Public capital, infrastructure and productivity in the Brazilian economy
Florissi, Stefano
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https://hdl.handle.net/2142/23255
Description
Title
Public capital, infrastructure and productivity in the Brazilian economy
Author(s)
Florissi, Stefano
Issue Date
1996
Doctoral Committee Chair(s)
Baer, Werner W.
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, General
Language
eng
Abstract
This dissertation tries to test, from the empirical evidence from Brazil, the validity or not of the inclusion of two new variables in the traditional neoclassical growth model: Public capital and infrastructure capital. We check for the stationarity of the data and run two models: One with public capital and another with public capital and infrastructure capital.
For our first model, we find that the public capital variable is not strongly significant (even considering that we have a multicollinearity problem) and that this significance is dependent on a constant return to scale assumption. In our second model, public capital is found to be even less significant. The infrastructure capital variable, on the other hand, not only is strongly significant but it is also independent of any extra assumption. When we test for causality we find that infrastructure is the only variable that causes future growth and that it is not caused by past growth. Given these results, we conclude that there are strong evidences of the importance of infrastructure capital, especially the energy subsector, in helping to promote economic growth.
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