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Produktivitäts- und Finanzierungseffekte öffentlicher Infrastrukturinvestitionen
Kellermann, Kersten | Schlag, Carsten
Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 3 : pp. 315–342
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Kersten Kellermann, Zürich
Carsten-Henning Schlag, Wiesbaden
References
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Abstract
Positive and Negative Output Effects of Public Infrastructure Investment
The government may contribute both positively and negatively to the growth of an economy. In our model we separately analyzed the opposing influences of public investments and the way of financing them. We use a neoclassical growth model that explicitly incorporates public capital to analyze the theoretical and empirical importance of public investments. The empirical results for old german Bundesländer between 1970 and 1994 suggests that the net productivity effects are positive. Debt-financing creates substantially higher crowding-out effects than does tax-financing of public investments.