Railroad infrastructure investment and economic performance in Portugal: An industry-specific analysis

Pedro G. Rodrigues, Alfredo M. Pereira, Rui M. Pereira

Article ID: 2942
Vol 8, Issue 2, 2024

VIEWS - 958 (Abstract) 656 (PDF)

Abstract


This study addresses the crucial question of the macroeconomic impact of investing in railroad infrastructure in Portugal. The aim is to shed light on the immediate and long-term effects of such investments on economic output, employment, and private investment, specifically focusing on interindustry variations. We employ a Vector Autoregressive (VAR) model and utilize industry-level data to estimate elasticities and marginal products on these three economic indicators. Our findings reveal a compelling positive long-term spillover effect of these investments. Specifically, every €1 million in capital spending results in a €20.84 million increase in GDP, a €17.78 million boost in private investment, and 72 new net permanent jobs. However, these gains are not immediate, as only 14.5% of the output increase and 38.8% of the investment surge occur in the first year. In contrast, job creation is nearly instantaneous, with 93% of new jobs materializing within the first year. A short-term negative impact on the trade balance is expected as new capital goods are imported. Upon industry-level analysis, the most pronounced output increases are witnessed in the real estate, construction, and wholesale and retail trade industries. The most substantial net job creation occurs in the construction, professional services, and hospitality industries. This study enriches the empirical literature by uncovering industry-specific impacts and temporal macroeconomic effects of railroad infrastructure investments. This underscores their dual advantage in bolstering long-term economic performance and counteracting job losses during downturns, thus offering valuable public policy implications. Notably, these benefits are not evenly distributed across all industries, necessitating strategic sectoral planning and awareness of employment agencies to optimize spending programs and adapt to industry shifts.


Keywords


infrastructure investment; railroad; economic performance; industry level; Portugal

Full Text:

PDF


References


Acheampong AO, Dzator J, Dzator M, et al. (2022). Unveiling the effect of transport infrastructure and technological innovation on economic growth, energy consumption and CO2 emissions. Technological Forecasting and Social Change. 182, 121843. https://doi.org/10.1016/j.techfore.2022.121843

Adler MW, Liberini F, Russo A, et al. (2020). The congestion relief benefit of public transit: evidence from Rome. Journal of Economic Geography. 21(3): 397–431. https://doi.org/10.1093/jeg/lbaa037

Affuso L, Masson J, Newbery D (2003). Comparing investments in new transport infrastructure: Roads versus railways, Fiscal Studies. 24(3): 275–315. https://doi.org/10.1111/j.1475-5890.2003.tb00085.x

Agrawal A, Galasso A, Oettl A (2017). Roads and innovation. The Review of Economics and Statistics. 99(3), 417–434. https://doi.org/10.1162/REST_a_00619

Alotaibi S, Quddus M, Morton C, et al. (2022). Transport investment, railway accessibility and their dynamic impacts on regional economic growth. Research in Transportation Business & Management. 43, 100702. https://doi.org/10.1016/j.rtbm.2021.100702

American Public Transportation Association (2020). Public transportation reduces greenhouse gases and conserves energy. https://www.apta.com/wp-content/uploads/Resources/resources/reportsandpublications/Documents/greenhouse_brochure.pdf

Anderson ML (2014). Subways, strikes, and slowdowns: the impacts of public transit on traffic congestion. American Economic Review. 104(9): 2763–2796.

Ansar A, Flyvbjerg B, Budzier A, et al. (2016). Does infrastructure investment lead to economic growth or economic fragility? Evidence from China. Oxford Review of Economic Policy. 32(3): 360–390. https://doi.org/10.1093/oxrep/grw022

Arrow K, Bolin B, Costanza R, et al. (1995). Economic growth, carrying capacity, and the environment. Science. 268(5210): 520–521. https://doi.org/10.1126/science.268.5210.520

Aschauer DA (1990). Why is infrastructure important? Proceedings of the Conference ‘Is There a Shortfall in Public Capital Investment?’ https://www.bostonfed.org/economic/conf/conf34/conf34b.pdf

Banerjee A, Duflo E, Qian N (2020). On the road: Access to transportation infrastructure and economic growth in China. Journal of Development Economics. 145. https://doi.org/10.1016/j.jdeveco.2020.102442

Bangaraju T, Aneja P, Mishra B (2022). Transport infrastructure investment: A comparative analysis between China, Russia and India. IOP Conference Series: Earth and Environmental Science. 1084(1): 012065. https://doi.org/10.1088/1755-1315/1084/1/012065

Baskakova IV, Malafeev NS (2017). The concept of infrastructure: Definition, classification and methodology for empirical evaluation. Journal of the Ural State University of Economics. 71(3): 29–41. https://doi.org/10.29141/2073-1019-2017-15-3-3

Bastiaanssen J, Johnson D, Lucas K (2020). Does transport help people to gain employment? A systematic review and meta-analysis of the empirical evidence. Transport Reviews. 40(5): 607–628. https://doi.org/10.1080/01441647.2020.1747569

Beaudoin J, Farzin Y H, Lawell CYCL (2015). Public transit investment and sustainable transportation: A review of studies of transit’s impact on traffic congestion and air quality. Research in Transportation Economics. 52, 15–22. https://doi.org/10.1016/j.retrec.2015.10.004

