ISSN:
1435-8921
Keywords:
Key words: Public discount rate, optimal public capital, Japanese economy
;
JEL classifications: D24, H43, H54
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Abstract. The purpose of this paper is to empirically assess the optimality of the level of public capital in Japan. We use a methodological approach based on Burgess's (1988) procedure for calculating the public discount rate. This approach involves estimating a production function, but does not necessarily require utility function estimation. The results indicate that, although the Japanese economy experienced a public capital deficiency over the period 1960–1982, public capital moved toward optimal levels throughout the period.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/s001810050080
Permalink