Using data for Guyana that spans the period 1980 to 2017, this study assessed the impact of efficiency-adjusted public capital on the country’s overall economic growth and expenditures for private investment. This paper contributes to the literature in four ways. First, it constructed an efficiency-adjusted and unadjusted public capital stock series for Guyana, a less developed country within the Caribbean Community, using an amended perpetual inventory model. Second, with the aid of a modified Cobb–Douglas production function, the study identified a positive connection between the efficiency-adjusted public capital stock and growth in the economy. Third, the paper shows that the adoption of the country’s Economic Recovery Program helped to boost the impact of public capital formation on the economy’s output. Finally, the paper shows that public capital growth partially crowded-out private sector investment spending in the economy which can nevertheless expand with economic growth.

本研究使用圭亚那 1980 年至 2017 年期间的数据，评估了效率调整后的公共资本对该国整体经济增长和私人投资支出的影响。本文从四个方面对文献做出贡献。首先，它使用修正的永续盘存模型为加勒比共同体内的欠发达国家圭亚那构建了一个经过效率调整和未调整的公共资本存量系列。其次，在修正的科布-道格拉斯生产函数的帮助下，该研究确定了效率调整后的公共资本存量与经济增长之间的正相关关系。第三，本文表明，该国经济复苏计划的实施有助于提高公共资本形成对经济产出的影响。最后，