The effects of public infrastructure capital on the economic development and productivity of the metropolitan and peripheral regions of Greece 1976-1992

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Duality theory and cost function analysis in a regional context: the impact of public infrastructure capital in the Greek regions

The resurgent interest in the role of infrastructure on development, spurred by the work on Aschauer in the late eighties, has produced a voluminous research activity, both at national and regional levels. Even though the majority of this research is based on production function analysis, more recently has emerged the alternative analytical framework of duality theory and cost function analysis. The latter is utilised here, in an effort to investigate public capital's impact on manufacturing at the regional level (Greek prefectures). Public capital categories have been grouped to two major categories of 'productive' and 'social' infrastructure. The latter seems to play little role in reducing private costs, but the former appears to be an important cost reduction influence. It can also be demonstrated that infrastructure has a substitutional relationship with labour and intermediate inputs, and a complementary one with private capital

Regional economic development, human capital and transport infrastructure in Greece: The role of geography

This chapter discusses the impact of human capital endowment and transport infrastructure on regional economic development and growth in Greece. The relationship between regional development, human capital and transport infrastructure is far less direct and is, indeed, complex. Geography plays an important role in the functioning and performance of regional economies in general, and the Greek economy in particular. Both first nature of geography factors (i.e., physical geography of regions) and second nature of geography factors (i.e., geography of distance between economic agents) moderate this relationship. This chapter also draws out a number of implications with regard to the role of regional economic policy. © 2017, Springer International Publishing AG

Promoting regional economic growth in Greece by investing in public infrastructure

The role of public infrastructure capital in the development process, either at national or at regional levels, was a relatively neglected area of research until recently. The innovatory work of Aschauer, and the ensuing debate between himself, Munnell, and Holtz-Eakin regarding the role of infrastructure in the development process in the USA, has spawned much interest in the issue. The authors aim to assess the impact of public capital on Greek manufacturing industries, especially focused at the regional scale. Capital stocks were estimated for the private and public sectors and Cobb-Douglas production functions were used in the analytical framework. The results suggest that the role of private capital in economic development in recent times has been marginal, as private investment has declined, whereas the role of labour and public capital has been both positive and significant. The authors segregate public capital into 'productive' and 'social' infrastructure; they argue that when productive infrastructure makes a positive contribution to production output, the impact of social infrastructure is insignificant and/or negative in most cases. The network effects of infrastructure are also estimated