The Impact of Real Government Spending in Physical and Social Infrastructures on Economic Growth
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Dec 30, 2022
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Abstract
Most countries in the world undertake to achieve a high and sustainable economic growth due to it represents the economic welfare of countries. This study aims to analyze the effect of government spending in the physical and social infrastructures on economic growth, particularly in Indonesia by using secondary panel data 33 provinces during the period 2005-2018. Theoretically, usual economic growth model is highly affected by capital with flow characteristics. This study employs the capital stocks divided by physical and social infrastructures (public goods) consisting of Road and Bridge (BR), Irrigation, airport, port, health, and educational infrastructures as dominant variables. This study uses Panel ARDL model to investigate the functional relationship of economic growth and the public capital stocks in the short-term and long-term. The results show that all variables show a negative effect, except the road and bridge (RB) has a significant effect on economic growth in the short term. In the long term, roads and bridges (RB) and irrigation channel (IC) have a positive and significant effect on economic growth, but the others are not. These results are supported by the Pedroni Cointegration Test and KAO Cointegration Test which show a short-term and long-term balance. These findings underline that public infrastructure as capital stocks of each region with the appropriate infrastructure development play important role in sustaining the economic growth in Indonesia.
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Nugroho, P., Syahnur, S., & Suriani, S. (2022). The Impact of Real Government Spending in Physical and Social Infrastructures on Economic Growth. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 7(4), 287-300. https://doi.org/https://doi.org/10.33105/itrev.v7i4.482
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References
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Badalyan, G., Herzfeld, T., & Rajcaniova, M. (2014). Transport infrastructure and economic growth : Panel data approach for Economies, 1–15.
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Bhalla, R., & Meher, S. (2019). Education, Employment and Economic Growth with Special Reference to Females in Kerala. Indian Journal of Labour Economics, 62(4), 639–658. https://doi.org/10.1007/s41027-019-00197-2
Bildirici, M. E., & Kayikci, F. (2013). Effects of oil production on economic growth in Eurasian countries : Panel ARDL approach. Energy, 49, 156–161. https://doi.org/10.1016/j.energy.2012.10.047
Chakrabarti, S. (2018). Can highway development promote employment growth in India? Transport Policy, 69(May), 1–9. https://doi.org/10.1016/j.tranpol.2018.05.009
Coelho, P. S., & Vilares, M. J. (2010). Measuring the return of quality investments. Total Quality Management and Business Excellence, 21(1), 21–42. https://doi.org/10.1080/14783360903492546
Cole, W. M. (2019). Wealth and health revisited: Economic growth and wellbeing in developing countries, 1970 to 2015. Social Science Research, 77(September 2018), 45–67. https://doi.org/10.1016/j.ssresearch.2018.09.003
Cong, L. ze, Zhang, D., Wang, M. li, Xu, H. Feng, & Li, L. (2020). The role of ports in the economic development of port cities: Panel evidence from China. Transport Policy, 90, 13–21. https://doi.org/10.1016/j.tranpol.2020.02.003
Corrado, G., & Corrado, L. (2017). Inclusive finance for inclusive growth and development. Current Opinion in Environmental Sustainability, 24(September 2015), 19–23. https://doi.org/10.1016/j.cosust.2017.01.013
Dash, R. K., & Sahoo, P. (2010). Economic growth in India: the role of physical and social infrastructure. Journal of Economic Policy Reform, Volume 13(Issue 4).
Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427. https://doi.org/10.2307/2286348
Doğan, İ., Tülüce, N. S., & Doğan, A. (2014). Dynamics of Health Expenditures in OECD Countries : Panel ARDL Approach. Theoretical Economics Letters, 4(October), 649–655.
Donou-Adonsou, F. (2019). Technology, education, and economic growth in Sub-Saharan Africa. Telecommunications Policy, 43(4), 353–360. https://doi.org/10.1016/j.telpol.2018.08.005
Doungmanee, P. (2016). The nexus of agricultural water use and economic development level. Kasetsart Journal of Social Sciences, 37(1), 38–45. https://doi.org/10.1016/j.kjss.2016.01.008
Dwarakish, G. S., & Salim, A. M. (2015). Review on the Role of Ports in the Development of a Nation. Aquatic Procedia, 4(Icwrcoe), 295–301. https://doi.org/10.1016/j.aqpro.2015.02.040
Flavin, P. (2019). State government public goods spending and citizens’ quality of life. Social Science Research, 78, 28–40. https://doi.org/10.1016/j.ssresearch.2018.11.004
Gallardo-Albarrán, D. (2018). Health and economic development since 1900. Economics and Human Biology, 31, 228–237. https://doi.org/10.1016/j.ehb.2018.08.009
Gujarati, D. N. (2004). Basic Econometrics (Fourth). Singapore: McGraw-Hill, Inc.
Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120–127. https://doi.org/10.1016/j.jtrangeo.2016.09.006
Hamdan, A., Sarea, A., Khamis, R., & Anasweh, M. (2020). Heliyon A causality analysis of the link between higher education and economic development : empirical evidence. Heliyon, 6(March), e04046. https://doi.org/10.1016/j.heliyon.2020.e04046
Hyman, D. N. (2011). Public Finance : A Contemporary Application of Theory to Policy (10th ed.). South-Western: Cengage Learning.
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
Klasen, S. (2010). ADB Sustainable Development Working Paper Series Measuring and Monitoring Inclusive Growth : Multiple Definitions, Open Questions, and Some Constructive Proposals Measuring and Monitoring Inclusive Growth :, (12).
Kodoatie, R. J. (2005). Pengantar Manajemen Infrastruktur. Yogyakarta: Pustaka Pelajar.
Kumari, A., & Sharma, A. K. (2016). Infrastructure financing and development : A bibliometric review. International Journal of Critical Infrastructure Protection, Volume 16, 49–65.
Kumari, A., & Sharma, A. K. (2017). Physical & social infrastructure in India & its relationship with economic development. World Development Perspectives, 5, 30–33. https://doi.org/10.1016/j.wdp.2017.02.005
La Torre, D., Marsiglio, S., Mendivil, F., & Privileggi, F. (2019). Chaos, Solitons, and Fractals A stochastic economic growth model with health capital and state-dependent probabilities. Chaos, Solitons, and Fractals: The Interdisciplinary Journal of Nonlinear Science, and Nonequilibrium and Complex Phenomena, 129, 81–93. https://doi.org/10.1016/j.chaos.2019.08.010
Lago-Peñas, S., Cantarero-Prieto, D., & Blázquez-Fernández, C. (2013). On the relationship between GDP and health care expenditure: A new look. Economic Modelling, 32(1), 124–129. https://doi.org/10.1016/j.econmod.2013.01.021
Lee, J., & Strazicich, M. C. (2013). Minimum LM unit root test with one structural break. Economics Bulletin, 33(4), 2483–2492.
Maparu, T. S., & Mazumder, T. N. (2017). Transport infrastructure, economic development, and urbanization in India (1990–2011): Is there any causal relationship? Transportation Research Part A: Policy and Practice, 100, 319–336. https://doi.org/10.1016/j.tra.2017.04.033
Marazzo, M., Scherre, R., & Fernandes, E. (2010). Air transport demand and economic growth in Brazil: A time series analysis. Transportation Research Part E: Logistics and Transportation Review, 46(2), 261–269. https://doi.org/10.1016/j.tre.2009.08.008
Mariana, D. R. (2015). Education as a Determinant of the Economic Growth. The Case of Romania. Procedia - Social and Behavioral Sciences, 197(February), 404–412. https://doi.org/10.1016/j.sbspro.2015.07.156
Meersman, H., & Nazemzadeh, M. (2017). Case Studies on Transport Policy The contribution of transport infrastructure to economic activity : The case of Belgium. Case Studies on Transport Policy, 5(2), 316–324. https://doi.org/10.1016/j.cstp.2017.03.009
Miller, C. R. (2017). The evolving role of rural river ports as strategic economic development actors. Water Resources and Rural Development, 9, 28–38. https://doi.org/10.1016/j.wrr.2017.02.001
Ministry Of Finance Republik Indonesia. (2019). Data APBN. Retrieved from https://www.kemenkeu.go.id/dataapbn
Ndedi, A., Metha, A. C., & Nisabwe, F. (2017). The Impact of Health Expenditures on Economic Growth of Cameroon: A Literature Review Perspective. SSRN Electronic Journal, 1–6. https://doi.org/10.2139/ssrn.3036510
Neneh, B. N., & Vanzyl, J. (2014). Growth intention and its impact on business growth amongst SMEs in South Africa. Mediterranean Journal of Social Sciences, 5(20), 172–183. https://doi.org/10.5901/mjss.2014.v5n20p172
Neofytidou, A., & Fountas, S. (2020). The impact of health on GDP: A panel data investigation. Journal of Economic Asymmetries, 21(April 2018), e00139. https://doi.org/10.1016/j.jeca.2019.e00139
Ogundari, K., & Awokuse, T. (2018). Human capital contribution to economic growth in Sub-Saharan Africa: Does health status matter more than education? Economic Analysis and Policy, 58, 131–140. https://doi.org/10.1016/j.eap.2018.02.001
Oyinlola, M. A., Adedeji, A. A., & Bolarinwa, M. O. (2020). Governance, domestic resource mobilization, and inclusive growth in sub-Saharan Africa. Economic Analysis and Policy, 65, 68–88. https://doi.org/10.1016/j.eap.2019.11.006
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple of Economics and Statistics, Vol. No. 0, pp. Oxford Bulletin of Economics and Statistics, 61, 653–670.
Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83(4), 727–731. https://doi.org/10.1162/003465301753237803
Pesaran, M. H. (2014). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 21(August 2012), 1–21. https://doi.org/10.1002/jae
Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics (Vol. 68). https://doi.org/10.1016/0304-4076(94)01644-F
Pradhan, R. P. (2019). Research in Transportation Economics Investigating the causal relationship between transportation infrastructure, financial penetration and economic growth in G-20 countries. Research in Transportation Economics, (September), 100766. https://doi.org/10.1016/j.retrec.2019.100766
Rahul Anand, Mishra, S., & Peiris, S. J. (2013). Inclusive Growth: Measurement and Determinants. IMF Working Papers, 13(135), 1. https://doi.org/10.5089/9781484323212.001
Rashid Khan, H. U., Siddique, M., Zaman, K., Yousaf, S. U., Shoukry, A. M., Gani, S., … Saleem, H. (2018). The impact of air transportation, railways transportation, and port container traffic on energy demand, customs duty, and economic growth: Evidence from a panel of low-, middle-, and high -income countries. Journal of Air Transport Management, 70(February 2017), 18–35. https://doi.org/10.1016/j.jairtraman.2018.04.013
Rathnayaka, R. M. K. T., Seneviratna, D. M. K. N., &Long, W. (2018). The dynamic relationship between energy consumption and economic growth in China. Energy Sources, Part B: Economics, Planning and Policy, 13(5), 264–268. https://doi.org/10.1080/15567249.2015.1084402
Rutherford, D. (2012). Routledge Dictionary of Economics (3rd Edition). London and New York: Routledge.
Saidi, S., Shahbaz, M., & Akhtar, P. (2018). The long-run relationships between transport energy consumption, transport infrastructure, and economic growth in MENA countries. Transportation Research Part A: Policy and Practice, 111(March), 78–95. https://doi.org/10.1016/j.tra.2018.03.013
Salisu, A. A., & Isah, K. O. (2017). Revisiting the oil price and stock market nexus: A nonlinear Panel ARDL approach. Economic Modelling, 66(March), 258–271. https://doi.org/10.1016/j.econmod.2017.07.010
Shi, Y., Guo, S., & Sun, P. (2017). The Role of Infrastructure Capital in China’s Regional Economic Growth. Journal of Asian Economics. https://doi.org/10.1016/j.asieco.2017.02.004
Tang, M. (2008). Inclusive Growth and the New Phase of Poverty Reduction in the People ’ s Republic of China. Asian Development Review, 25, 81–99.
Thompson, M. (2018). Social Capital, Innovation and Economic Growth. Journal of Behavioral and Experimental Economics. https://doi.org/10.1016/j.socec.2018.01.005
Tong, T., & Yu, T. E. (2018). Transportation and economic growth in China: A heterogeneous panel cointegration and causality analysis. Journal of Transport Geography, 73(March), 120–130. https://doi.org/10.1016/j.jtrangeo.2018.10.016
UNDP. (2019). Sustainable Development Goals. Retrieved from https://www.undp.org/content/undp/en/home/sustainable-development-goals.html
Välilä, T. (2020). Infrastructure and growth: A survey of macro-econometric research. Structural Change and Economic Dynamics. https://doi.org/10.1016/j.strueco.2020.01.007
Wang, Q., & Tapia Granados, J. A. (2019). Economic growth and mental health in 21st century China. Social Science and Medicine, 220(November 2018), 387–395. https://doi.org/10.1016/j.socscimed.2018.11.031
Westerlund, J. (2006). Testing for panel cointegration with multiple structural breaks. Oxford Bulletin Of Economic And Statistics, 68.
