Public capital productivity is high: IMF paper

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Public capital is a significant contributor to economic growth, says an International Monetary Fund paper, published on Friday.

Sanjeev Gupta, Alvar Kangur, Chris Papageorgiou and Abdoul Wane, the paper's authors, construct an efficiency-adjusted public capital stock series to examine the relationship between public capital and growth in 52 developing countries.

The results suggest that the stock of effective public capital might be up to one-half of the stock suggested by the traditional method

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