9. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    10. Adam, Christopher & Bevan, David & Gollin, Douglas, 2018. "Rural–Urban Linkages, Public Investment and Transport Costs: The Case of Tanzania," World Development, Elsevier, vol. 109(C), pages 497-510.
    11. Torsten Persson & Guido Tabellini, 2006. "Democracy and Development: The Devil in the Details," American Economic Review, American Economic Association, vol. 96(2), pages 319-324, May.
    12. Victor D. Lledó & Irene Yackovlev & Lucie Gadenne, 2011. "A Tale of Cyclicality, Aid Flows and Debt: Government Spending in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 20(5), pages 823-849, November.
    13. Remi Jedwab & Edward Kerby & Alexander Moradi, 2017. "History, Path Dependence and Development: Evidence from Colonial Railways, Settlers and Cities in Kenya," Economic Journal, Royal Economic Society, vol. 127(603), pages 1467-1494, August.
    14. Campante, Filipe R. & Do, Quoc-Anh & Guimaraes, Bernardo, 2012. "Isolated Capital Cities and Misgovernance: Theory and Evidence," Working Paper Series rwp12-058, Harvard University, John F. Kennedy School of Government.
    15. Paul Collier & Martina Kirchberger & Måns Söderbom, 2016. "The Cost of Road Infrastructure in Low- and Middle-Income Countries," World Bank Economic Review, World Bank Group, vol. 30(3), pages 522-548.
    16. Wouter Zant, 2018. "Trains, Trade, and Transaction Costs: How Does Domestic Trade by Rail Affect Market Prices of Malawi Agricultural Commodities?," World Bank Economic Review, World Bank Group, vol. 32(2), pages 334-356.
    17. Ken Gwilliam, 2011. "Africa's Transport Infrastructure : Mainstreaming Maintenance and Management," World Bank Publications - Books, The World Bank Group, number 2275, December.
    18. Daron Acemoglu & Suresh Naidu & Pascual Restrepo & James A. Robinson, 2019. "Democracy Does Cause Growth," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 47-100.
    19. Habyarimana, James & Humphreys, Macartan & Posner, Daniel N. & Weinstein, Jeremy M., 2007. "Why Does Ethnic Diversity Undermine Public Goods Provision?," American Political Science Review, Cambridge University Press, vol. 101(4), pages 709-725, November.
    20. Barro, Robert J, 1996. "Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
    21. William Easterly & Ross Levine, 1997. "Africa's Growth Tragedy: Policies and Ethnic Divisions," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1203-1250.
    22. Remi Jedwab & Alexander Moradi, 2016. "The Permanent Effects of Transportation Revolutions in Poor Countries: Evidence from Africa," The Review of Economics and Statistics, MIT Press, vol. 98(2), pages 268-284, May.
    23. Adam Storeygard, 2016. "Farther on down the Road: Transport Costs, Trade and Urban Growth in Sub-Saharan Africa," Review of Economic Studies, Oxford University Press, vol. 83(3), pages 1263-1295.
    24. Johan Fourie and Alfonso Herranz-Loncan & Alfonso Herranz-Loncan, 2015. "Growth (and Segregation) by Rail: How the Railways Shaped Colonial South Africa," Working Papers 538, Economic Research Southern Africa.
    25. Osafo-Kwaako, Philip & Robinson, James A., 2013. "Political centralization in pre-colonial Africa," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 6-21.
    26. Douglas Gollin & Remi Jedwab & Dietrich Vollrath, 2016. "Urbanization with and without industrialization," Journal of Economic Growth, Springer, vol. 21(1), pages 35-70, March.
    27. Admasu Shiferaw & M�ns S�derbom & Eyerusalem Siba & Getnet Alemu, 2015. "Road Infrastructure and Enterprise Dynamics in Ethiopia," Journal of Development Studies, Taylor & Francis Journals, vol. 51(11), pages 1541-1558, November.
