Investimento em infra-estrutura no Brasil: fatos estilizados e relações de longo prazo

Abstract

This article shows that the long term trend of the ratio of public investment in infrastructure to output is declining and this movement has recently accelerated. Using cointegration techniques, the long term elasticity of GNP to measures of infrastructure stock was estimated. This elasticity was found to be high and significant. Hence, the observed decrease in infrastructure investment had a negative impact on output and may affect the long run growth of GNP and productivity. The behavior of subsectors such as telecommunication, energy and transportation since 1980 is also investigated.