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Infrastructure-economic growth relationship in Venezuela, 1950 – 2008

Author

Listed:
  • Carlos Peña

    (Postdoctorado y Doctorado en Ciencias Sociales por la Universidad Central de Venezuela. Instituto de Investigaciones Económicas y Sociales “Dr. Rodolfo Quintero”. Universidad Central de Venezuela. Caracas. Venezuela.)

Abstract

Investment in infrastructure is an important issue in the economic development of a country. The significance of these investments in the product has been widely analyzed in the theoretical and empirical literature. The key conclusion is that this type of investment has a positive impact on the GDP per capita in the long run. This effect is given by increases in investment, public and private, both short as long term. In this context, the objective is to establish the relationship between investment in infrastructure and the growth in Venezuela for the period from 1950 to 2008. The methodology is based on cointegrated VAR models or CVAR.

Suggested Citation

  • Carlos Peña, 2018. "Infrastructure-economic growth relationship in Venezuela, 1950 – 2008," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 43(46), pages 101-124, july-dece.
    • Handle: RePEc:ula:econom:v:43:y:2018:i:46:p:101-124
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    More about this item

    Keywords

    Investment; infrastructure; growth; long-term.;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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