Aggregate infrastructure capital stock and long-run growth: Evidence from Finnish data

• 成果类型: Article
• 署名作者: Luoto, Jani
• 署名单位: University of Helsinki
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2010.02.001
• 发表日期: 2011
• 页码: 181-191
• 关键词: Aggregate infrastructure capital stock; Bayesian methods; Long-run output growth

摘要

In this paper, Bayesian methods and the Finnish aggregate infrastructure capital series from 1860 to 2003 are used to explore how government infrastructure policy affects long-run output growth. We use Finnish data, since to the best of our knowledge the Finnish land and water construction investments series is the best available sufficiently long time series on aggregate infrastructure investments. The Finnish data provide strong and robust evidence indicating that permanent changes in government infrastructure policy have permanent effects on the growth rate of output. (C) 2010 Elsevier B.V. All rights reserved.