A carregar...
Publicação
Comparing macroeconomic returns on human and public capital: an empirical analysis of the portuguese case (1960-2001)
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 652.43 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
The impact of human and public capital on growth is a major issue in economic theory and in policy evaluation. Using a cointegrated VAR, we estimate a Cobb-Douglas production function for Portugal with public and human capital. Return rates are then computed with and without dynamic feedbacks. Without these, human capital yields a return comparable to private investment, and smaller than public investment. Considering dynamic feedbacks, private capital responds positively to a shock in public capital, but negatively to a shock in human capital. Consequently, the dynamic feedbacks return on human capital is much lower than on public capital.
Descrição
Palavras-chave
Human Capital Public Capital Economic Growth Portugal
Contexto Educativo
Citação
Pina, Álvaro e Miguel St. Aubyn. 2004. "Comparing macroeconomic returns on human and public capital: an empirical analysis of the portuguese case (1960-2001)". Instituto Superior de Economia e Gestão - DE Working papers nº 7-2004/DE/UECE
Editora
ISEG – Departamento de Economia