Infrastructure and Development : A Critical Appraisal of the Macro Level Literature
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World Bank, Washington, DC
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This survey reviews the existing
macro-level empirical literature on the link between
infrastructure and development outcomes in a critical light.
After providing a general framework that casts the relevant
terms of the controversy on the real effect of
infrastructure on growth in the context of an aggregate
production function, it signals what are the relevant
empirical questions to be addressed. This guides the
systematic review of a number of empirical studies and the
discussion of the main econometric challenges to the
identification of the effect of infrastructure on output and
productivity. Finally, building on related research, in
particular in contract theory and political economy, the
paper spells out several promising research avenues.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, ACCOUNTING FRAMEWORK, ADB, ADVERSE SELECTION, AGRICULTURE, AIRPORTS, ALLOCATION, AUTOMOBILE, BOTTLENECKS, BUREAUCRACY, BUSINESS CYCLES, CAPITAL EXPENDITURES, CAPITAL INVESTMENT, CENTRAL BANK, COLLUSION, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSTANT RETURNS TO SCALE, CONTRACT ENFORCEMENT, COST OF CAPITAL, CURRENT EXPENDITURES, DEFICITS, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICIES, ECONOMETRIC ANALYSIS, ECONOMETRICS, ECONOMIC EFFICIENCY, ECONOMIC GEOGRAPHY, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC PERFORMANCE, ECONOMIC RESEARCH, ECONOMIC THEORY, ECONOMICS, ECONOMIES OF SCALE, ELASTICITIES, ELASTICITY, ELECTRICITY SERVICES, EMPLOYMENT, EXTERNALITIES, FINANCE INFRASTRUCTURE, FISCAL POLICY, FUTURE RESEARCH, GDP, GOVERNMENT EXPENDITURES, GROWTH RATE, GROWTH THEORY, HIGHWAY, HIGHWAY NETWORK, HIGHWAYS, HUMAN CAPITAL, INCOME, INCOME DISTRIBUTION, INCREASING RETURNS, INDUSTRIAL ECONOMICS, INEFFICIENCY, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE PROJECTS, INSURANCE, INSURANCE MARKETS, INTERNATIONAL TRADE, INVENTORIES, INVENTORY, INVESTMENT BANK, INVESTMENT IN ROADS, LATIN AMERICAN, LAWS, LDCS, MARGINAL BENEFITS, MARGINAL COSTS, MARGINAL PRODUCT, MARGINAL PRODUCTIVITY, MIDDLE EAST, MIDDLE INCOME COUNTRIES, MORAL HAZARD, NATURAL MONOPOLIES, NETWORK EXTERNALITIES, NETWORK EXTERNALITY, NORTH AFRICA, OWNERSHIP STRUCTURE, PER CAPITA INCOME, POLITICAL ECONOMY, POSITIVE EFFECTS, PRIVATE OWNERSHIP, PRIVATE SECTOR, PRIVATIZATION, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC ENTERPRISES, PUBLIC EXPENDITURES, PUBLIC GOOD, PUBLIC GOODS, PUBLIC POLICY, RAILROADS, REGULATORY FRAMEWORK, RETURN ON INVESTMENT, ROAD, ROAD INFRASTRUCTURE, ROAD INVESTMENT, ROADS, SANITATION, SAVINGS, SOUTH AMERICA, SPECIALIZATION, STOCKS, SUB-SAHARAN AFRICA, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TRAFFIC, TRAFFIC CONGESTION, TRANSPORT, TRANSPORT COSTS, TRANSPORT INFRASTRUCTURE, TRUE, UTILITY FUNCTION, VEHICLE, VEHICLE MANUFACTURERS, VETO, WAGES