Estimates of optimal public capital stocks in Japan using a public investment discount rate framework |
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| Authors: | Jiro Nemoto Kimiyoshi Kamada Makoto Kawamura |
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| Affiliation: | (1) School of Economics, Nagoya University, Furo-cho, Chikusa-ku, Nagoya 464-8601, Japan (e-mail: A40402A@ibuki.cc.nagoya-u.ac.jp), JP;(2) Department of Economics, Chukyo University, 101-2 Yagoto-honmachi, Showa-ku, Nagoya 466-8666, Japan, JP;(3) Department of Economics, Hosei University, 4342 Aihara-machi, Machida-shi, Tokyo 194-0211, Japan, JP |
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| Abstract: | The purpose of this paper is to empirically assess the optimality of the level of public capital in Japan. We use a methodological approach based on Burgess's (1988) procedure for calculating the public discount rate. This approach involves estimating a production function, but does not necessarily require utility function estimation. The results indicate that, although the Japanese economy experienced a public capital deficiency over the period 1960–1982, public capital moved toward optimal levels throughout the period. First version received: March 1997/final version received: June 1998 |
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| Keywords: | : Public discount rate optimal public capital Japanese economy |
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