Infrastructure, institutions and economic growth : a time-series study of the South African economy
Includes abstract. === Includes bibliographical references (leaves 39-43). === A growing empirical has analysed the historical relationship between infrastructure and output in South Africa, finding a broadly positive effect that operates largely via the marginal productivity of private capital. We...
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| Format: | Dissertation |
| Language: | English |
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University of Cape Town
2014
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| Online Access: | http://hdl.handle.net/11427/5787 |
| Summary: | Includes abstract. === Includes bibliographical references (leaves 39-43). === A growing empirical has analysed the historical relationship between infrastructure and output in South Africa, finding a broadly positive effect that operates largely via the marginal productivity of private capital. We extend this literature by investigating the relationship between infrastructure, output and institutional quality: protection of property rights, political fractionation and political and economic risk. We develop a model in the spirit of Barro (1990), which predicts a nonlinear relationship between infrastructure and output (positive at low levels of infrastructure and subsequently negative) and a positive effect of institutional capital on both output and the response of output to changes in infrastructure stock. |
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