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The Effects of Public Capital on the Growth in Spanish Productivity
Author(s) -
Fernández Melchor,
MontuengaGómez Víctor M.
Publication year - 2003
Publication title -
contemporary economic policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.454
H-Index - 49
eISSN - 1465-7287
pISSN - 1074-3529
DOI - 10.1093/cep/byg019
Subject(s) - productivity , public capital , economics , capital (architecture) , capital deepening , public sector , agriculture , capital intensity , total factor productivity , physical capital , monetary economics , growth accounting , capital formation , fixed capital , labour economics , macroeconomics , financial capital , economy , human capital , market economy , production (economics) , public investment , geography , archaeology
The aim of the article is to provide new evidence concerning the effect of public capital on productivity growth in Spain. To this end, the article follows the growth accounting approach, which, in addition to measuring both the direct and indirect effects of public capital on the total factor productivity, allows for assessing whether there is a distinctive impact of public capital across economic sectors. The results lead to three main conclusions: (1) Public capital has a strong influence on growth when we use data from the whole economy; (2) this influence varies across sectors, being more relevant in the exposed sectors (industry) than in sheltered sectors (agriculture, construction, and services); and (3) irrespective of the definition used for public capital, these basic results remain unchanged. (JEL C30 , E62 , H54 , O47 , O52 )

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