Becker GS (2007). Health as human capital: synthesis and extensions. Oxford Economic Papers. 59(3): 379–410. https://doi.org/10.1093/oep/gpm020

Bent E M, and Singa K (2009). Modal choices and spending patterns of travelers to downtown San Francisco, California: Impacts of congestion pricing on retail trade. Transportation Research Record. 2115(1): 66–74. https://doi.org/10.3141/2115-09

Berechman J, Ozmen D, Ozbay K (2006). Empirical analysis of transportation investment and economic development at state, county and municipality levels. Transportation. 33(6): 537–551. https://doi.org/10.1007/s11116-006-7472-6

Berger T (2019). Railroads and rural industrialization: Evidence from a historical policy experiment. Explorations in Economic History. 74. https://doi.org/10.1016/j.eeh.2019.06.002

Bergqvist R, and Behrends S (2011). Assessing the effects of longer vehicles: The case of pre- and post-haulage in intermodal transport chains. Transport Reviews. 31(5): 591–602. https://doi.org/10.1080/01441647.2011.584980

Bhattacharjee S, and Goetz AR (2012). Impact of light rail on traffic congestion in Denver. Journal of Transport Geography. 22, 262–270. https://doi.org/10.1016/j.jtrangeo.2012.01.008

Bilgili L, Kuzu SL, Çetinkaya AY, et al. (2019). Evaluation of railway versus highway emissions using LCA approach between thetwo cities of Middle Anatolia. Sustainable Cities and Society. 49. https://doi.org/10.1016/j.scs.2019.101635

Biondini F, and Frangopol DM (2019). Life-Cycle Design, Assessment, and Maintenance of Structures and Infrastructure Systems. American Society of Civil Engineers. https://doi.org/10.1061/9780784415467

Bitzan J D, and Keeler TE (2007). Economies of density and regulatory change in the U.S. railroad freight industry. The Journal of Law & Economics. 50(1), 157–180. https://doi.org/10.1086/508308

Blanchard O, and Perotti R (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics. 117(4):1329–1368. https://doi.org/10.1162/003355302320935043

Bom PRD, and Ligthart JE (2014). What have we learned from three decades of research on the productivity of public capital? Journal of Economic Surveys. 28(5):889–916. https://doi.org/10.1111/joes.12037

Börjesson M, Hamilton CJ, Näsman P, et al. (2015). Factors driving public support for road congestion reduction policies: Congestion charging, free public transport and more roads in Stockholm, Helsinki and Lyon. Transportation Research Part A: Policy and Practice. 78, 452–462. https://doi.org/10.1016/j.tra.2015.06.008

Brock WA, Taylor MS (2005). Economic growth and the environment: A review of theory and empirics. In: Aghion P, Durlauf SN (editors). Handbook of Economic Growth. Elsevier. pp. 1749–1821. https://doi.org/10.1016/S1574-0684(05)01028-2

Buhr W (2003). What is infrastructure? Volkswirtschaftliche Diskussionsbeiträge. 107(3).

Button K (2022). Transport Economics, 4th ed. Edward Elgar Publishing.

Carpenter TG (1994). The environmental impact of railways, 1st ed. Wiley.

Cascetta E, Cartenì A, Henke I, et al. (2020). Economic growth, transport accessibility and regional equity impacts of high-speed railways in Italy: ten years ex post evaluation and future perspectives. Transportation Research Part A: Policy and Practice. 139: 412–428. https://doi.org/10.1016/j.tra.2020.07.008

Cervero R (1997). Transit-oriented development's ridership bonus: a product of self-selection and public policies. Transportation Research Record. 1607(1): 1–6.

Chen J (2021). High-speed rail and energy consumption in China: The intermediary roles of industry and technology. Energy. 230. https://doi.org/10.1016/j.energy.2021.120816

Chen Y, Whalley A (2012). Green infrastructure: The effects of urban rail transit on air quality. American Economic Journal: Economic Policy. 4(1): 58–97. https://doi.org/10.1257/pol.4.1.58

Chen Z (2019). Measuring the regional economic impacts of high-speed rail using a dynamic SCGE model: The case of China. European Planning Studies. 27(3). https://doi.org/10.1080/09654313.2018.1562655

Chen Z, Li X (2021). Economic impact of transportation infrastructure investment under the Belt and Road Initiative. Asia Europe Journal. 19(Suppl 1): 131–159. https://doi.org/10.1007/s10308-021-00617-3

Chester M, Horvath A (2012). High-speed rail with emerging automobiles and aircraft can reduce environmental impacts in California’s future. Environmental Research Letters. 7(3), 034012. https://doi.org/10.1088/1748-9326/7/3/034012

Chester M, Horvath A (2010). Life-cycle assessment of high-speed rail: The case of California. Environmental Research Letters: ERL. 5(1). https://doi.org/10.1088/1748-9326/5/1/014003

Chi J (2015). Transport infrastructure and macroeconomic performance in European countries. Transportation Research Record: Journal of the Transportation Research Board. 2530. https://doi.org/10.3141/2530-10

Chi J, Baek J (2016). Modeling the transport infrastructure-growth nexus in the United States. Journal of the Transportation Research Forum. 55. https://doi.org/10.5399/osu/jtrf.55.3.4394

