Public infrastructure and private output: an application to Greece

Mamatzakis, Emmanuel (2002) Public infrastructure and private output: an application to Greece. Journal of Economic Development, 27 (2). pp. 143-160. ISSN 0254-8372

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Recently, it has been announced by economic policy makers, that Greece’s ambition for the 21st century is to become a business and transport hub, linking south-east Europe with
EU markets. Undoubtedly, public infrastructure plays a determinant role in fulfilling these expectations and plans. Nevertheless, the impact of public infrastructure on Greek economy has rarely been systematically examined at an empirical level. In this paper we take into account some of the points of the underlying criticism in the literature to empirically investigate the possible links between public infrastructure and Greek productivity. More precisely, we use cointegration techniques and vector autoregression (VAR) analysis in order to derive the long run relationship and the short run dynamics between public infrastructure and private output. Our results indicate that a one percent increase in public infrastructure enhances the productivity of the Greek industrial sector by 0.14 percent.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Business and Management
Subjects: H Social Sciences
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Date Deposited: 13 Jul 2012 08:11
Last Modified: 13 Jul 2012 08:11
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