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Public investment and convergence in the Spanish regions

González Páramo, José Manuel ; Martínez López, Diego

Dokument 1.pdf (298 KB)

SWD-Schlagwörter: Spanien , Öffentliche Investition , Wirtschaftswachstum , Panelanalyse
Freie Schlagwörter (Englisch): Public investment, convergence, panel data.
BK - Klassifikation: 83.64
Sondersammelgebiete: 7.34 Spanien, Portugal
DDC-Sachgruppe: Wirtschaft
Dokumentart: Bericht / Forschungsbericht / Abhandlung
Schriftenreihe: Estudios sobre la Economía Española
Bandnummer: 112
Sprache: Englisch
Erstellungsjahr: 2002
Publikationsdatum: 03.12.2012
Kurzfassung auf Englisch: This paper studies the empirical relationships that have settled down in the Spanish regions between public investment and per capita income growth over period 1965-1995. From a neoclassical growth model with public and human capital, we derive a convergence equation that is estimated through panel data techniques. Besides providing evidence in favour of the conditional convergence hypothesis, the results show a negative effect of productive public investment on the rate of regional economic growth. On the other hand, public investment in education, although not very significant, and public resources devoted to health investment offer a positive correlation with the increment of per capita income. Alternative estimates to dealt with the possible endogeneity of some variables as well as changes in the specification confirm the thick of the previous results.

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