详情

原文传递 Is Infrastructure Capital Productive? A Dynamic Heterogeneous Approach

题名：	Is Infrastructure Capital Productive? A Dynamic Heterogeneous Approach
责任者：	Calderón, César<=>Moral-Benito, Enrique<=>Servén, Luis
关键词：	Transport
学科分类：	交通运输规划与管理
摘要：	This paper offers an empirical evaluation of the output contribution of infrastructure. Drawing from a large data set on infrastructure stocks covering 88 countries and spanning the years 1960-2000, and using a panel time-series approach, the paper estimates a long-run aggregate production function relating GDP to human capital, physical capital, and a synthetic measure of infrastructure given by the first principal component of infrastructure endowments in transport, power, and telecommunications. Tests of the cointegration rank allowing it to vary across countries reveal a common rank with a single cointegrating vector, which is taken to represent the long-run production function. Estimation of its parameters is performed using the pooled mean group estimator, which allows for unrestricted short-run parameter heterogeneity across countries while imposing the (testable) restriction of long-run parameter homogeneity. The long-run elasticity of output with respect to the synthetic infrastructure index ranges between 0.07 and 0.10. The estimates are highly significant, both statistically and economically, and robust to alternative dynamic specifications and infrastructure measures. There is little evidence of long-run parameter heterogeneity across countries, whether heterogeneity is unconditional, or conditional on their level of development, population size, or infrastructure endowments.
出版机构：	World Bank
报告类型：	咨询报告
详细地址：	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110615103058
资源类型：	科技（咨询、行业）报告
初始创建时间：	2011-06-01
最新修改时间：	2017-12-13T13:01:43Z