    28. Robin Burgess & Remi Jedwab & Edward Miguel & Ameet Morjaria & Gerard Padró i Miquel, 2015. "The Value of Democracy: Evidence from Road Building in Kenya," American Economic Review, American Economic Association, vol. 105(6), pages 1817-1851, June.
    29. Daron Acemoglu & Camilo García-Jimeno & James A. Robinson, 2015. "State Capacity and Economic Development: A Network Approach," American Economic Review, American Economic Association, vol. 105(8), pages 2364-2409, August.
    30. Clark, Ximena & Dollar, David & Micco, Alejandro, 2004. "Port efficiency, maritime transport costs, and bilateral trade," Journal of Development Economics, Elsevier, vol. 75(2), pages 417-450, December.
    31. Vicente, Pedro C., 2010. "Does oil corrupt? Evidence from a natural experiment in West Africa," Journal of Development Economics, Elsevier, vol. 92(1), pages 28-38, May.
    32. Jutta Bolt & Jan Luiten Zanden, 2014. "The Maddison Project: collaborative research on historical national accounts," Economic History Review, Economic History Society, vol. 67(3), pages 627-651, August.
    33. Benjamin Faber, 2014. "Trade Integration, Market Size, and Industrialization: Evidence from China's National Trunk Highway System," Review of Economic Studies, Oxford University Press, vol. 81(3), pages 1046-1070.
    34. Louis Putterman & David N. Weil, 2010. "Post-1500 Population Flows and The Long-Run Determinants of Economic Growth and Inequality," The Quarterly Journal of Economics, Oxford University Press, vol. 125(4), pages 1627-1682.
    35. Nathan Nunn & Leonard Wantchekon, 2011. "The Slave Trade and the Origins of Mistrust in Africa," American Economic Review, American Economic Association, vol. 101(7), pages 3221-3252, December.
    36. Straub, Stéphane & Terada-Hagiwara, Akiko, 2011. "Infrastructure and Growth in Developing Asia," Asian Development Review, Asian Development Bank, vol. 28(1), pages 119-156.
    37. Alberto Alesina & Reza Baqir & William Easterly, 1999. "Public Goods and Ethnic Divisions," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1243-1284.
    38. Antonio Estache & Jean-François Perrault & Luc Savard, 2008. "Impact Of Infrastructure Spending In Sub-Saharan Africa: A Cge Modeling Approach," Cahiers de recherche 08-03, Departement d'Economique de l'École de gestion à l'Université de Sherbrooke.
    39. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    40. Tasso Adamopoulos, 2011. "Transportation Costs, Agricultural Productivity, And Cross‐Country Income Differences," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(2), pages 489-521, May.
    41. Robinson, James A. & Torvik, Ragnar & Verdier, Thierry, 2006. "Political foundations of the resource curse," Journal of Development Economics, Elsevier, vol. 79(2), pages 447-468, April.
    42. Oana Borcan & Ola Olsson & Louis Putterman, 2018. "State history and economic development: evidence from six millennia," Journal of Economic Growth, Springer, vol. 23(1), pages 1-40, March.
    43. César Calderón & Luis Servén, 2010. "Infrastructure and Economic Development in Sub-Saharan Africa-super- †," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 19(suppl_1), pages 13-87.
    44. Claudia N. Berg & Uwe Deichmann & Yishen Liu & Harris Selod, 2017. "Transport Policies and Development," Journal of Development Studies, Taylor & Francis Journals, vol. 53(4), pages 465-480, April.
    45. Amjadi, Azita & Yeats, Alexander J., 1995. "Have transport costs contributed to the relative decline of sub-Saharan African exports? Some preliminary empirical evidence," Policy Research Working Paper Series 1559, The World Bank.
    46. World Bank, 2006. "World Development Indicators 2006," World Bank Publications - Books, The World Bank Group, number 8151, December.
    47. Filipe Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability and Corruption: Evidence from US States," SciencePo Working papers hal-03393022, HAL.
    48. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    49. César Calderón & Enrique Moral‐Benito & Luis Servén, 2015. "Is infrastructure capital productive? A dynamic heterogeneous approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(2), pages 177-198, March.
