Efectos macroeconómicos del capital público en el crecimiento económico

Hernández Mota, José Luis (2009): Efectos macroeconómicos del capital público en el crecimiento económico. Published in: Política y Cultura No. 34 (October 2010): pp. 239-263.

Abstract

This paper assesses the macroeconomic effects of public expenditure on the behavior of the firms and the demand of the factors of production in an economy to determine if the public infrastructure is un input more (next to the labor and stock of private capital) in the determination of the degree of use of the productive capacity or in the existence of effects on scale in the economy. In this sense, it is considered to elaborate a model where it is introduced to the governmental capital in the decision making of the firms of an economy like its degree of complementariness with the private capital.

• Item Type: MPRA Paper
• English Title: Macroeconomic effects of public capital on economic growth
• Language: Spanish
• Keywords: economic growth, public capital, public infraestructure composition, public productive expenditure
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy; H - Public Economics > H4 - Publicly Provided Goods > H41 - Public Goods; H - Public Economics > H5 - National Government Expenditures and Related Policies > H54 - Infrastructures ; Other Public Investment and Capital Stock; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models

References

Aschauer, D., (1989), “Is Public Expenditure Productive?”, Journal of Monetary Economics, vol. 23, pp. 177-200.

Barro, R., (1990), “Government Spending in a Simple Model of Endogenous Growth”, Journal of Political Economy, vol. 98, pp. S103-S125.

Barro, R. y Sala-I-Martin, X., (1995), “Public Finance in Models of Economic Growth”, Review of Economic Studies, vol. 59, pp. 654-661.

Baxter, M. y King, R., (1993), “Fiscal Policy in General Equilibrum”, American Economic Review, vol. 83, pp. 315-34.

Demetriades, P. y Mamuneas, T., (2000), “Intertemporal Output and Employment Effects of Public Infrastructure Capital: Evidence from 12 OECD Economies”, Economic Journal, vol. 110, pp. 687-712.

Diewert, W., (1986), “The Measurement of the Economic Benefits of Infrastructure Services”, Lecture Notes in Economic and Mathematical Systems, Verlag.

Hansen, (1965), “Unbalanced growth and regional development”, Western Economic Journal, vol. 4.

Hernández Mota, J.L., (2009), “La composición del gasto público y el crecimiento económico”, Análisis Económico, vol. XXIV, núm. 55, pp. 77-102.

Lucas, R., (1988), “On the Mechanics of Economic Development”, Journal of Monetary Economics, vol. 22, Elsevier BV, pp. 3-42.

McCallum,B., (1996), “Neoclassical vs. Endogenous Growht Analysis: An Overwiew”, Economic Quarterly, Federal Reserve Bank of Richmond, vol. 84, núm. 4, pp. 41-71.

Nadiri, I. y Mamuneas, T., (1994), “The Effect of Public Infrastucture and R&D Capital on the Cost Structure and Performance of US Manufacturing Industries”, Review of Economics and Statistics, vol. 76, núm 1, pp. 22-37.

Otto, G. y Voss, G., (1998), “Is Public Capital Provision Efficient”, Journal of Monetary Economics, vol. 42, pp. 47-66.

Rebelo, S., (1991), “Long-run Policy Analysis and Long-run Growth”, Journal of Political Economy, vol. 99, pp 500-521.

Romer, P., (1986), “Increasing Returns and Long-Run Growth”, Journal of Political Economy, vol. 94, pp. 1002-37.

Solow, R., (1956), "A contribution to the theory of economic growht", Quarterly Journal of Economics, vol. 70, pp.65-94.

Turnovsky, S. y Fisher, W., (1995), “The Composition of Government Expenditure and its Consequences for Macroeconomic Performance”, Journal of Economics Dynamics and Control, vol. 19, pp. 747-786.