The impact of public capital and public investment on economic growth: an empirical investigation

in this anicle we measure the impact of public sector capital and investment on economic growth. Initially, traditional growth accounting regressions are run for a cross-country data set. A simple endogenous growth model is then constructed in order to take into account the determinants of labor, private capital and public capital. In both cases, public capital is a separate argument of the production function. An additional data-set constructed with quarterly American data was used in the estimations of the growth mode!. The results indicate lhat public capital and public investment play a significant role in determining growth rates and have a significant impact on capital and labor returns. Furthermore, the impact of public investment on productivity growth was found to be positive and always significant for bolh samples. Hence. in a fully optimizing modelo we confmn previous results in the literature that lhe failure of public investment to keep pace with output growlh during the Seventies and Eighties may have played a major role in the slowdown of lhe productivity growth in the period. Anolher main outcome concems the output elasticity wilh respect to public capital. The coefficiem estimates are always positive and significant but magnitudes depend on each of lhe two data set used.

Growth and exchange rate volatility: a panel data analysis

The aim of this article is to assess the role of real effective exchange rate volatility on long-run economic growth for a set of 82 advanced and emerging economies using a panel data set ranging from 1970 to 2009. With an accurate measure for exchange rate volatility, the results for the two-step system GMM panel growth models show that a more (less) volatile RER has significant negative (positive) impact on economic growth and the results are robust for different model specifications. In addition to that, exchange rate stability seems to be more important to foster long-run economic growth than exchange rate misalignment

Public debt and the limits of fiscal policy to increase economic growth

Research that seeks to estimate the effects of fiscal policies on economic growth has ignored the role of public debt in this relationship. This study proposes a theoretical model of endogenous growth, which demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth. This occurs because government indebtedness extracts part of the savings of the young to pay interest on the debts of the older generation, who are no longer saving. Therefore, the payment of debt interest assumes an allocation exchange role between generations that is similar to a pay-as-you-go pension system, which results in changes in the savings rate of the economy. The major conclusions of the theoretical model were tested using an econometric model to provide evidence for the validity of this conclusion. Our empirical analysis controls for timeinvariant, country-specific heterogeneity in the growth rates. We also address endogeneity issues and allow for heterogeneity across countries in the model parameters and for cross-sectional dependence.

Growth,distribution and school policy

This paper investigates the relationship between growth, income inequality, and educational policies. An endogenous growth model is built in which there are two types of labor, skilled and unskilled, and the quality of the labor force (measured by the fraction of skilled workers) will ultimately determine the economic growth rate. We show that multi pIe inequality and growth paths may arise. Countries will not necessarily converge to the same economic growth and income distribution. When the proportion of skilled workers is low, the economy grows slow, and the Gini coeflicient is high. Low expected growth rate inhibits investments in human capital and the quality of the labor force tomorrow turns out to be low again, keeping the economy in the bad equilibrium. We then analyze the effects on growth and inequality of two types of government intervention: introduction of public schools and vouchers. Both types can induce the economic agents to invest more in education. The consequence will be an increase in the quality of the labor force, leading to higher growth rates and less inequality. Finally, we examine the welfare consequences of these interventions and conclude that they may be Pareto improving.

Demand- side resistance to creative destruction in schumpeterian growth theory

The Schumpelerian model of endogeno~s growlh is generalized with lhe introduction of stochastic resislance. by agenls other Ihan producers. to lhe innovations which drive growth. This causes a queue to be formcd of innovations, alrcady discovered, bUI waiting to be adopled~ A slationary stochastic equilibrium (SSE) is obtained when the queue is stable~ It is shown that in the SSE, such resistance will always reduce lhe average growth iate hut it may increa~e wclfare in certain silualions. In an example, Ihis is when innovatiuns are small anti monopoly power great. The cont1icl hetween this welfare motive for resistance and those of rent-seeking innovalors.may well explain why growth rates differ.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Environmental policy and growth when inputs are differentiated in pollution intensity

Environmental policy affects the distribution of market shares if intermediate goods are differentiated in their pollution intensity. When innovations are environment-friendly, a tax on emissions skews demand towards new goods which are the most productive. In this case, the tax has to increase along a balanced growth path to keep the market shares of goods of different vintages constant. Comparing balanced growth paths, we find that an increase in the burden of environmental taxation spurs innovation because it increases the market share of recent vintages. As a result the cost of environmental policy in terms of slower growth is weaker and may even be absent.

Impactos da política fiscal e tributária no crescimento econômico

Utilizando uma adaptação do modelo de Telles e Mussolini (2014), o presente trabalho busca discutir as caracterizações da matriz tributária, discutindo como as variações na matriz tributária podem impactar na política fiscal. Discute-se com base na diferenciação dos impostos em cinco grupos, a saber: impostos sobre salários, impostos sobre investimentos, impostos sobre consumo, impostos sobre renda e riqueza, e impostos sobre comércio internacional, a partir dos quais argumenta-se quais seus impactos para a política fiscal, para a interação das variáveis econômicas e a evolução destas variáveis, assim como a relação entre a preferência por uma determinada estrutura tributária e o endividamento de um país. Após a discussão teórica, faz-se uma análise descritiva da evolução destas variáveis tributárias para cada categoria de tributo, relacionando a sua evolução no tempo para um grupo de 64 países, tomados a partir do trabalho de Telles e Mussolini (2014), assim como relacionando a sua evolução intertemporal. Por fim, faz-se uma análise da estrutura tributária destes países, discutindo, na análise dos dados em painel, os resultados para as estimativas em modelos de efeitos fixos e efeitos aleatórios, os resultados da estimação pelo modelo Arellano-Bond, e utilizando-se a abordagem instrumental pelo Método Generalizado dos Momentos, onde se conclui que a taxação sobre a riqueza e a taxação sobre o comércio internacional com fins de financiar o excesso de gastos do governo impacta de forma negativa na trajetória de crescimento, entre outros resultados.

