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Without purpose and strategy?: a spatio-functional analysis of the regional allocation of public investment in Greece

Monastiriotis, Vassilis and Psycharis, Yiannis (2011) Without purpose and strategy?: a spatio-functional analysis of the regional allocation of public investment in Greece. GreeSE, 49. Hellenic Observatory, London, UK.

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Abstract

We utilise a large database on public investment at the prefecture (NUTS-3) level in Greece for the period 1976-2008 to examine the spatial and functional allocation of public investment in the country. We investigate the extent to which expenditures in different types of public investment are complementary across space and over time and examine their redistributive character. We also analyse regional specialisations and the geographical concentration of public investments and complementarily use an exploratory spatial data analysis to examine the extent of clustering of public investment and identify possible patterns in the geography of clusters and hotspots. Although our analysis uses predominantly descriptive tools, our results have confirmatory power, as they reveal a surprisingly random pattern for the spatial and functional allocation of public investment in Greece, thus raising important questions about the rationale for these allocations and, by implication, about the geographical, political and economic dynamics that underlie them. These questions obtain an additional salience in light of the administrative and fiscal reforms pursued currently by the Greek government under the pressure of the country’s sovereign debt crisis.

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/europeanInstitute/research/h...
Additional Information: © 2011 The Authors
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HJ Public Finance
Journal of Economic Literature Classification System: G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
H - Public Economics > H5 - National Government Expenditures and Related Policies > H54 - Infrastructures; Other Public Investment and Capital Stock
N - Economic History > N2 - Financial Markets and Institutions > N24 - Europe: 1913-
R - Urban, Rural, and Regional Economics > R1 - General Regional Economics > R12 - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade
Sets: Departments > European Institute
Research centres and groups > Spatial Economics Research Centre
Research centres and groups > Hellenic Observatory
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 49
Date Deposited: 21 Sep 2011 12:36
URL: http://eprints.lse.ac.uk/38377/

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