scholarly journals Modeling the Transport Infrastructure-Growth Nexus in the United States

Author(s):  
Junwook Chi ◽  
Jungho Baek

The rising government funding in transport infrastructure has sparked political and academic debates on the economic impacts of transport infrastructure investment in the United States. Although numerous empirical studies have examined the transport infrastructure-growth nexus, existing literature has mixed conclusions of the economic effects of expanding transport infrastructure. The main objective of this paper is to assess the short- and long-run impacts of transport and non-transport public infrastructure on economic growth to provide an implication of the effectiveness of these fiscal policy tools in the short- and long-term. For this purpose, we employ a modern autoregressive distributed lag (ARDL) approach to explore the dynamic relationships among transport infrastructure, non-transport public infrastructure, private capital, labor hours, GDP, and exports. In the long run, we find that a bidirectional relationship exists between transport infrastructure and GDP, suggesting that expanding transport infrastructure improves aggregated economic output, and enhanced economic output increases public investment in transport infrastructure. However, the magnitude of the impact of transport infrastructure on GDP is smaller than that of non-transport public infrastructure, implying that non-transport infrastructure investment is a more effective long-term fiscal stimulus than expanding transport infrastructure.

Author(s):  
Jason C. Y. Wong

This paper uses applied microeconomics techniques to investigate the impact of aviation connectivity on 548 regional economies in the United States. Using lagged socioeconomic variables to instrument for future aviation connectivity, the paper finds a significant impact of connectivity on long-run economic growth. An increase of 100 in the city’s Global Connectivity Index is associated with an increase in long-term total personal income of the city by up to $254,350,000, and up to 613 more jobs. For a city like Myrtle Beach, SC, with a connectivity index close to the mean connectivity levels of core-based statistical areas, a 100-point increase in the index represents a 1.03% increase in air connectivity. The paper also finds evidence suggesting that the impact of connectivity on regional economies is significantly more pronounced in the largest 100 cities, whereas these effects vanish in smaller cities.


Author(s):  
Aref Emamian

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States


1997 ◽  
Vol 24 (1) ◽  
pp. 117-141 ◽  
Author(s):  
T. A. LEE

This study represents part of a long-term research program to investigate the influence of U.K. accountants on the development of professional accountancy in other parts of the world. It examines the impact of a small group of Scottish chartered accountants who emigrated to the U.S. in the late 1800s and early 1900s. Set against a general theory of emigration, the study's main results reveal the significant involvement of this group in the founding and development of U.S. accountancy. The influence is predominantly with respect to public accountancy and its main institutional organizations. Several of the individuals achieved considerable eminence in U.S. public accountancy.


2021 ◽  
Vol 235 ◽  
pp. 03006
Author(s):  
Xiaohui Hu

China’s cross-border e-commerce companies are facing the problem of high logistics cost caused by excessive reliance on road transportation in domestic logistics link. In the long-term development, crossborder e-commerce companies in the United States have adopted the intermodal transportation logistics mode, which can reduced the domestic logistics costs. In order to study the impact of intermodal-transportation logistics mode on the scale of cross-border e-commerce companies, this paper selects the relevant data of Hub Group, the first intermodal marketing company in North America, makes multiple regression analysis, and draws the following conclusion: the intermodal-transportation logistics mode of highway and railway collaborative transportation is conducive to the expansion of cross-border e-commerce business scale.


1984 ◽  
Vol 18 (3) ◽  
pp. 800-813
Author(s):  
Lawrence H. Fuchs

This essay explores the question of the impact of illegal migration on American unity and cultural pluralism in the United States. Assuming that over time the descendents of undocumented workers now in the United States will behave substantially like descendants of those who immigrate legally, the author concludes that the long-term impact of illegal migration barely will be noticeable provided it is reduced substantially in the future. The process of acculturation will work in the same way for both groups as it has for other ethnic groups in the past, given comparable levels of education and length of family residence in the United States. The author takes special notice of the illegal migration of Spanish-speaking workers and hypothesizes that the behavior of their descendants will not differ from the descendants of other immigrants, legal or illegal, in ways that disrupt fundamental patterns of American political unity and cultural pluralism.


2021 ◽  
Vol 204 (01) ◽  
pp. 91-98
Author(s):  
Cyucze Chen'

Abstract. Since entering the 21st century, trade frictions between China and the United States have occurred frequently. In response to the escalation of the US provocation, China began to impose a 25 % tariff on US soybeans. The hindrance of Sino-US soybean trade has brought new opportunities for the development of Sino-Russian soybean trade. Purpose. This article analyzes the current situation of China-Russia soybean trade cooperation in the context of Sino-US trade frictions, and analyzes the current constraints and favorable opportunities in the development of the Sino-Russian soybean trade industry. Methods. The study used monographic, abstract-logical methods and the method of comparative analysis. Results. It can be said that Sino-US trade friction has objectively injected new momentum into Sino-Russian agricultural cooperation, and soybeans have become a new growth point in Sino-Russian agricultural cooperation. In the context of the “Belt and Road” initiative and the long-term trade competition between China and the United States, it is of great significance to further strengthen Sino-Russian agricultural cooperation and increase the level of agricultural trade represented by soybeans between the two countries. The scientific novelty of the research lies in the analysis of limited factors of influence and indication of a new direction of cooperation in the field of soybeans between the PRC and the Russian Federation.


