Per citar aquest document: http://ddd.uab.cat/record/44354
On the regional impact of public capital formation in Spain
Pereira, Alfredo M.
Roca i Sagalés, Oriol (Universitat Autònoma de Barcelona. Departament d'Economia Aplicada)
Universitat Autònoma de Barcelona. Departament d'Economia Aplicada

Data: 2006
Descripció: 37 p.
Col·lecció: Document de treball (Universitat Autònoma de Barcelona. Departament d'Economia Aplicada) ; 0305
Resum: The objective of this paper is to investigate, in a methodologically consistent manner, the regional effects of public capital formation and the possible existence of regional spillover effects in Spain. The empirical results are based on VAR estimates at both the aggregate and regional levels using output, employment, and private capital, as well as different measures of public capital. Empirical results suggest that public capital affects output positively at the aggregate level as well as in all but one region. For most regions, the effects of public capital installed in the region itself are important but the spillover effects induced from public capital installed elsewhere are also very important. In fact, the spillover effects account for over half of the total effects of public capital formation in Spain. Furthermore, these spillover effects have a clear geographical pattern in that they tend to be more important in the peripheral regions of the country. We also find that relative to their share of the Spanish output, the biggest beneficiaries of public capital formation are the largest regions in the country. This suggests that public capital formation has contributed to concentration of output in these regions. Finally, in terms of the effects of public capital formation on the private inputs we find that both private capital and employment are affected positively at the aggregate level as well as for most of the regions. Nevertheless, the effects on private capital seem to be larger. Also, the spillover effects are very important for private capital but not for employment. This reflects a great degree of dynamism and mobility in the capital markets as opposed to the labor markets.
Drets: Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús Creative Commons
Llengua: Anglès.
Document: workingPaper
Matèria: Despeses públiques ; Espanya ; Planificació regional

Adreça alternativa: http://hdl.handle.net/2072/2096


37 p, 962.3 KB

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