Is Infrastructure Capital Productive? A Dynamic Heterogeneous Approach
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