The Causal Relationship between Equipment Investment and Infrastructures on Economic Growth in China
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http://dx.doi.org/10.1007/s11459-010-0110-4 |
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Title
The Causal Relationship between Equipment Investment and Infrastructures on Economic Growth in ChinaAuthor (s)
Date
2010Publisher
Higher Education Press; Springer-VerlagISSN
1673-3444Bibliographic citation
Frontiers of Economics in China (2010), 5, 4, p. 509–526Type
info:eu-repo/semantics/articlePublisher version
http://search.proquest.com/docview/923746557/fulltextPDF/13A5BA8771168AFDD3D/1?a ...Subject
Abstract
There is agreement in the literature on economic growth concerning the transitory effects of capital accumulation on the process of economic development. However, controversy arises if this effect is permanent. In ... [+]
There is agreement in the literature on economic growth concerning the transitory effects of capital accumulation on the process of economic development. However, controversy arises if this effect is permanent. In this sense, the key point is the embodied technological progress and whether supply factors predominate among the determinants of capital accumulation. Only in this case should expect long-run effects of capital accumulation on economic growth. Inspired by this idea, I focus the study on two elements accounting for economic development—equipment investment and productive infrastructure and I also analyze the type of the empirical relationship that exists between them. The results indicate that equipment investment and infrastructures have played a significant role in accounting for long-run growth in China. However, I do not find empirical evidence supporting any relationship between the two types of investment. In addition, I find that foreign trade has stimulated output and equipment investment in the long run. Finally, it is found that innovation activities encourage equipment investment in the long run. [-]
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© Higher Education Press and Springer-Verlag 2010
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