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dc.creatorRamírez-Giraldo, María Teresa
dc.creatorEsfahani, Hadi Salehi
dc.date.created1999-06-16
dc.date.issued1999-06-16
dc.identifier.urihttp://repositorio.banrep.gov.co/handle/20.500.12134/5141
dc.description.abstractThe relationship between infrastructure capital and economic growth has been controversial. A number of empirical studies have found very high returns to infrastructure investment (Aschauer, 1989; Canning and Fay, 1993). But, the robustness of the results have been questioned in other empirical studies and surveys (Gramlich, 1994; Munnell, 1992).2 A major problem seems to be that interactions between infrastructure and GDP are mediated in the short run by a host of variables that cannot all be captured in statistical studies, and in the long run causality between infrastructure and GDP cannot be established. While infrastructure may give rise to higher productivity and output, past and future economic growth also tend to raise the demand for infrastructure services and induce increased supply.3 Moreover, infrastructure inadequacies may not have tangible output consequences in the short or medium run because infrastructure services have substitutes and the assets may be used with different intensities.4 As a result, the empirical basis of the case for high returns to infrastructure investment has been elusive.
dc.format.mimetypePDF
dc.language.isospa
dc.publisherBanco de la República
dc.relation.ispartofDocumentos de Trabajo
dc.relation.ispartofseriesBorradores de Economía
dc.relation.isversionofBorradores de Economía; No. 123
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.titleInfrastructure and economic growth
dc.typeWorking Paper
dc.subject.jelH54 - Infrastructures; Other Public Investment and Capital Stock
dc.subject.jelL9 - Industry Studies: Transportation and Utilities
dc.subject.jelL33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
dc.subject.jelO4 - Economic Growth and Aggregate Productivity
dc.subject.jelO57 - Comparative Studies of Countries
dc.subject.keywordEconomic
dc.subject.keywordGrowth
dc.subject.lembInfraestructura (Economía)
dc.subject.lembDesarrollo económico
dc.subject.lembCrecimiento económico
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaL9 - Estudios sectoriales: transportes y suministros básicos
dc.subject.jelspaO57 - Estudios comparativos por países
dc.subject.jelspaH54 - Infraestructuras; Otras inversiones públicas y stock de capital
dc.subject.jelspaL33 - Comparación entre empresas públicas, privadas e instituciones sin ánimo de lucro; Privatización; Subcontratación
dc.subject.jelspaO4 - Crecimiento económico y productividad agregada
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.relation.doihttps://doi.org/10.32468/be.123
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.numberBorrador 123
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/123.html
dc.identifier.handlehttp://hdl.handle.net/20.500.12134/5141
dc.creator.firmaMaría Teresa Ramírez-Giraldo
dc.source.handleRepecRePEc:bdr:borrec:123


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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit