Infrastructure Investment and Spanish Economic Growth, 1850-1935
This paper analyzes the impact of infrastructure investment on Spanish economic growth between 1850 and 1935. Using new infrastructure data and VAR techniques, this paper shows that the growth impact of local-scope infrastructure investment was positive, but returns to investment in large nation-wid...
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| Tipo de recurso: | artículo |
| Estado: | Versión aceptada para publicación |
| Fecha de publicación: | 2007 |
| País: | España |
| Institución: | Universidad de Barcelona |
| Repositorio: | Dipòsit Digital de la UB |
| OAI Identifier: | oai:diposit.ub.edu:2445/39411 |
| Acceso en línea: | https://hdl.handle.net/2445/39411 |
| Access Level: | acceso abierto |
| Palabra clave: | Infraestructures (Transport) Xarxes de comunicacions Ferrocarrils Creixement econòmic Espanya Industrialització Transportation buildings Communication networks Railroads Economic growth Spain Industrialization |
| Sumario: | This paper analyzes the impact of infrastructure investment on Spanish economic growth between 1850 and 1935. Using new infrastructure data and VAR techniques, this paper shows that the growth impact of local-scope infrastructure investment was positive, but returns to investment in large nation-wide networks were not significantly different from zero. Two complementary explanations are suggested for the last result. On the one hand, public intervention and the application of non-efficiency investment criteria were very intense in large network construction. On the other hand, returns to new investment in large networks might have decreased dramatically once the basic links were constructed. |
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