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首页> 外文期刊>Modern Economy >Are Foreign and Public Investment Spending Productive in the Argentine Case? A Single Break Unit Root and Cointegration Analysis, 1960-2010.
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Are Foreign and Public Investment Spending Productive in the Argentine Case? A Single Break Unit Root and Cointegration Analysis, 1960-2010.

机译：在阿根廷的案例中，外国和公共投资的支出有生产力吗？单中断单元的根与协整分析，1960-2010年。

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摘要

This paper addresses the important question of whether public investment spending and inward foreign direct investment (FDI) flows enhance economic growth and labor productivity in Argentina. The paper estimates a dynamic labor productivity function for the 1960-2010 period that incorporates the impact of public and private investment spending, the labor force, and export growth. Single break (Zivot-Andrews) unit root and cointegration analysis suggest that (lagged) increases in public investment spending on economic and social infrastructure have a positive and significant effect on the rate of labor productivity growth. In addition, the model is estimated for a shorter period (1970-2010) to capture the impact of inward FDI flows. The estimates suggest that (lagged) inward FDI flows have a positive and significant impact on labor productivity growth, while increases in the labor force have a negative effect. From a policy standpoint, the findings call into question the politically expedient policy in many Latin American countries, including Argentina during the 1990s and early 2000s, of disproportionately reducing public capital expenditures to meet reducetions in the fiscal deficit as a proportion of GDP. The results give further support to progrowth policies designed to promote public investment spending and attract inward FDI flows.
机译：本文探讨了一个重要问题，即公共投资支出和外来直接投资（FDI）流量是否能促进阿根廷的经济增长和劳动生产率。本文估计了1960-2010年期间动态的劳动生产率函数，其中包含了公共和私人投资支出，劳动力和出口增长的影响。单次中断（Zivot-Andrews）的单位根和协整分析表明，对经济和社会基础设施的公共投资支出的（滞后）增长对劳动生产率的增长具有积极而显着的影响。此外，估计该模型的时间较短（1970-2010年），以捕捉外国直接投资流入的影响。估计表明，（滞后）外国直接投资流入对劳动生产率的增长产生了积极而重大的影响，而劳动力的增加则产生了消极影响。从政策的角度来看，调查结果对包括拉丁美洲在1990年代和2000年代初期在内的许多拉丁美洲国家的政治权宜政策提出了质疑，该政策不成比例地减少了公共资本支出，以减少财政赤字占GDP的比例。结果为旨在促进公共投资支出和吸引外国直接投资流入的增长政策提供了进一步的支持。

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