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Are Public Investment Efficient in Creating Capital Stock in Developing Countries?

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Arestoff_Hurlin_2010.pdf (139.3Kb)
Date
2010-12
Dewey
Croissance et développement économiques
Sujet
Developing Countries; Capital Stocks; Public Capital
JEL code
E62; E22; C82
Journal issue
Economics Bulletin
Volume
30
Number
4
Publication date
12-2010
Article pages
3177-3187
Publisher
Vanderbilt University
URI
https://basepub.dauphine.fr/handle/123456789/5253
Collections
  • LEDa : Publications
Metadata
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Author
Arestoff, Florence
Hurlin, Christophe
Type
Article accepté pour publication ou publié
Abstract (EN)
In many poor countries, the problem is not that governments do not invest, but that these investments do not create productive capital. So, the cost of public investments does not correspond to the value of the capital stocks. In this paper, we propose an original non parametric approach to evaluate the efficiency function that links variations (net of depreciation) of stocks to public investments. We consider four sectors (electricity, telecommunications, roads and railways) of two Latin American countries (Mexico and Colombia). We show that there is a large discrepancy between the amount of investments and the value of increases in stocks.

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