Is public capital provision efficient?

• 成果类型: Article
• 署名作者: Otto, GD; Voss, GM
• 署名单位: University of New South Wales Sydney
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(98)00013-0
• 发表日期: 1998
• 页码: 47-66
• 关键词: infrastructure; INVESTMENT

摘要

We examine whether public investment undertaken in Australia over the last three decades satisfies conditions for intertemporal efficiency. We find that the conditions are satisfied over the sample period but only after allowance for changes in the relative price of public and private capital. In contrast to previous research, we do not find any evidence of excessive returns to public investment; rather, the average real investment return for both private and public capital is estimated at about 9% per annum. (C) 1998 Elsevier Science B.V. All rights reserved.