Social capital, government expenditures, and growth

Supplementary materials files: online appendix; replication data.

Detalles Bibliográficos
Autores: Ponzetto, Giacomo A. M., Troiano, Ugo Antonio
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2025
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:10230/70228
Acceso en línea:http://hdl.handle.net/10230/70228
http://dx.doi.org/10.1093/jeea/jvae043
Access Level:acceso embargado
Palabra clave:Social capital
Education expenditure
Economic growth
Elections
Government expenditure
Imperfect information
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spelling Social capital, government expenditures, and growthPonzetto, Giacomo A. M.Troiano, Ugo AntonioSocial capitalEducation expenditureEconomic growthElectionsGovernment expenditureImperfect informationSupplementary materials files: online appendix; replication data.This paper shows that social capital increases economic growth by raising government investment in human capital through better political incentives and selection. We provide empirical evidence that a greater share of output is spent on public education where social capital is higher, both across countries and across U.S. states. We develop a theoretical model of stochastic endogenous growth with imperfect political agency. Only some people correctly anticipate the future returns to current spending on public education. Greater social diffusion of information makes this knowledge more widespread among voters. As a result, social capital alleviates myopic political incentives to underinvest in human capital. It also helps voters select politicians who ensure high productivity in public education. Through this mechanism, we show that social capital raises the equilibrium growth rate of output and reduces its volatility.We are grateful for their helpful comments to Jordi Galí, Jim Hines, Joel Slemrod, and seminar participants at the Catholic University of Milan, CRENoS, ESSIM, the RES, the SED, and the Universities of Bozen/Bolzano, California Riverside, Glasgow, Kentucky, Michigan and Paris 1 Panthéon–Sorbonne. Ponzetto acknowledges financial support from the Spanish Ministry of Science and Innovation (grant JCI-2010-08414), the Spanish Ministry of Economy and Competitiveness and its Severo Ochoa Programme for Centres of Excellence in R&D (grants SEV-2011-0075, RYC-2013-12838, ECO-2014-59805-P and SEV-2015-0563), the Government of Catalonia and its CERCA Programme (grants 2009 SGR 1157 and 2014 SGR 830), and the BBVA Foundation through its first grant for Researchers, Innovators and Cultural Creators. Troiano acknowledges financial support from the University of Michigan, the Harvard Department of Economics, the Harvard Multidisciplinary Program in Inequality and Social Policy, and the Bank of Italy. We thank Dante Donati, Chiara Ferrero, and Alex Wolfe for research assistance. The opinions expressed in this project belong to the authors and the BBVA Foundation is not responsible for them. Ponzetto is a CEPR Research Fellow.Oxford University Press20252025infoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfapplication/pdfapplication/pdfhttp://hdl.handle.net/10230/70228http://dx.doi.org/10.1093/jeea/jvae043reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésJournal of the European Economic Association. 2025 Apr;23(2):632-81info:eu-repo/grantAgreement/ES/1PE/ECO-2014-59805-P© Oxford University Press. This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of the European Economic Association following peer review. The version of record Ponzetto GAM, Troiano UA. Social capital, government expenditures, and growth. J Eur Econ Assoc. 2025 Apr;23(2):632-81. DOI: 10.1093/jeea/jvae043 is available online at: https://academic.oup.com/jeea/article/23/2/632/7720519 and https://doi.org/10.1093/jeea/jvae043.info:eu-repo/semantics/embargoedAccessoai:recercat.cat:10230/702282026-05-29T05:05:01Z
dc.title.none.fl_str_mv Social capital, government expenditures, and growth
title Social capital, government expenditures, and growth
spellingShingle Social capital, government expenditures, and growth
Ponzetto, Giacomo A. M.
Social capital
Education expenditure
Economic growth
Elections
Government expenditure
Imperfect information
title_short Social capital, government expenditures, and growth
title_full Social capital, government expenditures, and growth
title_fullStr Social capital, government expenditures, and growth
title_full_unstemmed Social capital, government expenditures, and growth
title_sort Social capital, government expenditures, and growth
dc.creator.none.fl_str_mv Ponzetto, Giacomo A. M.
Troiano, Ugo Antonio
author Ponzetto, Giacomo A. M.
author_facet Ponzetto, Giacomo A. M.
Troiano, Ugo Antonio
author_role author
author2 Troiano, Ugo Antonio
author2_role author
dc.subject.none.fl_str_mv Social capital
Education expenditure
Economic growth
Elections
Government expenditure
Imperfect information
topic Social capital
Education expenditure
Economic growth
Elections
Government expenditure
Imperfect information
description Supplementary materials files: online appendix; replication data.
publishDate 2025
dc.date.none.fl_str_mv 2025
2025
info
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10230/70228
http://dx.doi.org/10.1093/jeea/jvae043
url http://hdl.handle.net/10230/70228
http://dx.doi.org/10.1093/jeea/jvae043
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Journal of the European Economic Association. 2025 Apr;23(2):632-81
info:eu-repo/grantAgreement/ES/1PE/ECO-2014-59805-P
dc.rights.none.fl_str_mv info:eu-repo/semantics/embargoedAccess
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application/pdf
application/pdf
dc.publisher.none.fl_str_mv Oxford University Press
publisher.none.fl_str_mv Oxford University Press
dc.source.none.fl_str_mv reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
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