Are Public Investment Efficient in Creating Capital Stocks in Developing Countries?



Table I. Annual Depreciation Rates by Categories4

Categories

Equipment

Structures

Depreciation
Rate

Road

0.0202

0.0202

Railways

0.0589

0.0275

0.0328

Electricity

0.050

0.0211

0.0260

Gas

0.0237

0.0237

Water

0.0152

0.0152

Telecoms

0.1375

0.0237

0.0429

Note: For each asset, the depreciation rate is defined
as a weighted average of the corresponding rates used for
equipments and structures. The depreciation rates for
equipment and structures are taken from Bureau of Eco-
nomic Analysis (2003), table C, page M-31.

Figure 1 Non-Parametric Estimated Efficiency Function of Public Investments
in Streets and Highways. United States, 1951-1992 (US$ million, Historical Cost)

Notes: For each estimated point, the corresponding 95% confidence limits are represented by a sign ” + ”



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