Kiel Working Papers, Kiel Institute for World Economics
No 1224:
The Dynamic Effects of Public Capital: VAR Evidence for 22 OECD Countries
Christophe Kamps
Abstract: The issue of whether government capital is productive has
received a great deal of recent attention. Yet, empirical analyses of
public capital productivity have been limited to a small sample of
countries for which official capital stock estimates are available.
Building on a new database that provides internationally comparable capital
stock estimates, this paper estimates the dynamic effects of public capital
using the vector autoregressive (VAR) methodology for a large set of OECD
countries. The empirical results suggest that there is evidence for
positive output effects of public capital in OECD countries, but hardly any
evidence for positive employment effects.
Keywords: Public capital; VAR model; Cointegration; OECD countries; (follow links to similar papers)
JEL-Codes: C320; E600; H540; (follow links to similar papers)
31 pages, September 2004
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