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  • 1
    Online Resource
    Online Resource
    Is Infrastructure Capital Productive : A Dynamic Heterogeneous Approach (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (34 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Calderón, César Is Infrastructure Capital Productive
    Abstract: This paper offers an empirical evaluation of the output contribution of infrastructure. Drawing from a large data set on infrastructure stocks covering 88 countries and spanning the years 1960-2000, and using a panel time-series approach, the paper estimates a long-run aggregate production function relating GDP to human capital, physical capital, and a synthetic measure of infrastructure given by the first principal component of infrastructure endowments in transport, power, and telecommunications. Tests of the cointegration rank allowing it to vary across countries reveal a common rank with a single cointegrating vector, which is taken to represent the long-run production function. Estimation of its parameters is performed using the pooled mean group estimator, which allows for unrestricted short-run parameter heterogeneity across countries while imposing the (testable) restriction of long-run parameter homogeneity. The long-run elasticity of output with respect to the synthetic infrastructure index ranges between 0.07 and 0.10. The estimates are highly significant, both statistically and economically, and robust to alternative dynamic specifications and infrastructure measures. There is little evidence of long-run parameter heterogeneity across countries, whether heterogeneity is unconditional, or conditional on their level of development, population size, or infrastructure endowments
    DOI: 10.1596/1813-9450-5682
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Infrastructure, Growth, and Inequality : An Overview (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (29 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Calderón, César Infrastructure, Growth, and Inequality
    Abstract: Academics and policy makers have long considered an adequate supply of infrastructure services to be essential for economic development. This paper reviews recent theoretical and empirical literature on the effects of infrastructure development on growth and income distribution. The theoretical literature has employed a variety of analytical settings regarding the drivers of income growth, the degree to which infrastructure represents a public or a private good, and the extent of market distortions, notably in capital markets. In turn, the empirical literature has used various econometric methodologies on time-series and cross-section macro and microeconomic data to test for the effects of infrastructure development. However, these empirical tests face challenging issues of measurement, identification, and heterogeneity. Overall, the literature finds positive effects of infrastructure development on income growth and, more tentatively, on distributive equity. Still, the precise mechanisms through which these effects accrue, and their full impact on welfare, remain relatively unexplored
    DOI: 10.1596/1813-9450-7034
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    External Sustainability : A Stock Equilibrium Perspective (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman External Sustainability
    Keywords: Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks
    Abstract: The 1994 crisis in Mexico, developments in East Asia, and persistent turmoil in world financial markets have dramatized the role of external imbalances in macroeconomic crises. Some believe that the current account should be kept from rising beyond a sustainable level, some that a current account surplus is the only solid external position. Can those rules of thumb be justified analytically? - Calderón, Loayza, and Servén consider external sustainability from the perspective of equilibrium in net foreign asset positions. Under their approach, an external situation is sustainable if it is consistent with international and domestic investors' achieving their desired portfolio allocation across countries. They develop a reduced-form model of net foreign asset positions whose long-run equilibrium condition expresses the ratio of net foreign assets to the total wealth of domestic residents as a negative function of investment returns in the country relative to the rest of the world, a positive function of investment risk, and an inverse function of the ratio of foreign-owned to domestically owned wealth. To estimate this equilibrium condition, the authors use a newly constructed data set of foreign asset and liability stocks for a large group of industrial and developing countries, from the 1960s to the present. They also develop summary measures of country returns and risks. Their econometric methodology is an application of the Pooled Mean Group estimator recently developed by Pesaran, Shin, and Smith (1999), which allows for unrestricted cross-country heterogeneity in short-term dynamics while imposing a common long-run specification. The estimation results lend considerable support to the model, especially when applied to countries with low capital controls or high or upper-middle income. The results for countries with high capital controls and, especially, lower-income countries are less supportive of the stock equilibrium model. As a byproduct of the model's estimation, the authors obtain estimates of the long-run equilibrium ratios of net foreign assets to wealth, conditional on the observed values of the country's relative returns, risks, and wealth. Then, for a selected group of industrial and developing countries, they evaluate the extent to which actual ratios diverge from their long-run counterparts - and hence the sustainability of current net foreign asset positions. This paper - a product of the Poverty Reduction and Economic Management Unit, Latin America and the Caribbean Region - is part of a larger effort to assess the sustainability of the external accounts of the major countries in the region. The authors may be contacted at nloayzacondor.bcentral.cl or lserven@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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