Christiano LJ, Eichenbaum M, Evans C (1996). The effects of monetary policy shocks: Evidence from the flow of funds. The Review of Economics and Statistics. 78(1): 16–34. https://doi.org/10.2307/2109845

Christiano LJ, Eichenbaum M, Evans CL (1999). Chapter 2-Monetary policy shocks: What have we learned and to what end? In: Handbook of Macroeconomics. Elsevier. pp. 65–148. https://doi.org/10.1016/S1574-0048(99)01005-8

Cigu E, Agheorghiesei DT, Gavrilută A, et al. (2018). Transport infrastructure development, public performance and long-run economic growth: A case study for the EU-28 countries. Sustainability: Science Practice and Policy. https://doi.org/10.3390/su11010067

Cohen JP (2010). The broader effects of transportation infrastructure: Spatial econometrics and productivity approaches. Transportation Research Part E-Logistics and Transportation Review. https://doi.org/10.1016/j.tre.2009.11.003

CP-Comboios de Portugal, EPE (n.d.). Chronology of the history of railroads in Portugal (Portuguese). Available online: https://www.cp.pt/institucional/pt/cultura-ferroviaria/historia-cp/cronologia (accessed on 12 September 2023).

Cruz CO, Sarmento JM, Faria e Sousa V, et al. (2021). Transport systems in Portugal: Analysis of efficiency and regional impact. Fundação Francisco Manuel dos Santos.

Dash P (2016). The impact of public investment on private investment: Evidence from India. Vikalpa. 41(4): 288–307. https://doi.org/10.1177/0256090916676439

Davis, Stacy C, Robert Gary (2022). Transportation Energy Data Book (Edition 40). https://doi.org/10.2172/1878695

Deichmann U, Fay M, Koo J, et al. (2004). Economic structure, productivity, and infrastructure quality in Southern Mexico. The Annals of Regional Science. 38(3). https://doi.org/10.1007/s00168-003-0171-8

Deloitte (2013). Economic impact of infrastructure investments across asset categories in Ontario. Report commissioned by the Ontario Ministry of Infrastructure.

Démurger S (2014). Infrastructure in China. In: Kanbur FR, Wei SJ, Zhang X (editors). The Oxford Companion to the Economics of China. Oxford University Press. pp. 348–352. https://doi.org/10.1093/acprof:oso/9780199678204.003.0057

Dimoula V, Kehagia F, Tsakalidis A (2016). A holistic approach for estimating carbon emissions of road and rail transport systems. Aerosol and Air Quality Research. 16(1): 61–68. https://doi.org/10.4209/aaqr.2015.05.0313

Doerr L, Dorn F, Gaebler S, et al. (2020). How new airport infrastructure promotes tourism: evidence from a synthetic control approach in German regions. Regional Studies. 54(10), 1402–1412. https://doi.org/10.1080/00343404.2020.1714022

Donaldson D (2018). Railroads of the Raj: Estimating the impact of transportation infrastructure. The American Economic Review. https://doi.org/10.1257/aer.20101199

Ekwall D, Lantz B (2017). Cargo theft risk and security: product and location. 29th Norforma Conference.

Erdogan S (2020). Analyzing the environmental Kuznets curve hypothesis: The role of disaggregated transport infrastructure investments. Sustainable Cities and Society, 61. https://doi.org/10.1016/j.scs.2020.102338

European Union Agency for Railways (2022). Report on railway safety and interoperability in the EU. Publications Office of the European Union.

Fageda X (2021). Do light rail systems reduce traffic externalities? Empirical evidence from mid-size European cities. Transportation Research Part D: Transport and Environment. 92. https://doi.org/10.1016/j.trd.2021.102731

Fay M, Leipziger D, Wodon Q, et al (2005). Achieving child-health-related Millennium Development Goals: The role of infrastructure. World Development. 33(8): 1267–1284. https://doi.org/10.1016/J.WORLDDEV.2005.03.001

Filigrana P, Levy JI, Gauthier J, et al. (2022). Health benefits from cleaner vehicles and increased active transportation in Seattle, Washington. Journal of Exposure Science & Environmental Epidemiology. 32(4): 538–544. https://doi.org/10.1038/s41370-022-00423-y

Fourie J (2006). Economic infrastructure: A review of definitions, theory and empirics. The South African Journal of Economics. Suid-Afrikaanse Tydskrif Vir Ekonomie. 74(3): 530–556. https://doi.org/10.1111/j.1813-6982.2006.00086.x

Gao HL (2019). Exploring the alternative modes of eco-friendly express freight transport. Applied Ecology and Environmental Research. 17(4). https://doi.org/10.15666/aeer/1704_88058816

GEE–Gabinete de Estratégia e Estudos, Portuguese Ministry of the Economy and the Sea (2022). Infrastructure database (Portuguese). Available online: https://www.gee.gov.pt/pt/publicacoes/indicadores-e-estatisticas/base-de-dados-de-infraestruturas (accessed on 12 September 2023).

