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Public infrastructure and private economic performance: Evidence from United States panel data.

机译:公共基础设施和私人经济表现:来自美国面板数据的证据。

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摘要

Government can affect private economic activities through many means: the legal system and regulatory mechanisms, the tax and subsidy systems, lending and other monetary activities, and the services from public infrastructure. This dissertation investigates the potential contribution of public infrastructure to private economic activities. Importantly, this research attempts to provide an answer to the question: is public infrastructure undersupplied?;The contribution of different types of public infrastructure (i.e., highways and streets, water and sewer systems, and other public buildings) on private production is investigated using time-series and cross-sectional data of the 48 contiguous states over the period of 1970-1986. A Cobb-Douglas production function is estimated with unobserved state-specific effects. Measurement errors in the total public capital stock and its components are detected and rectified. It is found that water and sewer facilities (and in most cases, highways and streets) consistently provide productive contributions to private productivity.;This study also attempts to identify the contribution of different types of public infrastructure to regions and industries. The error component model is specified using the translog production function. The results show that regions and industries do not react uniformly to various types of public investment. For example, transportation infrastructure is more productive with respect to the agricultural sector in the Northeast than in any other regions and industries.;To answer the undersupply question, the short-run variable cost function is utilized. The system of first-order conditions is estimated by Iterative Seemingly Unrelated Regressions. The main result shows that both private and public capital have been under-capitalized in the sense that their long-run desired levels are greater than their actual levels. Finally, the internal rate of return to quasi-fixed inputs are provided.;In conclusion, the relationship between public infrastructure and private economic performance is a complex one. Nevertheless, the positive contribution of public capital is discovered. Both private and public capital have not reached their long-run equilibrium levels. However, this does not imply that the level total tangible capital level should be raised without a careful cost-benefit analysis.
机译:政府可以通过多种方式影响私人经济活动:法律制度和监管机制,税收和补贴制度,贷款和其他货币活动以及公共基础设施的服务。本文研究了公共基础设施对私人经济活动的潜在贡献。重要的是,本研究试图为以下问题提供答案:公共基础设施供应不足?;使用以下方法调查了不同类型的公共基础设施(即公路和街道,供水和下水道系统以及其他公共建筑)对私人生产的贡献。 1970-1986年期间48个连续州的时间序列和横截面数据。估计Cobb-Douglas生产函数具有未观察到的特定于状态的影响。检测并纠正公共资本总存量及其组成部分中的计量误差。发现水和下水道设施(在大多数情况下是高速公路和街道)一直为私人生产率提供生产性贡献。该研究还试图确定不同类型的公共基础设施对区域和产业的贡献。错误元素模型是使用translog生产函数指定的。结果表明,地区和行业对各种类型的公共投资反应不一致。例如,东北地区的农业运输基础设施比其他任何地区和行业的生产力更高。为了回答供不应求的问题,利用了短期可变成本函数。一阶条件系统是通过似乎似无关的迭代回归来估计的。主要结果表明,私人资本和公共资本的资本不足是因为它们的长期期望水平大于实际水平。最后,提供了准固定投入的内部收益率。总之,公共基础设施与私人经济绩效之间的关系是一个复杂的关系。然而,人们发现了公共资本的积极贡献。私人和公共资本均未达到长期均衡水平。但是,这并不意味着在不进行仔细的成本效益分析的情况下应提高总有形资本水平。

著录项

  • 作者

    Pinnoi, Nat.;

  • 作者单位

    Texas A&M University.;

  • 授予单位 Texas A&M University.;
  • 学科 Economics General.;Political Science Public Administration.
  • 学位 Ph.D.
  • 年度 1993
  • 页码 119 p.
  • 总页数 119
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-17 11:50:09

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