Capital público y crecimiento económico regional: Un enfoque SVAR para las regiones Españolas

Translated title of the contribution: Public capital and regional economic growth: A SVAR approach for the Spanish regions

Miguel A. Márquez, Julián Ramajo, Geoffrey J.D. Hewings

Research output: Contribution to journalArticlepeer-review

Abstract

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 of regional growth processes using multi-region panel data and applying panel integration and co-integration techniques. This paper estimates the dynamic domestic effects of public infrastructure using a structural vector autoregressive (S-VAR) methodology for the Spanish regions. From a methodological point of view, the paper contains several features that can be viewed as a contribution to the existing empirical literature. First, the important issues of the stationarity of the data and the existence and estimation of cointegrating relationships in the long-run are addressed in the context of the analysis of panel data. Secondly, the long-run cointegrating production function is embedded within structural vector error correction (S-VEC) short-run models to produce consistent estimates of impulse responses, contrary to many researchers who have estimated unrestricted VAR models in levels or VAR models in first differences. The estimates reveal new results with respect to the previous empirical evidence.

Translated title of the contributionPublic capital and regional economic growth: A SVAR approach for the Spanish regions
Original languageSpanish
Pages (from-to)119-223
Number of pages105
JournalInvestigaciones Regionales
Issue number21
StatePublished - 2011

Keywords

  • Public capital
  • Regional growth
  • Spain
  • Var methodology

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Development
  • Economics, Econometrics and Finance(all)

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