The sectoral results for the metropolitan area of Athens are in sharp contrast to those obtained
for the national sectoral panel. As table 6 shows, none of the variables is statistically significant. This
is also the case for total, productive and social public capital. Totally different is the picture for the
panel as it refers to the manufacturing sectors of the Rest of Greece. Table 7 shows that the Rest of
Greece economy appears to have high negative results for the number of manufacturing enterprises
variable. These coefficients are -0.505, -0.505, and -0.502 for the regressions with the three types of
public capital, implying a degree of homogeneity (a) of 0.495, 0.495, and 0.498 respectively. The
coefficient for total infrastructure is high (0.985) and statistically significant. The respective results for
the productive and social infrastructure categories are 0.909 and 1.251, again statistically significant
at the one percent level.
Table 6 Infrastructure effects on the scale of production: Athens panel for sectors, 1982-1991
|
Dependent Variable: ln of Output per Manufacturing Establishment |
SSE 10.099 |
SE 0.245 | ||||||
|
Constant 4.205 (0.411) |
lnEstabl -0.090 |
lnG(total) 0.515 |
lnG(prod) |
lnG(social) |
time |
Adjust. | ||
|
2.556 |
-0.083 |
0.596 |
-0.021 |
0.933 |
10.050 |
0.245 | ||
|
(0.277) |
(-0.588) |
(1.496) |
(-0.680) | |||||
|
11.948 |
-0.100 |
0.195 |
0.010 |
0.933 |
10.173 |
0.246 | ||
|
(1.155) |
(-0.708) |
(0.423) |
(0.310) | |||||
*** Statistically significant at 1% level, ** Statistically significant at 5% level, * Statistically significant at 10% level
Table 7 Infrastructure effects on the scale of production: Rest of Greece panel for sectors,1982-1991
|
Dependent Variable: ln of Output (GPV) per Manufacturing Establishment |
lnG(social) |
time |
Adjust. |
SSE 3.880 |
SE 0.148 | |||
|
Constant -6.041 (-0.963) |
lnEstabl -0.505 |
lnG(total) 0.985 |
lnG(prod) | |||||
|
-3.875 (-0.677) |
-0.505 (-4.653)*** |
0.909 (3.941)*** |
-0.082 (-3.421)*** |
0.983 |
3.880 |
0.148 | ||
|
-10.995 (-1.458) |
-0.502 (-4.619)*** |
1.251 (3.932)*** |
-0.078 (-3.387)*** |
0.983 |
3.881 |
0.148 | ||
*** Statistically significant at 1% level, ** Statistically significant at 5% level, * Statistically significant at 10% level
4.2 The effect of public capital on total manufacturing output
The Holtz-Eakin and Lovely (1996) results relating to output per manufacturing establishment
showed that public infrastructure in the United States had only a small, if any, effect on output per
firm. In order to pursue this point further, they studied the impact of infrastructure on total
manufacturing output, controlling for the private inputs of production and the number of firms. This
strategy resulted the following form of equation:
Q = K + L + n + G (40)
nn
21
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