2021 ◽  
Vol 65 (7) ◽  
pp. 25-33
Author(s):  
V. Mikheev ◽  
S. Lukonin

Linking the 100th anniversary of the CPC, celebrated in 2021, with long-term goals, the Chinese leadership is talking about the country’s entry into the next stage of development – the stage of the “second century of the CPC.” The 14th plan for the socio-economic development of the country for 2021–2025, adopted in March 2021 and long-range objectives through 2035 are seen as the first steps in a new round of China’s evolution. According to the Chinese leadership, the goals of the first century have been largely achieved. Now China faces more ambitious tasks: 1) achieve socialist modernization by 2035, doubling its GDP per capita to the level of an average developed country; 2) to reach the German or Japanese level of industrial and innovative development by 2050; 3) to ensure the innovative and scientific and technological self-sufficiency of China in order to get away from the current technological dependence on the United States and the West in general, which, in the opinion of the Chinese leadership, poses a threat to the national security of the PRC; 4) to create by 2027 (100th anniversary of the PLA) a strong modern army; 5) Ensure China’s global leadership by the 100th anniversary of the founding of the PRC in 2049. The peculiarities of the new 14th five-year plan include the absence of targets for GDP growth rates for 2021–2025. The benchmark will now be set every year. For example, for 2021, this indicator is set in the highly redundant formulation “6 percent or more”. Beijing records the nearing transition from quantitative planning to qualitative planning. The aggravation of relations between China and the United States under the Biden administration and Beijing’s retaliatory, in a new way, actions in almost all areas, from ideology to security and defense, in the near future will change the global balance of power and lead to the formation of a “new bipolarity” implying in the context of globalization, that in addition to the two new planetary “poles” in the world, regional and subregional centers of power will persist and develop, forming, as saying in China, modern “polycentricity”. Against such a background, the “new bipolarity” will be characterized not only by a direct clash of Chinese and American interests, but also by a struggle for dominance, influence, and alliance with the leaders of the “polycentric world.” Within the framework of the “new bipolarity”, the United States is strengthening relations with allies, opposing the “democratic economy” of the West to the “authoritarianism of China”. The concept of financing by the West of the world transport infrastructure of a “democratic sense” as opposed to the “authoritarian” Chinese “Belt and Road” is put forward. In the reciprocal steps of China to attract partners to the “Chinese pole”, the main place is given to Russia, relations with which are characterized as “exemplary” for the whole world. At the same time, there is an opinion among Chinese experts that “excessive rapprochement” with Russia is unprofitable for China, since for Russia, as well as for the United States, China is not only a partner, but also a “strategic competitor.” China has become the main Russian trade and economic partner, in many directions it has turned into an uncontested supplier. At the same time, the “Sino-Russian Comprehensive Partnership in a New Era” contains many tactical and long-term problems.


2021 ◽  
Vol 27 (3) ◽  
pp. 693-720
Author(s):  
Elena Yu. MAKUSHINA ◽  
Dar'ya M. KARMANOVA ◽  
Aleksei S. KUCHER

Subject. The article addresses the tax reform of 2017, initiated by D. Trump. Objectives. The aim is to determine the relationship between the total volume of tax revenues to the budget of the U.S. Government and the growth of U.S. GDP in the long run. Methods. To identify the impact of the tax reform on the investment climate in the country and the subsequent GDP growth, we formulate a hypothesis and propose a regression model. The quarterly data from 04.01.1960 to 07.01.2019 serve as a statistical sampling, published by financial departments of the U.S. Office of Management and Budget and the U.S. Bureau of Economic Analysis. The study rests on the econometric analysis enabling to identify the impact of the volume of tax revenues from the corporate income tax and individual income taxes on the level of the GDP of the United States. Results. In the short term, we observe a decrease in tax revenues and a subsequent increase in the budget deficit, in the long term – an increase in business activity of the country, a growth in foreign direct investment, and, consequently, an increase in the GDP. The paper offers a model for assessing the economic growth of the GDP of the United States, in which tax predictors were used in combination with macroeconomic indicators. Conclusions. The experience of the United States and the results of this study may be used by the governments of developing countries and experts in the field of taxation for tax policy development.


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