아프리카ㆍ중동
연구정보
Public Investment and Output Performance: Evidence from Nigeria
나이지리아 국외연구자료 기타 Aregbeyen Omo (Omo Aregbeyen is at Department of Economics, University of Ibadan, Ibadan, Nigeria.) De Gruyter Open 발간일 : 2016-09-22 등록일 : 2016-09-22 원문링크
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This study examined the direct/indirect long-run relationships and dynamic interactions between public investment (PI) and output performance in Nigeria using annual data spanning 1970-2010. A macro-econometric model derived from Keynes’ income-expenditure framework was employed. The model was disaggregated into demand and supply sides to trace the direct and indirect effects of PI on aggregate output. The direct supply side effect was assessed using the magnitude of PI multiplier coefficient, while the indirect effect of PI on the demand side was evaluated with marginal propensity to consume, accelerator coefficient and import multiplier. The results showed relatively less strong direct effect of PI on aggregate output, while the indirect effects were stronger with the import multiplier being the most pronounced. This is attributed to declining capital expenditure, poor implementation and low quality of PI projects due to widespread corruption. By and large, we concluded that PI exerted considerable influence on aggregate output.
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