PFM Articles 
The Efficiency of Disaggregate Public Capital Provision in Japan
TOSHIHIRO IHORI AND HIROKI KONDO
PFM, Vol. 1 No. 2,
(2001)
We investigate the efficiency of disaggregated public capital
provision for the Japanese economy. We estimate the optimality conditions
based on simultaneous Euler equations by using GMM. Our results suggest
that public capital productivities have been relatively high and divergent
among several public capital goods. The allocation of public works is not
optimal yet in Japan.
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