The effects of public capital formation on economic growth: the case of Greece
1999
Ben-Nejma, W.
Using time series data and the Cobb-Douglas and the translog functional form, this study investigates to what extent public capital formation contributes to the sectoral economic growth in Greece. First, the Economy is analyzed as a whole, then a further analytical focus is applied to agricultural sector, the manufacturing sector and the services sector. The work examines in the first step, the sector variation of Gross Domestic Product, GPD, though historical periods based on the political situation. The results show that economic growth, through development planning in Greece, was successful according to the rate of growth of GPD in different sectors. The second part of this study consists of examining the effects of the components of public capital formation on the GPD, which involves application of the Seemingly Unrelated Regression, SUR, estimation to the whole system of equations.
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