Tomasz Koźluk

Infrastructure and Growth

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities competition enhancing effects. This paper analyses the empirical relationship between infrastructure and economic growth. Time-series results reveal a positive impact of infrastructure investment on growth. They also show that this effect varies across countries and sectors and over time. In some cases, these results reveal evidence of possible over-investment. Bayesian model averaging of cross-section growth regressions confirms that infrastructure investment in telecommunications and the electricity sectors has a robust positive effect on long-term growth (but not in railways and road networks). Furthermore, this effect is highly nonlinear as the impact is stronger if the physical stock is lower.

Ten Years of Product Market Reform in OECD Countries

This paper describes patterns and developments of regulation that potentially affect product market competition in OECD countries over the past decade. It uses the 2008 update and revision of the OECD indicators of product market regulation (PMR) that integrate to a larger extent than in the past information on sector-specific regulation and adapt a simpler and more transparent aggregation technique. The results show that OECD countries have extensively liberalised product markets over the past ten years and – as a consequence - convergence of regulation across OECD countries can be observed. However, reforms appear to have slowed in the most recent period (2003-2008) as compared with the earlier period (1998- 2003). Easing of product market regulation appears to have been driven to a considerable extent by reforms in sector-specific regulation, notably as regards the gas, electricity and telecommunications markets. Countries appear also to have followed consistent reform approaches. However, scope for further reform remains, especially as regards controls of governments over businesses, and as regards certain sectors such as professional services and retail trade.

L'investissement dans les réseaux d'infrastructure : Liens à la croissance et le rôle des politiques

L’investissement dans les reseaux d’infrastructure, l’energie, l’eau, le transport et les telecommunications jouant un role vital pour le bon fonctionnement de l’economie, peut egalement contribuer a la croissance economique et au bien-etre social. Neanmoins, plus d’investissement n’est pas toujours benefique. Nous montrons que l’investissement d’infrastructure a bien eu des effets positifs allant au-dela de celui de l’accumulation du stock du capital, mais qu’il existe parfois des signes de mauvaise allocation de l’investissement dans le passe. Cette etude identifie le cadre de politique economique qui encourage l’investissement favorable a la croissance economique et conduit a un bon usage des reseaux d’infrastructure. Les elements centraux de ce cadre sont : un processus de prise de decision robuste, une amelioration de la selection des projets d’investissement, l’introduction de pressions competitives par le biais d’une baisse des barrieres a l’entree et de l’integration verticale si necessaire. De plus, l’efficacite de l’investissement peut etre augmentee en combinant independance du regulateur et regulation incitative.