Gibbons S, Lyytikäinen T, Overman, et al. (2019). New road infrastructure: The effects on firms. Journal of Urban Economics. 110, 35–50. https://doi.org/10.1016/j.jue.2019.01.002

Gnap J, Senko Š, Kostrzewski M, et al. (2021). Research on the relationship between transport infrastructure and performance in rail and road freight transport—A case study of Japan and selected European countries. Sustainability, 13(12): 6654. https://doi.org/10.3390/su13126654

Gołębiowski P, Jacyna M, et al. (2021). The assessment of energy efficiency versus planning of rail freight traffic: A case study on the example of Poland. Energies. 14(18): 5629. https://doi.org/10.3390/en14185629

González J Á, Ponce E, Mataix C, et al. (2008). The automatic generation of transhipment plans for a train–train terminal: Application to the Spanish–French border. Transportation Planning and Technology. 31(5): 545–567. https://doi.org/10.1080/03081060802364539

Grimes GA, and Barkan CPL (2006). Cost-effectiveness of railway infrastructure renewal maintenance. Journal of Transportation Engineering/American Society of Civil Engineers. 132(8): 601–608. https://doi.org/10.1061/(ASCE)0733-947X(2006)132:8(601)

Growitsch C, Wetzel H (2009). Testing for economies of scope in European railways: An efficiency analysis. Journal of Transport Economics and Policy. 43(1): 1–24. https://www.jstor.org/stable/20466766

Gu P, He D, Chen Y, et al. (2019). Transit-oriented development and air quality in Chinese cities: A city-level examination. Transportation Research Part D: Transport and Environment. 68: 10–25. https://doi.org/10.1016/j.trd.2018.03.009

Haskel J, Westlake S (2018). Capitalism without capital. In: The rise of the intangible economy. Princeton University Press. pp. 144–157. https://doi.org/10.1515/9781400888320-010

Haughwout AF (1999). State infrastructure and the geography of employment. Growth and Change. 30(4): 549–566. https://doi.org/10.1111/j.1468-2257.1999.tb00045.x

Hazan E, Smit S, Woetzel J, et al. (2021). Getting tangible about intangibles: The future of growth and productivity? McKinsey Global Institute.

Hornbeck R, Rotemberg M (2019). Railroads, reallocation, and the rise of American manufacturing. National Bureau of Economic Research Working Paper Series. 26594. https://doi.org/10.3386/w26594

Hou L, Peng Y, Sun D (2020). Dynamic analysis of railway vehicle derailment mechanism in train-to-train collision accidents. Proceedings of the Institution of Mechanical Engineers, Part F: Journal of Rail and Rapid Transit. 235(8): 1022–1034. https://doi.org/10.1177/0954409720959870

Infraestruturas de Portugal (2016). Plano de Investimentos em Infraestruturas–Ferrovia 2020. Available online: https://shorturl.at/txJQX (accessed on 15 December 2023).

International Energy Agency (2011). The future of rail: Opportunities for energy and the environment. Available online: https://www.oecd.org/publications/the-future-of-rail-9789264312821-en.htm (accessed on 12 September 2023).

International Transport Forum (2022). Spending on transport infrastructure. OECD Statistics Brief, June.

International Transport Forum. (2020). Comparing road and rail investment in cost-benefit analysis. Available online: https://www.itf-oecd.org/comparing-road-rail-investment-cost-benefit-analysis (accessed on 12 September 2023).

Jochimsen R (1966). Theory of infrastructure (Portuguese). Grundlagen der marktwirtschaftlichen Entwicklung. Tübingen, Mohr.

Johansson E, Camporeale R, Palmqvist CW (2020). Railway network design and regional labor markets in Sweden. Research in Transportation Economics. 83. https://doi.org/10.1016/j.retrec.2020.100921

Johner J (1983). Are roads safer than railways. Modern Railways.

Kácik D, Martincek I, Goraus M, et al. (2023). Monitoring the technical conditions of railway vehicles during operation. European Workshop on Optical Fibre Sensors (EWOFS 2023), 12643. https://doi.org/10.1117/12.2678309

Keaton MH (1990). Economies of density and service levels on U.S. railroads: An experimental analysis. Transportation Research Part E: Logistics and Transportation Review. 26(3): 211–228.

Kersley R, O’Sullivan M, Rochon S (2008). Intangible infrastructure: The key to growth. Credit Suisse Research.

Kessides C (1996). A review of infrastructure’s impact on economic development. pp. 213–230. https://doi.org/10.1007/978-3-642-80266-9_12

Khadaroo J, and Seetanah B (2008). The role of transport infrastructure in international tourism development: A gravity model approach. Tourism Management 29(5): 831–840. https://doi.org/10.1016/j.tourman.2007.09.005

Krüger NA (2012). To kill a real option—Incomplete contracts, real options and PPP. Transportation Research Part A: Policy and Practice. 46(8): 1359–1371. https://doi.org/10.1016/j.tra.2012.04.009

Lakshmanan TR (2011). The broader economic consequences of transport infrastructure investments. Journal of Transport Geography. 19(1): 1–12. https://doi.org/10.1016/j.jtrangeo.2010.01.001

Lee C, Ma J, Oh, K (2018). Economic impact analysis on regional industries by high-speed rail investments: Application of an input-output model. Transportation Research Record. 2672(10): 247–259.

Lenz NV, Skender HP, Mirković PA (2018). The macroeconomic effects of transport infrastructure on economic growth: the case of Central and Eastern E.U. member states. Economic Research-Ekonomska Istraživanja, 31(1): 1953–1964. https://doi.org/10.1080/1331677x.2018.1523740

Levinson DM, Krizek KJ (2018). Metropolitan transport and land use: Planning for place and plexus, 1st ed. Routledge.

