Transport investment and the promotion of economic growth
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Additional excerpts
...For the case of Spain, the empirical findings show the variance: Cantos et al. (2005) confirmed the existence of very substantial spillovers; Álvarez et al....
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...Even though the range of the measured economic growth effects varies widely among studies, the positive relationship between transport investment and economic development is now commonly accepted (Banister and Berechman, 2001; Berechman et al., 2006)....
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...According to Banister and Berechman (2001), the increase in transport investment in one region could improve the network accessibility of this region and therefore enlarge its market scale....
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...As the previous literature (Krugman, 1991; Fujita et al., 1999; Banister and Berechman, 2001) pointed out, in cases where labor migration is limited, the price of labor would increase with the agglomeration of industries (economic activities), and therefore increase the production cost....
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