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《Finance & Trade Economics》 2004-11
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The Correlation Analysis for Public Investment and Economic Growth——The Econometric Test of Data from China

ZHANG Haixing(Northeastern University of Finance and Economics, 116025)  
By studying available literature and statistics in China for over 20 years' of reform and opening up, this article establishes econometric models by means of endogenous growth theory to carry out cointegration test and Granger causal relation test on the correlations between public physical capital investment, public labor capital investment, RD capital investment and economic growth. The findings are that those three public investments possess different positive effect on economic growth in different ways. Public physical capital investment mainly depends on capital accumulation effect to promote economic growth, however, public labor capital investment and RD expenditure mainly on increasing all-factor productivity and external effect. In addition, there are different causal relations and driving mechanisms between those three public investment and economic growth on different development phases. Optional policies are suggested in view of the positive results, so as to provide decision basis for improving public investment policy of our country.
【CateGory Index】: F812
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