Li JH, Rim GN, An CJ (2020). Relationship between transport infrastructure and employment: Evidence from the Chinese inland provinces under the “One Belt, One Road” initiative. Business Perspective Review. 2(1): 13–28. https://doi.org/10.38157/business-perspective-review.v2i1.103

Limão N, Venables AJ (2001). Infrastructure, geographical disadvantage, transport costs, and trade. The World Bank Economic Review. 15(3): 451–479. https://doi.org/10.1093/WBER/15.3.451

Lin HZ, Wei J (2019). Optimal transport network design for both traffic safety and risk equity considerations. Journal of Cleaner Production. 218: 738–745. https://doi.org/10.1016/j.jclepro.2019.02.070

Lin X (2019). Multiple pathways of transportation investment to promote economic growth in China: a structural equation modeling perspective. Transportation Letters. 12(7): 471–482. https://doi.org/10.1080/19427867.2019.1635780

Lindholm EL, Berg S (2005). Energy requirement and environmental impact in timber transport. Scandinavian Journal of Forest Research; Issued Bimonthly by the Nordic Forest Research Cooperation Committee. 20(2): 184–191. https://doi.org/10.1080/02827580510008329

Litman T (2005). Impacts of rail transit on the performance of a transportation system. Transportation Research Record. 1930(1): 23–29. https://doi.org/10.1177/0361198105193000103

Litman T (2022). Evaluating Public Transit Benefits and Costs - Best Practices Guidebook. Victoria Transport Policy Institute.

Litman T (2023). Evaluating accessibility for transport planning: Measuring people’s ability to reach desired services and activities. Victoria Transport Policy Institute.

Litman T, Burwell D (2006). Issues in sustainable transportation. International Journal of Global Environmental Issues. 6(4): 331–347. https://doi.org/10.1504/IJGENVI.2006.010889

Liu R, Moini N (2015). Benchmarking transportation safety performance via shift-share approaches. Journal of Transportation Safety and Security. 7(2): 124–137. https://doi.org/10.1080/19439962.2014.940478

Liu Y, Ali A, Chen Y, et al. (2023). The effect of transport infrastructure (road, rail, and air) investments on economic growth and environmental pollution and testing the validity of EKC in China, India, Japan, and Russia. Environmental Science and Pollution Research. 30(12): 32585–32599. https://doi.org/10.1007/s11356-022-24448-w

Macharis C, Bontekoning YM (2004). Opportunities for OR in intermodal freight transport research: A review. European Journal of Operational Research. 153(2): 400–416. https://doi.org/10.1016/S0377-2217(03)00161-9

Maciulyte-Sniukiene A, Butkus M (2022). Does infrastructure development contribute to EU countries’ economic growth? Sustainability. 14(9): 5610. https://doi.org/10.3390/su14095610

Martincus CV, Carballo J, Cusolito A (2017). Roads, exports and employment: Evidence from a developing country. Journal of Development Economics. 125: 21–39. https://doi.org/10.1016/j.jdeveco.2016.10.002

McMinn D, Oreskovic NM, Aitkenhead MJ, et al (2014). The physical environment and health-enhancing activity during the school commute: global positioning system, geographical information systems and accelerometry. Geospatial Health, 8(2): 569–572. https://doi.org/10.4081/gh.2014.46

Meersman H, Nazemzadeh M (2017). 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

Melo PC, Graham DJ, Brage-Ardao R (2013). The productivity of transport infrastructure investment: A meta-analysis of empirical evidence. Regional Science and Urban Economics. https://doi.org/10.1016/j.regsciurbeco.2013.05.002

Merchan AL, Belboom S, Léonard A (2020). Life cycle assessment of rail freight transport in Belgium. Clean Technologies and Environmental Policy. 22(5): 1109–1131. https://doi.org/10.1007/s10098-020-01853-8

Mihyeon Jeon C, Amekudzi A (2005). Addressing sustainability in transportation systems: Definitions, indicators, and metrics. Journal of Infrastructure Systems. 11(1): 31–50. https://doi.org/10.1061/(asce)1076-0342(2005)11:1(31)

Millemaci E, Ofria F (2016). Supply and demand-side determinants of productivity growth in Italian regions. Structural Change and Economic Dynamics. 37: 138–146. https://doi.org/10.1016/j.strueco.2016.04.001

Mineshima A, Poplawski-Ribeiro M, Weber A (2014). Size of fiscal multipliers. In: Cottarelli C, Gerson P, Senhadji A (editors). Post-crisis fiscal policy. The MIT Press. pp. 315–372. https://doi.org/10.7551/mitpress/9780262027182.003.0013

Mohanty MK, Mohapatra AK, Samanta PK. (2022). Dichotomy of infrastructure projects in India: Improved performance amid persistent overhangs. Orissa Journal of Commerce. https://doi.org/10.54063/ojc.2022.v43i01.01

Murakami J, Matsui Y, Kato H (2016). Airport rail links and economic productivity: Evidence from 82 cities with the world’s 100 busiest airports. Transport Policy. 52: 89–99. https://doi.org/10.1016/j.tranpol.2016.07.009

National Institute of Statistics—Statistics Portugal (2016). National Accounts SEC2010 Base 2016 (Portuguese). Available online: https://bit.ly/3o9ekHf (accessed on 12 September 2023).

