외부성을 고려한 일본의 공공자본 생산성과 공간적 배분 효율성
The Productivity of Government Capital and Spatial Allocation in Japan, considering Spatial Spillover Effect
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This paper is to empirically examine the productivity of government capital and the spatial allocation considering spatial spillover effect among the prefectures in Japan. To do so, we estimate private production function and marginal products using a panel data of 46 prefectures for 1975 to 1997. One of main empirical findings is that spatial spillover effect of government capital across the prefectures exists significantly over all periods. In addition, the spillover effect is too great to be ignorable when the productivity of government capital is discussed. Another is that despite of the consideration of spillover effect, the marginal products of government capital dropped sharply more than twice of that of private capital during the period of post bubble collapse. The other is that government capital was spatially inefficiently allocated by Japanese government after the bubbles burst. The sharp drop in marginal products of government capital and the spatial inefficient allocation of government capital after bubble burst is likely to lower the effectiveness of government fiscal policy in the era of "lost decade".
Abstract
This paper is to empirically examine the productivity of government capital and the spatial allocation considering spatial spillover effect among the prefectures in Japan. To do so, we estimate private production function and marginal products using a panel data of 46 prefectures for 1975 to 1997. One of main empirical findings is that spatial spillover effect of government capital across the prefectures exists significantly over all periods. In addition, the spillover effect is too great to be ignorable when the productivity of government capital is discussed. Another is that despite of the consideration of spillover effect, the marginal products of government capital dropped sharply more than twice of that of private capital during the period of post bubble collapse. The other is that government capital was spatially inefficiently allocated by Japanese government after the bubbles burst. The sharp drop in marginal products of government capital and the spatial inefficient allocation of government capital after bubble burst is likely to lower the effectiveness of government fiscal policy in the era of "lost decade".
참고문헌 (30)
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