The Effects of Infrastructure Investments on Services and Wholesale/Retail Productivity: A Panel-Data Evidence from the Philippines
Keywords:
infrastructure investment, productivity, services, wholesale, retail
Abstract
In recent years, infrastructure investments in the Philippines have sharply increased; however, there has been a limited study about whether these have effectively improved productivity, specifically in the Philippines' services and wholesale/retail sectors. This paper examines the effects of investments in roads, bridges, and water supply systems on services and wholesale/retail productivity using the annual dataset from 15 regions in the Philippines from 2017 to 2019. The results of a panel-data analysis with Panel-Corrected Standard Errors (PCSE) show that investments in roads, bridges, and water supply systems positively influence productivity in services and wholesale/retail, with investment for the construction or rehabilitation of roads having the greatest impact.
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References
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Etemadnia, H., Hassan, A., Goetz, S., & Abdelghany, K. (2013). Wholesale Hub Locations in Food Supply Chains. Transportation Research Record, 2379(1), 80–89. https://doi.org/10.3141/2379-10
Henningsen, A., Henningsen, G., (2019). Analysis of panel data using R, panel data econometrics: theory. https://doi.org/10.1016/B978-0-12-814367-4.00012-5.
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Holl, A. (2016). Highways and productivity in manufacturing firms. Journal of Urban Economics. 93, 131–151.doi:10.1016/j.jue.2016.04.002
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Ibok, E., & Daniel, E. (2013). The Impact of Rural Roads and Bridges on the Socio-economic Development of Akwa Ibom State, Nigeria: An Evaluation, 1, 27–36.
Jiménez, J. L., & Perdiguero, J. (2011). Does Accessibility Affect Retail Prices and Competition? An Empirical Application., 11(4), 677–699. doi:10.1007/s11067-010-9144-5.
Miao, L., Gu, H., Zhang, X., Zhen, W., & Wang, M. (2019). Factors causing regional differences in China’s residential CO2 emissions—Evidence from provincial data. Journal of Cleaner Production, S0959652619309813–.doi:10.1016/j.jclepro.2019.03.271
Mitra, R. (2013). Leveraging Service Sector Growth in the Philippines. Retrieved from https://www.adb.org/sites/default/files/publication/30385/ewp-366.pdf
Moundigbaye, M., Messemer, C., Parks, R. W., & Reed, W. R. (2019). Bootstrap methods for inference in the Parks model. Economics Discussion Papers No. 2019-39, Kiel Institute for the World Economy (IfW), Kiel. http://dx.doi.org/10.7910/DVN/94EU5T
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Ng, C., Law, T., Jakarni, F., & Kulanthayan, S. (2019). Road infrastructure development and economic growth. Retrieved from https://iopscience.iop.org/article/10.1088/1757-899X/512/1/012045/pdf
Nilsson, I., & Smirnov, O. (2016). Measuring the effect of transportation infrastructure on retail firm co-location patterns. Journal of Transport Geography, 51, 110–118.doi:10.1016/j.jtrangeo.2015.12.002
Ocampo, K. (2018). To Realize Duterte’s ‘Golden Age of Infrastructure’ in Philippines, Better Roads a Must. Retrieved from https://asiafoundation.org/2018/01/31/realize-dutertes-golden-age-infrastructure-philippines-better-roads-must/
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Pesaran, M. H. (2004). General diagnostic tests for cross-section dependence in panels, CESifo Working Paper, No. 1229, Center for Economic Studies and Ifo Institute (CESifo), Munich
Pradhan, R., & Bagchi, T. (2013). Effect of transportation infrastructure on economic growth in India: The VECM approach. Research in Transportation Economics, 38(1), 139–148. doi:10.1016/j.retrec.2012.05.008
Philippine Statistics Authority. (2016). Industry and Services Sector Tops Performance. Retrieved from https://psa.gov.ph/content/industry-and-services-sector-tops-performance
Reed, W. R., & Webb, R. (2010). The PCSE estimator is good--just not as good as you think. Retrieved from https://www.nzae.org.nz/wp-content/uploads/2011/08/Reed__The_PCSE_Estimator_is_Good.pdf
Reed, W. R., & Ye, H. (2009). Which panel data estimator should I use?, Applied Economics, 43(8), 985-1000.
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