Recently, a significant share of the empirical analysis on the impact of public capital on regional growth has used multivariate time-series frameworks based on vector autoregressive (VAR) models. Nevertheless, not as much attention has been dedicated to the analysis of the long-run determinants...

El objetivo de este informe es la estimación del valor del stock de capital en viviendas y en otras construcciones en España, así como su distribución territorial. En ambos casos la valoración se ha realizado utilizando precios de transacción, a diferencia de las investigaciones sobre el...

This paper examines the relationship between fiscal policy and regional business cycle fluctuations in Japan. In particular, we focus on the effects of “discretionary” changes in public investment, a portion of investment unrelated to the current state of macroeconomic circumstances. The...

Las ciudades tienen un rol fundamental en la economía colombiana, no solo concentran el 76% de la población sino que también son responsables del 85% del PIB del país. Además, de los beneficios económicos de las áreas urbanas, éstas están altamente correlacionadas con una mejor calidad...

Public spending on transportation and water infrastructure totaled $416 billion in 2014; about one-quarter of that spending came from the federal government. Adjusted to remove the effects of inflation in the prices of materials and other inputs, public purchases of infrastructure fell by 9 percent...

Does the positive correlation between infrastructure and productivity reflect causation? If so, in which direction? The author finds that, when growth in roads (the largest component of infrastructure) changes, productivity growth changes disproportionately in U.S. industries with more vehicles....

Many see the infrastructure lag as weighing heavily on recovery of competitiveness for Italy, and Southern Italy in particular. One of the possible reasons for this lag may be that Italy has invested less than other European countries over the past decades, and even less in the South. On the...

This paper highlights some drawbacks in the planning of infrastructures and public works in Italy. The major flaws lie in the overlapping of competences and failure to implement effective coordination mechanisms among the different levels of government, together with the lack of a clear...

We examine the empirical relationship between public investment and per capita income growth in the Spanish regions over 1965-1997. Using a neoclassical growth model with public and human capital, a convergence equation is derived and estimated using panel data techniques. Besides providing...

Latent budget analysis is a classification technique that allows clustering identification by using compositional data. This paper presents examples of how this technique deals with the unit-sum constraint by establishing an initial independence model to which subsequent models are compared in...