Institutions, infrastructure, and economic growth

Esfahani, Hadi Salehi; Ramı́rez, Marı́a Teresa

doi:10.1016/s0304-3878(02)00105-0

Cited by 468 publications

(161 citation statements)

References 39 publications

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“…Therefore, coastal countries tend to have lower GDP growth per capita. Growth theory emphasises that when a country is landlocked, it tends to have high levels of GDP growth compared with coastal countries (Esfahani & Ramıŕez, 2003;Faye et al, 2004;Masjidi & Lahiri, 2012).…”

Section: Results Of the Efi Indexmentioning

confidence: 99%

The Impact of Corruption on Economic Growth in OIC Countries

Ertimi¹,

Dowa²,

Albisht³

et al. 2016

IJEF

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Economic growth in a country can be attributed to many variables, both positive and negative. Raising the level of human capital, openness and investment are examples of factors typically considered to have a positive impact on economic progress, while corruption is one of the factors that are often seen as detrimental to economic growth. The purpose of this study is to analyse whether the levels of perceived corruption in a cross-section of countries have affected their economic growth rates over the years [2003][2004][2005][2006][2007][2008][2009][2010]. The study is conducted with a regression on a sample of 14 countries and eight variables for the time period in question. The models are constructed on the basis of the endogenous growth theory. Results using economic freedom index (EFI) shows that corruption has a negative impact of economic growth in the countries in question.

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Section: Results Of the Efi Indexmentioning

confidence: 99%

The Impact of Corruption on Economic Growth in OIC Countries

Ertimi¹,

Dowa²,

Albisht³

et al. 2016

IJEF

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“…Economic infrastructure contributes to an economy's productive capacity and output, Calderon and Serven [51]; Esfahani and Ramirez [52], multifactor productivity and capital deepening, Mas, Maudos, Perez and Uriel [53]; Pereira and Andraz [4], and generates sustainable multipliers of economic activity, Paul [54]. Aghion and Jaravel [55] suggest public infrastructure has a positive effect on GDP that is not restricted to the creation of capital stock via economies of scale but is competition enhancing for the economy through the agency of network externalities.…”

Section: Infrastructure Investment and Economic Growthmentioning

confidence: 99%

“…Esfahani and Ramirez [52] found that the impact of infrastructure investment on growth is substantial when viewed against induced externalities such as the terms of trade, industry structure and specialization, the spatial distribution of industry and the efficiency of investment. Recent research by Ganelli and Tervala [68] adopted a New Keynesian general equilibrium model to show the welfare multipliers of public investment are positive at 0.8 suggesting the welfare gains of public infrastructure investment if implemented efficiently, could be substantial.…”

Section: Infrastructure Investment and Economic Growthmentioning

confidence: 99%

Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

Regan

2017

IJFS

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This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation's output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

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“…Moreover, the potential effect of infrastructure on economic growth depends, among others, on institutional characteristics (Esfahani and Ramírez, 2002). This is in particular relevant for Latin America, given its important gaps in infrastructure.…”

Section: Why the Transport Infrastructure Sector? Why Colombia?mentioning

confidence: 99%