On the macroeconomic implications of maintenance in public capital

• 成果类型: Article
• 署名作者: Kalaitzidakis, P; Kalyvitis, S
• 署名单位: University of Crete; Athens University of Economics & Business
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(02)00221-9
• 发表日期: 2004
• 页码: 695-712
• 关键词: endogenous growth; public capital; maintenance cost; optimal policy

摘要

An infrastructure-led growth model is constructed where the durability of public capital is endogenous and varies according to its usage and the level of maintenance expenditure. Policy changes in total expenditures and the maintenance share are shown to be important for the steady state and the dynamic behavior of the economy. The optimal (growth-maximizing) taxation burden which goes to both 'new' investment and maintenance expenditure is, in contrast to standard results from other growth models, larger than the elasticity of infrastructure in the production function. The optimal shares of maintenance expenditure and investment in 'new' capital, that ensure maximum utilization of public resources, are calculated. (C) 2003 Elsevier B.V. All rights reserved.