Age and growth of the Scalloped Hammerhead shark, Sphyrna lewini (Griffith and Smith, 1834), from the southern Brazilian coast

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Characterization, feasibility and optimization of Agaricus subrufescens growth based on chemical elements on casing layer

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Reforms and growth in Latin America

Includes bibliography

Brazil’s Northeast Financing Constitutional Fund: Differentiated effects on municipal economic growth

This article investigates the effects of the investments made by the Northeast Financing Constitutional Fund (FNE) on the economic growth of that region's municipalities in the decade of 2000. To that end, it uses an empirical framework based on growth models that make it possible to form convergence clubs according to the municipalities' initial development level. The results corroborate the empirical strategy and reveal the existence of four groups of municipalities, in which investment flows through the FNE have different effects on growth. In general, the FNE produces positive and significant effects in most municipalities of the Northeast, except for those whose gross domestic product (GDP) per capita was either very low or very high at the start of the decade, in which case its effects are not significant.

Growth curve of female collared peccaries (Pecari tajacu) raised in captivity in the Brazilian Amazon Region

Com o objetivo de ajustar modelos não-lineares, foram utilizados registros mensais do peso de 10 fêmeas de cateto (Pecari tajacu) coletados durante dois anos, no criatório do campo experimental Álvaro Adolfo da Embrapa Amazônia Oriental, Belém, PA. Utilizaram-se os modelos de Von Bertalanffy, Brody, Gompertz e Logístico. Os parâmetros foram estimados usando o procedimento NLIN do aplicativo SAS. Os critérios utilizados para verificar o ajuste dos modelos foram: desvio padrão assintótico (ASD); coeficiente de determinação (R²); desvio médio absoluto dos resíduos (ARD) e o índice assintótico (AR). Os modelos Brody e Logístico estimaram, respectivamente, o maior (19,44kg) e o menor (19,18kg) peso assintótico (A), caracterizando a menor (0,0064kg/dia) e a maior (0,0113kg/dia) taxa de maturação (K), haja vista a natureza antagônica entre estes parâmetros, comprovada pela correlação fenotípica variando entre -0,75 à -0,47. O modelo Brody estimou o menor valor para o ARD, fator limitante para caracterizar o menor valor para o AR por este modelo. Considerando o AR, o modelo Brody apresentou o melhor ajuste, contudo, pelos valores encontrados, os demais modelos também apresentaram ajuste adequando aos dados ponderais da referida espécie/sexo. Com base no AR adotado neste trabalho, recomenda-se o modelo Brody para ajustar a curva de crescimento de fêmeas de cateto (Pecari tajacu). Em razão dos valores estimados, sobretudo, para a K, essa característica pode ser incluída em um índice de seleção. Contudo, estudos com grupos mais representativos e criados em outras condições se faz oportuno.

Educational Investment, Family Context, and Children’s Math and Reading Growth from Kindergarten through the Third Grade

Drawing on longitudinal data from the Early Childhood Longitudinal Study, Kindergarten Class of 1998–1999, this study used IRT modeling to operationalize a measure of parental educational investments based on Lareau’s notion of concerted cultivation. It used multilevel piecewise growth models regressing children’s math and reading achievement from entry into kindergarten through the third grade on concerted cultivation and family context variables. The results indicate that educational investments are an important mediator of socioeconomic and racial/ethnic disparities, completely explaining the black-white reading gap at kindergarten entry and consistently explaining 20 percent to 60 percent and 30 percent to 50 percent of the black-white and Hispanic-white disparities in the growth parameters, respectively, and approximately 20 percent of the socioeconomic gradients. Notably, concerted cultivation played a more significant role in explaining racial/ethnic gaps in achievement than expected from Lareau’s discussion, which suggests that after socioeconomic background is controlled, concerted cultivation should not be implicated in racial/ethnic disparities in learning.

Modeling the growth rate and lag time of different strains of Salmonella enterica and Listeria monocytogenes in ready-to-eat lettuce

The growth parameters (growth rate, mu and lag time, lambda) of three different strains each of Salmonella enterica and Listeria monocytogenes in minimally processed lettuce (MPL) and their changes as a function of temperature were modeled. MPL were packed under modified atmosphere (5% O-2, 15% CO2 and 80% N-2), stored at 7-30 degrees C and samples collected at different time intervals were enumerated for S. enterica and L monocytogenes. Growth curves and equations describing the relationship between mu and lambda as a function of temperature were constructed using the DMFit Excel add-in and through linear regression, respectively. The predicted growth parameters for the pathogens observed in this study were compared to ComBase, Pathogen modeling program (PMP) and data from the literature. High R-2 values (0.97 and 0.93) were observed for average growth curves of different strains of pathogens grown on MPL Secondary models of mu and lambda for both pathogens followed a linear trend with high R2 values (>0.90). Root mean square error (RMSE) showed that the models obtained are accurate and suitable for modeling the growth of S. enterica and L monocytogenes in MP lettuce. The current study provides growth models for these foodborne pathogens that can be used in microbial risk assessment. (C) 2011 Elsevier Ltd. All rights reserved.