Search results for "Public investment"

BASIC RESEARCH AND DEVELOPMENT IN VERTICAL MARKETS*

2012

This paper considers the role of basic research and development (R&D) investment in vertical markets in which an incumbent owner of a basic technological input faces potential competition. We identify the conditions under which the socially optimal investment in basic research involves entry by new firms. Our main insight is that there is a role for public investment in R&D that appears to have been overlooked in the existing literature. This role draws on the idea that basic R&D adds to the credibility of the threat of the potential development of alternative technologies by reducing their implementation costs.

Micro-Economical Aspects of Public Projects: Impact Factors for Project Efficiency and Sustainability

2015

Project management approach in the public administration becoming gradually applied tool for implementation of different public programs and activities. Latvia has several methodological documentations to evaluate the possible benefits from infrastructure but still there is need for improvements as the only clear defined methodology is for transport sectors and those which have been provided by the European commission, but not always have been practically used in local municipalities’ project evaluations. Public projects, and planning for such projects, generally have the following characteristics: • Such projects are inherently risky due to long planning horizons and complex interfaces. • …

Spatial mismatch through local public employment agencies Answers from a French quasi-experiment Spatial Mismatch through Local Public Employment Age…

2015

Using the unanticipated creation of a new agency in the French region of Lyon as a quasi-natural experiment, we question whether distance to local public employment agencies (LPEAs) is a new channel for spatial mismatch. Contrary to past evidence based on aggregated data and consistently with the spatial mismatch literature, we find no evidence of a worker/agency spatial mismatch, which pleads for a resizing of the French LPEA network. However, echoing with the literature on the institutional determinants of the local public employment agencies' efficiency, we do find detrimental institutional transitory effects.

Impacto social de un gran evento deportivo: el Gran Premio de Europa de Fórmula 1. (Social impact of a major athletic event: The Formula 1 Grand Prix…

2012

The aim of this study was to analyse the residents´ perceptions of the impact of the Formula 1 Grand Prix of Europe after the first three races (2008, 2009 and 2010) in the city of Valencia. Therefore, we surveyed 1,065 residents to analyse their opinion of this event. Results indicate that aspects related to the economic benefits, the image, the athletic prestige, and opening the city up to the world are those which are rated the highest. However, aspects related to job creation, public investment, problems related to noise and traffic, public transportation and security, taking full advantage of and utility of infrastructure, and increase in sports practice and facilities are the worst ra…

The macroeconomic effects of public investment: Evidence from advanced economies

2015

This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting ou…

Gli squilibri territoriali e la distribuzione territoriale degli investimenti pubblici

2020

The well-known connection between investment, growth and development requires that a political strategy that aims to overcome ter- ritorial gaps must be based on a redistribution of public resources for investments that favor the least favored regions in an adequately effective and compensatory manner. The aim of this work is to evaluate the consequentiality of political choices in Italy over the twenty years with respect to the objective of territorial rebalancing. After introducing the topic and recalling the hypotheses of territorial convergence / divergence (sections 1 and 2), this article presents the recent empirical evidence on the territorial distribution of public expenditure in It…

Continuities and Discontinuities in the Economic Growth of Spain. 1850-1936

1998

The Spanish pattern of economic growth during the last two centuries is quite unique. In the nineteenth century, Spain remained outside the process of industrialization, but during the twentieth century it has joined the small group of developed economies. This article checks the possible existence of discontinuities between 1850-1936 in the series of PNB, industrial production and private and public investment by utilizing recent developments in the econometric analysis associated with the work of Perron and Ziwot and Andrews. The results confirm the continuity of the Spanish growth during the long period considered. However, they also show two breakpoint years: 1870 in the series of indus…

Public infrastructure investment and taxation: the case of transport policy in the European Union

2009

A macroeconomic analysis of the public investments in European combined transport

2009

Intermodal transport has been recognized as a priority by the European Union, that has defined different budget allocations of investments to improve the shifting from road to intermodal transport, which is more sustainable. In this context, the main aim of the paper is to discuss the macroeconomic effects, in terms of economic growth, welfare and trade, of these public investments for combined transport, which aspects have been neglected in literature. A multi-country computable general equilibrium model has been used. The main results have been that the European Union benefits from these investments, but at international level, USA and Japan would lose in terms of welfare. Furthermore, th…

Territorial Gap and Territorial Distribution of Public Investments in Italy

2021

The problem of regional imbalances is a central issue in the cohesion policy debate in Europe. This paper verifies whether the territorial dynamics of in-vestment (and especially of public investment) in Italy has satisfied the principle of territorial rebalancing between the Central-Northern areas and the “Mezzogiorno” regions. The empirical evidence produced by the analy-sis of the flows of capital expenditure of investments, using the data of the territorial public accounts system, shows that the territorial gaps in recent years have widened, penalizing the regions of the South. It is necessary to think of a differential dynamic in the overall territorial flows of invest-ments in order t…