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

Rafael Flores De Frutos, Mercedes Gracia-Diez and Teodosio Perez

Applied Economics, 1998, vol. 30, issue 8, 985-994

Abstract: 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.

Date: 1998
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DOI: 10.1080/000368498325156

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