Yangka, D., Newman, P., Rauland, V., & Devereux, P. (2018). Sustainability in an emerging nation: The Bhutan case study. Sustainability (Switzerland), 10(5). https://doi.org/10.3390/su10051622
Yu, N., de Roo, G., de Jong, M., & Storm, S. (2016). Does the expansion of a motorway network lead to economic agglomeration? Evidence from China. Transport Policy, 45, 218–227. https://doi.org/10.1016/j.tranpol.2015.03.014
Badalyan, G., Herzfeld, T., & Rajcaniova, M. (2014). Transport infrastructure and economic growth : Panel data approach for Economies, 1–15.
BAPPENAS. (2015). Rencana Jangka Menengah Nasional 2015-2019 Agenda Pembangunan Bidang (The National Development Plan 2015-2019 Sectoral Development Agenda), II, 1-1-10–81.
Bhalla, R., & Meher, S. (2019). Education, Employment and Economic Growth with Special Reference to Females in Kerala. Indian Journal of Labour Economics, 62(4), 639–658. https://doi.org/10.1007/s41027-019-00197-2
Bildirici, M. E., & Kayikci, F. (2013). Effects of oil production on economic growth in Eurasian countries : Panel ARDL approach. Energy, 49, 156–161. https://doi.org/10.1016/j.energy.2012.10.047
Chakrabarti, S. (2018). Can highway development promote employment growth in India? Transport Policy, 69(May), 1–9. https://doi.org/10.1016/j.tranpol.2018.05.009
Coelho, P. S., & Vilares, M. J. (2010). Measuring the return of quality investments. Total Quality Management and Business Excellence, 21(1), 21–42. https://doi.org/10.1080/14783360903492546
Cole, W. M. (2019). Wealth and health revisited: Economic growth and wellbeing in developing countries, 1970 to 2015. Social Science Research, 77(September 2018), 45–67. https://doi.org/10.1016/j.ssresearch.2018.09.003
Cong, L. ze, Zhang, D., Wang, M. li, Xu, H. Feng, & Li, L. (2020). The role of ports in the economic development of port cities: Panel evidence from China. Transport Policy, 90, 13–21. https://doi.org/10.1016/j.tranpol.2020.02.003
Corrado, G., & Corrado, L. (2017). Inclusive finance for inclusive growth and development. Current Opinion in Environmental Sustainability, 24(September 2015), 19–23. https://doi.org/10.1016/j.cosust.2017.01.013
Dash, R. K., & Sahoo, P. (2010). Economic growth in India: the role of physical and social infrastructure. Journal of Economic Policy Reform, Volume 13(Issue 4).
Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427. https://doi.org/10.2307/2286348
Doğan, İ., Tülüce, N. S., & Doğan, A. (2014). Dynamics of Health Expenditures in OECD Countries : Panel ARDL Approach. Theoretical Economics Letters, 4(October), 649–655.
Donou-Adonsou, F. (2019). Technology, education, and economic growth in Sub-Saharan Africa. Telecommunications Policy, 43(4), 353–360. https://doi.org/10.1016/j.telpol.2018.08.005
Doungmanee, P. (2016). The nexus of agricultural water use and economic development level. Kasetsart Journal of Social Sciences, 37(1), 38–45. https://doi.org/10.1016/j.kjss.2016.01.008
Dwarakish, G. S., & Salim, A. M. (2015). Review on the Role of Ports in the Development of a Nation. Aquatic Procedia, 4(Icwrcoe), 295–301. https://doi.org/10.1016/j.aqpro.2015.02.040
Flavin, P. (2019). State government public goods spending and citizens’ quality of life. Social Science Research, 78, 28–40. https://doi.org/10.1016/j.ssresearch.2018.11.004
Gallardo-Albarrán, D. (2018). Health and economic development since 1900. Economics and Human Biology, 31, 228–237. https://doi.org/10.1016/j.ehb.2018.08.009
Gujarati, D. N. (2004). Basic Econometrics (Fourth). Singapore: McGraw-Hill, Inc.
Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120–127. https://doi.org/10.1016/j.jtrangeo.2016.09.006
Hamdan, A., Sarea, A., Khamis, R., & Anasweh, M. (2020). Heliyon A causality analysis of the link between higher education and economic development : empirical evidence. Heliyon, 6(March), e04046. https://doi.org/10.1016/j.heliyon.2020.e04046
Hyman, D. N. (2011). Public Finance : A Contemporary Application of Theory to Policy (10th ed.). South-Western: Cengage Learning.
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
Klasen, S. (2010). ADB Sustainable Development Working Paper Series Measuring and Monitoring Inclusive Growth : Multiple Definitions, Open Questions, and Some Constructive Proposals Measuring and Monitoring Inclusive Growth :, (12).
Kodoatie, R. J. (2005). Pengantar Manajemen Infrastruktur. Yogyakarta: Pustaka Pelajar.
Kumari, A., & Sharma, A. K. (2016). Infrastructure financing and development : A bibliometric review. International Journal of Critical Infrastructure Protection, Volume 16, 49–65.
Kumari, A., & Sharma, A. K. (2017). Physical & social infrastructure in India & its relationship with economic development. World Development Perspectives, 5, 30–33. https://doi.org/10.1016/j.wdp.2017.02.005
La Torre, D., Marsiglio, S., Mendivil, F., & Privileggi, F. (2019). Chaos, Solitons, and Fractals A stochastic economic growth model with health capital and state-dependent probabilities. Chaos, Solitons, and Fractals: The Interdisciplinary Journal of Nonlinear Science, and Nonequilibrium and Complex Phenomena, 129, 81–93. https://doi.org/10.1016/j.chaos.2019.08.010
Lago-Peñas, S., Cantarero-Prieto, D., & Blázquez-Fernández, C. (2013). On the relationship between GDP and health care expenditure: A new look. Economic Modelling, 32(1), 124–129. https://doi.org/10.1016/j.econmod.2013.01.021
Lee, J., & Strazicich, M. C. (2013). Minimum LM unit root test with one structural break. Economics Bulletin, 33(4), 2483–2492.
Maparu, T. S., & Mazumder, T. N. (2017). Transport infrastructure, economic development, and urbanization in India (1990–2011): Is there any causal relationship? Transportation Research Part A: Policy and Practice, 100, 319–336. https://doi.org/10.1016/j.tra.2017.04.033
Marazzo, M., Scherre, R., & Fernandes, E. (2010). Air transport demand and economic growth in Brazil: A time series analysis. Transportation Research Part E: Logistics and Transportation Review, 46(2), 261–269. https://doi.org/10.1016/j.tre.2009.08.008
Mariana, D. R. (2015). Education as a Determinant of the Economic Growth. The Case of Romania. Procedia - Social and Behavioral Sciences, 197(February), 404–412. https://doi.org/10.1016/j.sbspro.2015.07.156
Meersman, H., & Nazemzadeh, M. (2017). Case Studies on Transport Policy The contribution of transport infrastructure to economic activity : The case of Belgium. Case Studies on Transport Policy, 5(2), 316–324. https://doi.org/10.1016/j.cstp.2017.03.009
Miller, C. R. (2017). The evolving role of rural river ports as strategic economic development actors. Water Resources and Rural Development, 9, 28–38. https://doi.org/10.1016/j.wrr.2017.02.001
Ministry Of Finance Republik Indonesia. (2019). Data APBN. Retrieved from https://www.kemenkeu.go.id/dataapbn
Ndedi, A., Metha, A. C., & Nisabwe, F. (2017). The Impact of Health Expenditures on Economic Growth of Cameroon: A Literature Review Perspective. SSRN Electronic Journal, 1–6. https://doi.org/10.2139/ssrn.3036510
Neneh, B. N., & Vanzyl, J. (2014). Growth intention and its impact on business growth amongst SMEs in South Africa. Mediterranean Journal of Social Sciences, 5(20), 172–183. https://doi.org/10.5901/mjss.2014.v5n20p172
Neofytidou, A., & Fountas, S. (2020). The impact of health on GDP: A panel data investigation. Journal of Economic Asymmetries, 21(April 2018), e00139. https://doi.org/10.1016/j.jeca.2019.e00139
Ogundari, K., & Awokuse, T. (2018). Human capital contribution to economic growth in Sub-Saharan Africa: Does health status matter more than education? Economic Analysis and Policy, 58, 131–140. https://doi.org/10.1016/j.eap.2018.02.001
Oyinlola, M. A., Adedeji, A. A., & Bolarinwa, M. O. (2020). Governance, domestic resource mobilization, and inclusive growth in sub-Saharan Africa. Economic Analysis and Policy, 65, 68–88. https://doi.org/10.1016/j.eap.2019.11.006
Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple of Economics and Statistics, Vol. No. 0, pp. Oxford Bulletin of Economics and Statistics, 61, 653–670.
Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83(4), 727–731. https://doi.org/10.1162/003465301753237803
Pesaran, M. H. (2014). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 21(August 2012), 1–21. https://doi.org/10.1002/jae
Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics (Vol. 68). https://doi.org/10.1016/0304-4076(94)01644-F
Pradhan, R. P. (2019). Research in Transportation Economics Investigating the causal relationship between transportation infrastructure, financial penetration and economic growth in G-20 countries. Research in Transportation Economics, (September), 100766. https://doi.org/10.1016/j.retrec.2019.100766
Rahul Anand, Mishra, S., & Peiris, S. J. (2013). Inclusive Growth: Measurement and Determinants. IMF Working Papers, 13(135), 1. https://doi.org/10.5089/9781484323212.001
Rashid Khan, H. U., Siddique, M., Zaman, K., Yousaf, S. U., Shoukry, A. M., Gani, S., … Saleem, H. (2018). The impact of air transportation, railways transportation, and port container traffic on energy demand, customs duty, and economic growth: Evidence from a panel of low-, middle-, and high -income countries. Journal of Air Transport Management, 70(February 2017), 18–35. https://doi.org/10.1016/j.jairtraman.2018.04.013
Rathnayaka, R. M. K. T., Seneviratna, D. M. K. N., &Long, W. (2018). The dynamic relationship between energy consumption and economic growth in China. Energy Sources, Part B: Economics, Planning and Policy, 13(5), 264–268. https://doi.org/10.1080/15567249.2015.1084402
Rutherford, D. (2012). Routledge Dictionary of Economics (3rd Edition). London and New York: Routledge.
Saidi, S., Shahbaz, M., & Akhtar, P. (2018). The long-run relationships between transport energy consumption, transport infrastructure, and economic growth in MENA countries. Transportation Research Part A: Policy and Practice, 111(March), 78–95. https://doi.org/10.1016/j.tra.2018.03.013
Salisu, A. A., & Isah, K. O. (2017). Revisiting the oil price and stock market nexus: A nonlinear Panel ARDL approach. Economic Modelling, 66(March), 258–271. https://doi.org/10.1016/j.econmod.2017.07.010
Shi, Y., Guo, S., & Sun, P. (2017). The Role of Infrastructure Capital in China’s Regional Economic Growth. Journal of Asian Economics. https://doi.org/10.1016/j.asieco.2017.02.004
Tang, M. (2008). Inclusive Growth and the New Phase of Poverty Reduction in the People ’ s Republic of China. Asian Development Review, 25, 81–99.
Thompson, M. (2018). Social Capital, Innovation and Economic Growth. Journal of Behavioral and Experimental Economics. https://doi.org/10.1016/j.socec.2018.01.005
Tong, T., & Yu, T. E. (2018). Transportation and economic growth in China: A heterogeneous panel cointegration and causality analysis. Journal of Transport Geography, 73(March), 120–130. https://doi.org/10.1016/j.jtrangeo.2018.10.016
UNDP. (2019). Sustainable Development Goals. Retrieved from https://www.undp.org/content/undp/en/home/sustainable-development-goals.html
Välilä, T. (2020). Infrastructure and growth: A survey of macro-econometric research. Structural Change and Economic Dynamics. https://doi.org/10.1016/j.strueco.2020.01.007
Wang, Q., & Tapia Granados, J. A. (2019). Economic growth and mental health in 21st century China. Social Science and Medicine, 220(November 2018), 387–395. https://doi.org/10.1016/j.socscimed.2018.11.031
Westerlund, J. (2006). Testing for panel cointegration with multiple structural breaks. Oxford Bulletin Of Economic And Statistics, 68.
Yangka, D., Newman, P., Rauland, V., & Devereux, P. (2018). Sustainability in an emerging nation: The Bhutan case study. Sustainability (Switzerland), 10(5). https://doi.org/10.3390/su10051622
Yu, N., de Roo, G., de Jong, M., & Storm, S. (2016). Does the expansion of a motorway network lead to economic agglomeration? Evidence from China. Transport Policy, 45, 218–227. https://doi.org/10.1016/j.tranpol.2015.03.014