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Optimal Endowments of Public Investment: An Empirical Analysis for the Spanish Regions

Regional infrastructures policies, through an increased public investment, are widely used to promote the development of poorer regions in the European countries. In this paper we try to find some evidence on the optimality in the provision of government capital for the case of the Spanish regions, during the period 1965-1995. To this end, a simple optimality condition is derived from an optimization growth model, namely, that marginal products of private and public capital should be equal. By comparing the values of both marginal products, obtained from the estimation of a simple production function, we should be able to infer whether the public capital stock in the Spanish regions is underprovided or not, relative to the private capital stock.

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Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2002/14.

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Length: 19 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:cea:doctra:e2002_14
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  1. de la Fuente, Angel, 2002. "Is the Allocation of Public Capital Across the Spanish Regions too Redistributive?," CEPR Discussion Papers 3138, C.E.P.R. Discussion Papers.
  2. Carmela Martin & Francisco J. Velazquez., 2001. "An Assessment of Real Convergence of Less Developed EU Members: Lessons for the CEEC Candidates," European Economy Group Working Papers 5, European Economy Group.
  3. Harris, Richard D. F. & Tzavalis, Elias, 1999. "Inference for unit roots in dynamic panels where the time dimension is fixed," Journal of Econometrics, Elsevier, vol. 91(2), pages 201-226, August.
  4. Ezequiel Uriel Jiménez & Francisco Pérez García & Matilde Mas Ivars & Joaquín Maudos Villarroya, 1995. "Infrastructures And Productivity In The Spanish Regions," Working Papers. Serie EC 1995-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  5. Karras, Georgios, 1997. "Is Government Investment Underprovided in Europe? Evidence from a Panel of Fifteen Countries," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 50(2), pages 223-235.
  6. Oscar Bajo & Carmen DÌaz Rold·n & Maria Dolores Montavez, 1999. "Fiscal Policy and Growth Revisited: The Case of The Spanish Regions," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9904, Departamento de Economía - Universidad Pública de Navarra.
  7. Holtz-Eakin, Douglas, 1994. "Public-Sector Capital and the Productivity Puzzle," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 12-21, February.
  8. repec:fda:fdaeee:01 is not listed on IDEAS
  9. Kao, Chihwa, 1999. "Spurious regression and residual-based tests for cointegration in panel data," Journal of Econometrics, Elsevier, vol. 90(1), pages 1-44, May.
  10. Berndt, Ernst & Hansson, Bengt, 1992. "Measuring the Contribution of Capital in Sweden," Working Paper Series 365, Research Institute of Industrial Economics.
  11. Berndt, Ernst R & Hansson, Bengt, 1992. " Measuring the Contribution of Public Infrastructure Capital in Sweden," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages S151-68, Supplemen.
  12. Banerjee, Anindya, 1999. " Panel Data Unit Roots and Cointegration: An Overview," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 607-29, Special I.
  13. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  14. Jan-Egbert Sturm & Gerard H. Kuper & Jakob de Haan,, 1996. "Modelling government investment and economic growth at the macro level: A review," Working Papers 29, Centre for Economic Research, University of Groningen and University of Twente.
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