Newman P, Kenworthy J, Glazebrook G (2013). Peak car use and the rise of global rail: Why this is happening and what it means for large and small cities. Journal of Transportation Technologies. 3(4): 272–287. https://doi.org/10.4236/jtts.2013.34029

OECD (2020). Transport bridging divides. OECD. https://doi.org/10.1787/55AE1FD8-EN

OECD (2023). Infrastructure investment. https://doi.org/10.1787/b06ce3ad-en

Oosterhaven J, Knaap T (2003). Spatial economic impacts of transport infrastructure investments. In: Transport projects, programmes and policies. Routledge.

Our World in Data (2020). Carbon footprint of select modes of transport per kilometer of travel in 2018 (in grams of carbon dioxide equivalent per passenger kilometer) [Graph]. Statista. Available online: https://www.statista.com/statistics/1185559/carbon-footprint-of-travel-per-kilometer-by-mode-of-transport/ (accessed on 12 September 2023).

Pereira A (2000). Is all public capital created equal? The Review of Economics and Statistics. 82(3): 513–518. https://doi.org/10.1162/rest.2000.82.3.513

Pereira A, and Andraz J (2012). On the economic effects of investment in railroad infrastructures in Portugal. Journal of Economic Development. 37(2): 79–107. https://doi.org/10.35866/caujed.2012.37.2.004

Pereira A, and de Frutos R (1999). Public capital accumulation and private sector performance. Journal of Urban Economics. 46(2): 300–322. https://doi.org/10.1006/juec.1998.2124

Pereira AM (2001). On the effects of public investment on private investment: What crowds in what? Public Finance Review. 29(1): 3–25. https://doi.org/10.1177/109114210102900101

Pereira AM, Andraz JM (2003). On the impact of public investment on the performance of US industries. Public Finance Review. 31(1): 66–90. https://doi.org/10.1177/1091142102239135

Pereira AM, Andraz JM (2005). Public investment in transportation infrastructure and economic performance in Portugal. Review of Development Economics. 9(2): 177–196. https://doi.org/10.1111/j.1467-9361.2005.00271.x

Pereira AM, Pereira RM (2018). Are all infrastructure investments created equal? The case of Portugal. Journal of Infrastructure Policy and Development. 2(1): 67–86. https://doi.org/10.24294/jipd.v2i1.145

Pereira AM, Pereira RM (2018). On the effects of infrastructure investment on economic performance in Ontario. Journal of Infrastructure, Policy and Development. 2(2): 1. https://doi.org/10.24294/jipd.v2i2.839

Pokharel R, Bertolini L, Brömmelstroet Mte (2023). How does transportation facilitate regional economic development? A heuristic mapping of the literature. Transportation Research Interdisciplinary Perspectives. 19: 100817. https://doi.org/10.1016/j.trip.2023.100817

Pinto JT. de M, Mistage O, Bilotta P, et al (2018). Road-rail intermodal freight transport as a strategy for climate change mitigation. Environmental Development. 25: 100–110. https://doi.org/10.1016/j.envdev.2017.07.005

Pradhan RP (2019). Investigating the causal relationship between transportation infrastructure, financial penetration and economic growth in G-20 countries. Research in Transportation Economics. 78: 100766. https://doi.org/10.1016/j.retrec.2019.100766

Pradhan RP, Bagchi TP (2013). Effect of transportation infrastructure on economic growth in India: The VECM approach. Research in Transportation Economics. 38(1): 139–148. https://doi.org/10.1016/j.retrec.2012.05.008

Qin Y (2016). China’s Transport Infrastructure Investment: Past, Present, and Future. Asian Economic Policy Review. 11(2): 199–217. https://doi.org/10.1111/aepr.12135

Ramey VA (2011). Can government purchases stimulate the economy? Journal of Economic Literature. 49(3): 673–685. https://doi.org/10.1257/jel.49.3.673

Rehman FU, Noman AA, Ding Y (2020). Does infrastructure increase exports and reduce trade deficit? Evidence from selected South Asian countries using a new Global Infrastructure Index. Journal of Economic Structures. 9(1). https://doi.org/10.1186/s40008-020-0183-x

Ren X, Ding Q (2019). The effect of high-speed rail on regional economy in China using AHP. International Journal of Transportation Engineering and Technology. 5(4): 111. https://doi.org/10.11648/j.ijtet.20190504.18

República Portuguesa (2022). Plano ferroviário nacional: Diagnóstico da situação territorial. Available online: https://pfn.gov.pt/wp-content/uploads/2022/11/diagnostico-situacao-territorial-pfn-20221117.pdf (accessed on 12 September 2023).