    50. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
    51. Filipe Campante & Quoc-Anh Do & Bernardo Guimaraes, 2014. "Capital Cities, Conflict, and Misgovernance: Theory and Evidence," Sciences Po publications info:hdl:2441/gac8g25hn9g, Sciences Po.
    52. Um, Paul Noumba & Straub, Stephane & Vellutini, Charles, 2009. "Infrastructure and economic growth in the Middle East and North Africa," Policy Research Working Paper Series 5105, The World Bank.
    53. Areendam Chanda & Louis Putterman, 2007. "Early Starts, Reversals and Catch‐up in the Process of Economic Development," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(2), pages 387-413, June.
    54. Jacoby, Hanan G. & Minten, Bart, 2009. "On measuring the benefits of lower transport costs," Journal of Development Economics, Elsevier, vol. 89(1), pages 28-38, May.
    55. Bockstette, Valerie & Chanda, Areendam & Putterman, Louis, 2002. "States and Markets: The Advantage of an Early Start," Journal of Economic Growth, Springer, vol. 7(4), pages 347-369, December.
    56. Bird, Julia & Straub, Stéphane, 2014. "The Brasília Experiment: Road Access and the Spatial Pattern of Long-term Local Development in Brazil," TSE Working Papers 14-495, Toulouse School of Economics (TSE).
    57. Nicola Gennaioli & Ilia Rainer, 2007. "The modern impact of precolonial centralization in Africa," Journal of Economic Growth, Springer, vol. 12(3), pages 185-234, September.
    58. Quoc-Anh Do & Filipe Campante, 2013. "Isolated Capital Cities, Accountability and Corruption: Evidence from US States," SciencePo Working papers hal-03460928, HAL.
    59. Miguel, Edward & Gugerty, Mary Kay, 2005. "Ethnic diversity, social sanctions, and public goods in Kenya," Journal of Public Economics, Elsevier, vol. 89(11-12), pages 2325-2368, December.
    60. Gollin, Douglas & Rogerson, Richard, 2014. "Productivity, transport costs and subsistence agriculture," Journal of Development Economics, Elsevier, vol. 107(C), pages 38-48.
    61. repec:spo:wpecon:info:hdl:2441/4eh5eurum690ur8datvh2sb4g9 is not listed on IDEAS
    62. Canning, David, 1998. "A Database of World Stocks of Infrastructure, 1950-95," World Bank Economic Review, World Bank Group, vol. 12(3), pages 529-547, September.
    63. Ejaz Ghani & Arti Grover Goswami & William R. Kerr, 2016. "Highway to Success: The Impact of the Golden Quadrilateral Project for the Location and Performance of Indian Manufacturing," Economic Journal, Royal Economic Society, vol. 126(591), pages 317-357, March.
    64. John Thornton, 2008. "Explaining Procyclical Fiscal Policy in African Countries †," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 17(3), pages 451-464, June.
    65. Piet Buys & Uwe Deichmann & David Wheeler, 2010. "Road Network Upgrading and Overland Trade Expansion in Sub-Saharan Africa-super- †," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 19(3), pages 399-432, June.
    66. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    67. Akyeampong,Emmanuel & Bates,Robert H. & Nunn,Nathan & Robinson,James (ed.), 2014. "Africa's Development in Historical Perspective," Cambridge Books, Cambridge University Press, number 9781107691209, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rémi Jedwab & Adam Storeygard, 2022. "The Average and Heterogeneous Effects of Transportation Investments: Evidence from Sub-Saharan Africa 1960–2010 [Review of the Implementation Status of the Trans African Highways and the Missing Li," Journal of the European Economic Association, European Economic Association, vol. 20(1), pages 1-38.
    2. Aslanidis, Nektarios & Martínez Ibáñez, Oscar & Tadei, Federico, 2020. "The Integration of West Africa in the Global Economy, 1842-1938," Working Papers 2072/417678, Universitat Rovira i Virgili, Department of Economics.
