Inversión pública y crecimiento económico en México. Un enfoque de contabilidad del crecimiento

The evolution of public investment in Mexico during the last 50 years is analyzed, as is the evolution of Total Factor Productivity (TFP). Using as a framework the theory of endogenous growth and the theory of growth accounting, an econometric model to account for the TFP is specified, including among the regressors a dissagregation of investment into private investment and public investment. Econometric results suggest that, the dramatic downfall experienced by public investment during the last 30 years, has significantly influenced TFP decrease. An additional result is that regressions indicate a high return rate to formal education.