Infrastructure, Growth, and Inequality : An Overview
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World Bank Group, Washington, DC
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Academics and policy makers have long
considered an adequate supply of infrastructure services to
be essential for economic development. This paper reviews
recent theoretical and empirical literature on the effects
of infrastructure development on growth and income
distribution. The theoretical literature has employed a
variety of analytical settings regarding the drivers of
income growth, the degree to which infrastructure represents
a public or a private good, and the extent of market
distortions, notably in capital markets. In turn, the
empirical literature has used various econometric
methodologies on time-series and cross-section macro and
microeconomic data to test for the effects of infrastructure
development. However, these empirical tests face challenging
issues of measurement, identification, and heterogeneity.
Overall, the literature finds positive effects of
infrastructure development on income growth and, more
tentatively, on distributive equity. Still, the precise
mechanisms through which these effects accrue, and their
full impact on welfare, remain relatively unexplored.
Palabras clave
ACCESS REGULATION, ACCOUNTING, AFFORDABILITY OF INFRASTRUCTURE SERVICES, AGRICULTURE, ASSETS, CAPITAL ACCUMULATION, CAPITAL EXPENDITURE, CAPITAL MARKETS, CAPITAL STOCK, COMPARATIVE ADVANTAGE, CONGESTION, CONSUMERS, COST OF CAPITAL, DEFICITS, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISTRIBUTION OF INCOME, DRIVERS, DYNAMIC ANALYSIS, ECONOMETRICS, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC LIFE, ECONOMIC REFORM, ECONOMIC SURVEYS, EIB, ELASTICITIES, ELASTICITY, ELASTICITY OF SUBSTITUTION, ELECTRICITY, EMERGING MARKETS, EMPLOYMENT, ENERGY EFFICIENCY, EXOGENOUS FACTORS, EXTERNALITIES, FINANCIAL INSTITUTIONS, FINANCING OF INFRASTRUCTURE, FISCAL POLICY, FIXED INPUTS, FUEL, GDP, GOVERNMENT INVESTMENT, GOVERNMENT SPENDING, GROWTH MODEL, GROWTH POLICIES, GROWTH RATE, HIGHWAY, HIGHWAYS, HUMAN CAPITAL, INCOME DISTRIBUTION, INCOME GROUPS, INCOME LEVELS, INEQUALITY MEASURES, INFRASTRUCTURE ASSETS, INFRASTRUCTURE CONGESTION, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE POLICIES, INFRASTRUCTURE PROVISION, INFRASTRUCTURE REFORM, INFRASTRUCTURE REHABILITATION, INFRASTRUCTURE SECTOR, INFRASTRUCTURE SERVICES, INFRASTRUCTURE SPENDING, INFRASTRUCTURE SUPPLY, INSURANCE, INVENTORY, LEVIES, LIVING STANDARDS, MACROECONOMICS, MARGINAL COSTS, MARGINAL PRODUCTIVITY, MARKET DISTORTIONS, METROPOLITAN AREAS, MOBILITY, OPEN ACCESS, PENALTIES, PER CAPITA INCOME, POLITICAL ECONOMY, POOR HOUSEHOLDS, POSITIVE EFFECTS, POWER, POWER SECTOR, PRIVATE CAPITAL, PRIVATE PROVIDERS, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PRODUCTION COSTS, PRODUCTION FUNCTION, PRODUCTION INPUTS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROFIT FUNCTIONS, PROVISION OF INFRASTRUCTURE, PUBLIC, PUBLIC ECONOMICS, PUBLIC ENTERPRISES, PUBLIC EXPENDITURE, PUBLIC FINANCE, PUBLIC GOOD, PUBLIC GOODS, PUBLIC INFRASTRUCTURE, PUBLIC INVESTMENT, PUBLIC INVESTMENT IN EDUCATION, PUBLIC PROCUREMENT, PUBLIC REVENUES, PUBLIC SECTOR, PUBLIC SERVICES, PUBLIC SPENDING, PUBLIC WORKS, RAILWAYS, REAL GDP, REAL INTEREST RATE, REGIONAL INFRASTRUCTURE, REGRESSION ANALYSIS, RETURN ON INVESTMENT, ROAD, ROAD BUILDING, ROAD IMPROVEMENT, ROAD NETWORK, ROAD QUALITY, ROAD TRANSPORT, ROADS, ROUTES, RURAL INFRASTRUCTURE, RURAL ROADS, SANITATION, TAX, TAXATION, TELECOMMUNICATIONS, TELECOMMUNICATIONS REFORM, TELECOMMUNICATIONS SERVICES, TELEPHONE NETWORKS, TOLL, TOLL ROADS, TRANSPORT, TRANSPORT INFRASTRUCTURE, TRANSPORT SERVICES, TRANSPORTATION, TRANSPORTATION SYSTEMS, URBAN ECONOMICS, UTILITIES, UTILITY PRIVATIZATION, UTILITY SERVICES, VARIABLE INPUTS, WAGES, WATER SERVICES, WEALTH