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2009•Journal of Shanxi Finance and Economics UniversityRequires access

Empirical Research on the Effects of Public Investment to Economic Growth

Sun Min

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Abstract

This article focuses on the Empirical Research about the effects of public investment to economic growth,using econometric tools of cointegration analysis,VECM,impulse response and residual decomposition.Our results indicate: public investment,including public material investment,public labor investment and public RD investment,has positive long-term equilibrium relation with GDP;impulse response of GDP to the public investment shock is positive,while to the RD investment is negative;RD investment does not Granger cause GDP.So the authors suggest pay more attention to adding investment on technology,education and healthcare,while adjusting structure of public investment.

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What this paper is about

This article focuses on the Empirical Research about the effects of public investment to economic growth,using econometric tools of cointegration analysis,VECM,impulse response and residual decomposition.Our results indicate: public investment,including public material investment,public labor investment and public RD investment,has positive long-term equilibrium relation with GDP;impulse response of GDP to the public investment shock is positive,while to the RD investment is negative;RD investment does not Granger cause GDP.So the authors suggest pay more attention to adding investment on technology,education and healthcare,while adjusting structure of public investment.

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Available abstract

This article focuses on the Empirical Research about the effects of public investment to economic growth,using econometric tools of cointegration analysis,VECM,impulse response and residual decomposition.Our results indicate: public investment,including public material investment,public labor investment and public RD investment,has positive long-term equilibrium relation with GDP;impulse response of GDP to the public investment shock is positive,while to the RD investment is negative;RD investment does not Granger cause GDP.So the authors suggest pay more attention to adding investment on technology,education and healthcare,while adjusting structure of public investment.

Key concepts: Economics, Gross private domestic investment, Public investment, Cointegration, Investment (military), Open-ended investment company, Shock (circulatory), Return on investment

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