<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2215-3403</journal-id>
<journal-title><![CDATA[Economía y Sociedad]]></journal-title>
<abbrev-journal-title><![CDATA[Economía y Sociedad]]></abbrev-journal-title>
<issn>2215-3403</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional, Costa Rica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2215-34032018000100040</article-id>
<article-id pub-id-type="doi">10.15359/eys.23-53.3</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inversión en infraestructura y crecimiento económico, relevancia de factores institucionales]]></article-title>
<article-title xml:lang="en"><![CDATA[Infrastructure investment and economic growth, relevance of institutional factors]]></article-title>
<article-title xml:lang="pt"><![CDATA[Investimento em infraestrutura e crescimento econômico, relevância de fatores institucionais]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Esquivel -Monge]]></surname>
<given-names><![CDATA[Manfred]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Loaiza -Marín]]></surname>
<given-names><![CDATA[Kerry]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco Central de Costa Rica  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco Central de Costa Rica  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>23</volume>
<numero>53</numero>
<fpage>40</fpage>
<lpage>61</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_arttext&amp;pid=S2215-34032018000100040&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_abstract&amp;pid=S2215-34032018000100040&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_pdf&amp;pid=S2215-34032018000100040&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se cuantifica el efecto que tiene la inversión en infraestructura sobre el crecimiento económico y si está condicionado por factores de índole institucional mediante modelos dinámicos de panel con variables instrumentales y técnica GMM. Los resultados son coherentes con estudios previos en cuanto a la magnitud del efecto de la infraestructura sobre el crecimiento. Se halla evidencia de que factores institucionales inciden significativamente en el potencial efecto expansivo de la infraestructura. Se encuentra que países de América Latina estarían limitando el potencial expansivo de su inversión en infraestructura al presentar indicadores de desempeño institucional desfavorables. Lo mismo estaría sucediendo con países de ingreso medio y bajo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We quantify the effect of infrastructure investment on economic growth and test whether that effect is conditioned by institutional factors. This is done by estimating dynamic panel data models with instrumental variables using GMM estimation. Results are in line with those reported by previous studies in terms of the magnitude of the effect of infrastructure on economic growth. Evidence suggests that bad institutions lessen the potential expansive effect of infrastructure investment. Latin American countries would be restraining the expansive potential of their infrastructure investment by showing unfavorable institutional performance. The same would be happening with mid and low-income countries.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Quantifica-se o efeito que o investimento tem em infraestrutura sobre o crescimento econômico, e se está condicionado por fatores de índole institucional através de modelos de painéis dinâmicos com variáveis instrumentais e técnica GMM. Os resultados são coerentes com estudos prévios quanto à magnitude do efeito da infraestrutura sobre o crescimento. Há evidências de que os fatores institucionais têm impacto significativo no potencial efeito expansivo da infraestrutura. Verifica-se que países da América Latina estariam limitando o potencial expansivo de seu investimento em infraestrutura, apresentando indicadores de desempenho institucional desfavoráveis. O mesmo estaria acontecendo com países de baixa e média renda.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[infraestructura]]></kwd>
<kwd lng="es"><![CDATA[crecimiento]]></kwd>
<kwd lng="es"><![CDATA[instituciones]]></kwd>
<kwd lng="es"><![CDATA[libertad económica]]></kwd>
<kwd lng="es"><![CDATA[corrupción]]></kwd>
<kwd lng="en"><![CDATA[infrastructure]]></kwd>
<kwd lng="en"><![CDATA[growth]]></kwd>
<kwd lng="en"><![CDATA[institutions]]></kwd>
<kwd lng="en"><![CDATA[economic freedom]]></kwd>
<kwd lng="en"><![CDATA[corruption]]></kwd>
<kwd lng="pt"><![CDATA[infraestrutura]]></kwd>
<kwd lng="pt"><![CDATA[crescimento]]></kwd>
<kwd lng="pt"><![CDATA[instituições]]></kwd>
<kwd lng="pt"><![CDATA[liberdade econômica]]></kwd>
<kwd lng="pt"><![CDATA[corrupção]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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