Rietveld P (1994). Spatial economic-impacts of transport infrastructure supply. Transportation Research Part A-Policy and Practice. 28(4): 329–341. https://doi.org/10.1016/0965-8564(94)90007-8

Rodrigue JP (2016). The role of transport and communication infrastructure in realising development outcomes. The Palgrave Handbook of International Development. 595–614. https://doi.org/10.1057/978-1-137-42724-3_33

Rodrigue JP (2020). The Geography of Transport Systems. Routledge. https://doi.org/10.4324/9780429346323

Rosenstein-Rodan PN (1943). Problems of Industrialisation of Eastern and South-Eastern Europe. The Economic Journal. 53: 210, 211, 202. https://doi.org/10.2307/2226317

Rothengatter W (2017). Wider economic impacts of transport infrastructure investments: Relevant or negligible? Transport Policy. 59: 124–133. https://doi.org/10.1016/j.tranpol.2017.07.011

Rudebusch GD (1998). Do measures of monetary policy in a VAR make sense? International Economic Review. 39(4): 907. https://doi.org/10.2307/2527344

Sahin B, Yilmaz H, Ust Y, et al (2014). An approach for economic analysis of intermodal transportation. The Scientific World Journal. 2014, 1–10. https://doi.org/10.1155/2014/630320

Sanchez TW, Shen Q, Peng ZR (2004). Transit mobility, jobs access and low-income labor participation in US metropolitan areas. Urban Studies. 41(7): 1313–1331. https://doi.org/10.1080/0042098042000214815

Sawada Y (2019). Infrastructure investments, technologies and jobs in Asia. International Journal of Training Research. 17(sup1): 12–25. https://doi.org/10.1080/14480220.2019.1629724

Scheepmaker GM, Goverde RMP, Kroon LG (2017). Review of energy-efficient train control and timetabling. European Journal of Operational Research. 257(2): 355–376. https://doi.org/10.1016/j.ejor.2016.09.044

Seidu RD, Young BE, Robinson H, et al (2020). The impact of infrastructure investment on economic growth in the United Kingdom. Journal of Infrastructure, Policy and Development. 4(2): 217. https://doi.org/10.24294/jipd.v4i2.1206

Sénquiz-Díaz C (2021). The effect of transport and logistics on trade facilitation and trade: A PLS-SEM approach. Economics. 9(2): 11–24. https://doi.org/10.2478/eoik-2021-0021

Shepherd B, and Wilson JS (2009). Trade facilitation in ASEAN member countries: Measuring progress and assessing priorities. Journal of Asian Economics. 20(4): 367–383. https://doi.org/10.1016/j.asieco.2009.03.001

Shove E, Trentmann F (2018). Infrastructures in Practice. Routledge. https://doi.org/10.4324/9781351106177

Signal M (1996). Green design in rail industry—Threat or possibility? Transportation Research Record. 1531(1): 27–34. https://doi.org/10.1177/0361198196153100104

Silla A, Kallberg VP (2012). The development of railway safety in Finland. Accident Analysis & Prevention. 45: 737–744. https://doi.org/10.1016/j.aap.2011.09.043

Sims CA, Zha T (1999). Error bands for impulse responses. Econometrica. 67(5): 1113–1155. https://doi.org/10.1111/1468-0262.00071

Small KA, Verhoef ET, Lindsey R (2007). The Economics of Urban Transportation. Routledge. https://doi.org/10.4324/9780203642306

Sobieralski JB (2021). Transportation infrastructure and employment: Are all investments created equal? Research in Transportation Economics. 88, 100927. https://doi.org/10.1016/j.retrec.2020.100927

Sturm JE, Jacobs J, Groote P (1999). Output effects of infrastructure investment in the Netherlands, 1853–1913. Journal of Macroeconomics. 21(2): 355–380. https://doi.org/10.1016/s0164-0704(99)00107-x

Sun C, Zhang W, Luo Y, et al (2019). The improvement and substitution effect of transportation infrastructure on air quality: An empirical evidence from China’s rail transit construction. Energy Policy 129: 949–957. https://doi.org/10.1016/j.enpol.2019.03.005

Tavakoli Kashani A, Sartibi Z (2022). Is there a relationship between rail transport and road fatalities? Iranian Journal of Science and Technology. Transactions of Civil Engineering, 46(2): 1645–1654. https://doi.org/10.1007/s40996-021-00667-y

Teodorovic D, Janic M (2022). Transportation engineering: Theory, practice, and modeling (2nd ed.). Butterworth-Heinemann.

Thacker S, Adshead D, Fay M, et al (2019). Infrastructure for sustainable development. Nature Sustainability. 2(4): 324–331. https://doi.org/10.1038/s41893-019-0256-8

The Economist Intelligence Unit (2019). The critical role of infrastructure for the Sustainable Development Goals. Available online: https://impact.economist.com/projects/towards-the-sdgs/pdfs/critical-role-of-infrastructure_EN.pdf (accessed on 12 September 2023).

The Engineering Toolbox (2008). Rolling resistance. Available online: https://www.engineeringtoolbox.com/rolling-friction-resistance-d_1303.html (accessed on 12 September 2023).

Tioga Group (2014). The role of rail infrastructure in the economic development of Michigan’s Northern Lower Peninsula. Available online: https://www.michigan.gov/mdot/-/media/Project/Websites/MDOT/Travel/Mobility/Rail/Freight-Economic-Development/Role-Rail-Infrastructure-Northern-Lower-MI.pdf?rev=207f83c2cf6f453389a97474a5898fbd&hash=BA6357E48C2176E4C45C48C748993779 (accessed on 12 September 2023).

Tolliver D, Lu P, Benson D (2014). Railroad energy efficiency in the United States: Analytical and statistical analysis. Journal of Transportation Engineering. 140(1): 23–30. https://doi.org/10.1061/(asce)te.1943-5436.0000620

Truong LT, Currie G (2019). Macroscopic road safety impacts of public transport: A case study of Melbourne, Australia. Accident Analysis & Prevention. 132, 105270. https://doi.org/10.1016/j.aap.2019.105270

Unesco, World Bank (2021). Cities culture creativity: Leveraging culture and creativity for sustainable urban development and inclusive growth.

