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Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 14 [Issue:] 11 [Article No.:] 543 [Publisher:] MDPI [Place:] Basel [Year:] 2021 [Pages:] 1-13
Verlag: 
MDPI, Basel
Zusammenfassung: 
I estimate the effect that growth in countries' GDP per capita has on the growth rate of infrastructure. In order to extract exogenous variation in GDP per capita growth, I use the growth of the international oil price multiplied with countries' GDP shares of oil net-exports as an instrumental variable. My instrumental variables estimates show that, for both democracies and autocracies, GDP per capita growth has a significant positive effect on infrastructure growth. This effect is significantly smaller in anocracies-so much so that, in anocracies, GDP per capita growth has no significant effect on the growth rate of infrastructure.
Schlagwörter: 
anocracy
economic growth
infrastructure
JEL: 
H05
P01
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