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

Table I. Annual Depreciation Rates by Categories⁴

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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