United Nations Environment Programme UN (2022). International good practice principles for sustainable infrastructure. Available online: http://www.unep.org/resources/publication/international-good-practice-principles-sustainable-infrastructure (accessed on 12 September 2023).

Vanek F, and Sun Y (2008). Transportation versus perishability in life cycle energy consumption: A case study of the temperature-controlled food product supply chain. Transportation Research Part D: Transport and Environment. 13(6): 383–391. https://doi.org/10.1016/j.trd.2008.07.001

Vickerman R (1997). High-speed rail in Europe: Experience and issues for future development. The Annals of Regional Science. https://doi.org/10.1007/S001680050037

Vickerman R (2008). Recent evolution of research into the wider economic benefit of transport infrastructure investments. ITF Round Tables. 29–49. https://doi.org/10.1787/9789282101834-3-en

Vlahinić Lenz N, Pavlić Skender H, Mirković PA (2018). The macroeconomic effects of transport infrastructure on economic growth: the case of Central and Eastern E.U. member states. Economic Research-Ekonomska Istrazivanja. 31(1): 1953–1964. https://doi.org/10.1080/1331677X.2018.1523740

Vuchic VR (2007). Urban Transit Systems and Technology. John Wiley & Sons.

Wachs M (2011). Transportation jobs, and economic growth. Access, 38(Spring): 8–14. Available online: https://www.accessmagazine.org/spring-2011/transportation-jobs-economic-growth/ (accessed on 12 September 2023).

Wang L, Xue X, Zhao Z, et al (2018). The impacts of transportation infrastructure on sustainable development: emerging trends and challenges. International Journal of Environmental Research and Public Health. 15(6): 1172. https://doi.org/10.3390/ijerph15061172

Wang S, Zhao M, Xing J, et al (2010). Quantifying the air pollutants emission reduction during the 2008 olympic games in Beijing. Environmental Science & Technology. 44(7): 2490–2496. https://doi.org/10.1021/es9028167

Waycaster GC, Matsumura T, Bilotkach V, et al (2017). Review of regulatory emphasis on transportation safety in the United States, 2002–2009: public versus private modes. Risk Analysis. 38(5): 1085–1101. https://doi.org/10.1111/risa.12693

Whitehouse A (2001). One rule for road, another for rail. Rail Professional.

World Bank (1994). World Development Report 1994. Available online: https://elibrary.worldbank.org/doi/abs/10.1596/978-0-1952-0992-1 (accessed on 12 September 2023).

World Bank (2007). Evaluation of World Bank support to transportation infrastructure. World Bank Publications.

Worsley T (2020). Comparing road and rail investment in cost-benefit analysis. Discussion paper, International Transport Forum (ITF). Available online: https://www.itf-oecd.org/comparing-road-rail-investment-cost-benefit-analysis (accessed on 12 September 2023).

Wrótny M, Bohatkiewicz J (2021). Traffic noise and inhabitant health—a comparison of road and rail noise. Sustainability. 13(13): 7340. https://doi.org/10.3390/su13137340

Wu C, Zhang N, Xu L (2021). Travelers on the railway: An economic growth model of the effects of railway transportation infrastructure on consumption and sustainable economic growth. Sustainability (Switzerland). 13(12). https://doi.org/10.3390/su13126863

Yang J, Chen S, Qin P, et al. (2018). The effect of subway expansions on vehicle congestion: Evidence from Beijing. Journal of Environmental Economics and Management. 88: 114–133. https://doi.org/10.1016/j.jeem.2017.09.007

Yen M (2020). Does rapid transit and light rail infrastructure improve labor market outcomes? https://doi.org/10.2139/ssrn.3650709

Yii KJ, Bee KY, Cheam WY, et al (2018). Is transportation infrastructure important to the one belt one road (OBOR) initiative? Empirical evidence from the selected Asian countries. Sustainability. 10(11): 4131. https://doi.org/10.3390/su10114131

Yoshino N, Abidhadjaev U (2017). Impact of infrastructure on tax revenue: Case study of high-speed train in Japan. Journal of Infrastructure, Policy and Development. 1(2): 129. https://doi.org/10.24294/jipd.v1i2.69

Zenou Y (2011). Search, migration, and urban land use: The case of transportation policies. Journal of Development Economics. 96(2): 174–187. https://doi.org/10.1016/j.jdeveco.2010.11.001

Zhang X, Wan G, Wang X (2017). Road infrastructure and the share of labor income: Evidence from China’s manufacturing sector. Economic Systems. 41(4): 513–523. https://doi.org/10.1016/j.ecosys.2017.08.001

Zheltenkov A, Syuzeva O, Vasilyeva E, et al (2017). Development of investment infrastructure as the factor of the increase in investment attractiveness of the region. IOP Conference Series: Earth and Environmental Science. 90(1), 012122. https://doi.org/10.1088/1755-1315/90/1/012122




DOI: https://doi.org/10.24294/jipd.v8i2.2942

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Pedro G. Rodrigues, Alfredo M. Pereira, Rui M. Pereira

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.