    3. Ali, Merima & Fjeldstad, Odd‐Helge & Shifa, Abdulaziz B., 2020. "European colonization and the corruption of local elites: The case of chiefs in Africa," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 80-100.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stelios Michalopoulos & Elias Papaioannou, 2020. "Historical Legacies and African Development," Journal of Economic Literature, American Economic Association, vol. 58(1), pages 53-128, March.
    2. Johnson, Noel D. & Koyama, Mark, 2017. "States and economic growth: Capacity and constraints," Explorations in Economic History, Elsevier, vol. 64(C), pages 1-20.
    3. Merima Ali & Odd-Helge Fjeldstad & Boqian Jiang & Abdulaziz B Shifa, 2019. "Colonial Legacy, State-building and the Salience of Ethnicity in Sub-Saharan Africa," Economic Journal, Royal Economic Society, vol. 129(619), pages 1048-1081.
    4. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    5. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    6. Filipe R. Campante & Quoc-Anh Do & Bernardo Guimaraes, 2019. "Capital Cities, Conflict, and Misgovernance," American Economic Journal: Applied Economics, American Economic Association, vol. 11(3), pages 298-337, July.
    7. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    8. Mark Dincecco & James Fenske & Massimiliano Gaetano Onorato, 2019. "Is Africa Different? Historical Conflict and State Development," Economic History of Developing Regions, Taylor & Francis Journals, vol. 34(2), pages 209-250, May.
    9. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    10. Quoc-Anh Do & Filipe Campante, 2013. "Isolated Capital Cities, Accountability and Corruption: Evidence from US States," SciencePo Working papers hal-03460928, HAL.
    11. Filipe R. Campante & Quoc-Anh Do, 2014. "Isolated Capital Cities, Accountability, and Corruption: Evidence from US States," American Economic Review, American Economic Association, vol. 104(8), pages 2456-2481, August.
    12. Filipe Campante & Quoc-Anh Do & Bernardo Guimaraes, 2014. "Capital Cities, Conflict, and Misgovernance: Theory and Evidence," Sciences Po Economics Discussion Papers 2014-13, Sciences Po Departement of Economics.
    13. Fenske, James, 2010. "Institutions in African history and development: A review essay," MPRA Paper 23120, University Library of Munich, Germany.
    14. James Fenske, 2014. "Ecology, Trade, And States In Pre-Colonial Africa," Journal of the European Economic Association, European Economic Association, vol. 12(3), pages 612-640, June.
    15. Filipe Campante & Quoc-Anh Do & Bernardo Guimaraes, 2014. "Capital Cities, Conflict, and Misgovernance: Theory and Evidence," Sciences Po publications info:hdl:2441/gac8g25hn9g, Sciences Po.
    16. Miller, Michael & Toffolutti, Veronica & Reeves, Aaron, 2018. "The enduring influence of institutions on universal health coverage: An empirical investigation of 62 former colonies," World Development, Elsevier, vol. 111(C), pages 270-287.
    17. Cemal Eren Arbatlı & Quamrul H. Ashraf & Oded Galor & Marc Klemp, 2020. "Diversity and Conflict," Econometrica, Econometric Society, vol. 88(2), pages 727-797, March.
    18. Richard Bluhm & Christian Lessmann & Paul Schaudt, 2021. "The Political Geography of Cities," SoDa Laboratories Working Paper Series 2021-11, Monash University, SoDa Laboratories.
    19. Maseland, Robbert, 2021. "Contingent determinants," Journal of Development Economics, Elsevier, vol. 151(C).
    20. James Fenske, 2014. "Ecology, Trade, And States In Pre-Colonial Africa," Journal of the European Economic Association, European Economic Association, vol. 12(3), pages 612-640, 06.

    More about this item

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R40 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - General
    • N77 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Africa; Oceania

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rehdxx:v:34:y:2019:i:2:p:156-208. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.tandfonline.com/rehd20 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rehd20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.