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Infrastructure and economic growth
dc.creator | Ramírez-Giraldo, María Teresa |
dc.creator | Esfahani, Hadi Salehi |
dc.date.created | 1999-06-16 |
dc.date.issued | 1999-06-16 |
dc.identifier.uri | https://repositorio.banrep.gov.co/handle/20.500.12134/5141 |
dc.description.abstract | The 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.mimetype | |
dc.language.iso | spa |
dc.publisher | Banco de la República |
dc.relation.ispartof | Documentos de Trabajo |
dc.relation.ispartofseries | Borradores de Economía |
dc.relation.isversionof | Borradores de Economía; No. 123 |
dc.rights.accessRights | Open Access |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/ |
dc.title | Infrastructure and economic growth |
dc.type | Working Paper |
dc.subject.jel | H54 - Infrastructures; Other Public Investment and Capital Stock |
dc.subject.jel | L9 - Industry Studies: Transportation and Utilities |
dc.subject.jel | L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out |
dc.subject.jel | O4 - Economic Growth and Aggregate Productivity |
dc.subject.jel | O57 - Comparative Studies of Countries |
dc.subject.keyword | Economic |
dc.subject.keyword | Growth |
dc.subject.lemb | Infraestructura (Economía) |
dc.subject.lemb | Desarrollo económico |
dc.subject.lemb | Crecimiento económico |
dc.type.spa | Documentos de trabajo |
dc.rights.spa | Acceso abierto |
dc.rights.cc | Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0 |
dc.subject.jelspa | L9 - Estudios sectoriales: transportes y suministros básicos |
dc.subject.jelspa | O57 - Estudios comparativos por países |
dc.subject.jelspa | H54 - Infraestructuras; Otras inversiones públicas y stock de capital |
dc.subject.jelspa | L33 - Comparación entre empresas públicas, privadas e instituciones sin ánimo de lucro; Privatización; Subcontratación |
dc.subject.jelspa | O4 - Crecimiento económico y productividad agregada |
dc.type.hasversion | Published Version |
dc.coverage.sucursal | Bogotá |
dc.relation.doi | https://doi.org/10.32468/be.123 |
dc.rights.disclaimer | Las 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.repec | https://ideas.repec.org/p/bdr/borrec/123.html |
dc.identifier.handle | https://hdl.handle.net/20.500.12134/5141 |
dc.creator.firma | María Teresa Ramírez-Giraldo |
dc.source.handleRepec | RePEc:bdr:borrec:123 |
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