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Phone: +82 2 450 3634 or +82 10 5136 9445 JEL Classification: O3, O4 Abstract This study investigates the impact of telecommunications penetration on the aggregate production efficiency in a large cross-section of fifty countries. We show that higher levels of ICT capital stock penetration increase technical efficiency levels in the aggregate production function. However, depending on the geographical location the effects of ICT penetration are different. Our empirical findings suggest thatdoi:10.2139/ssrn.1112542 fatcat:vvxyfoevgfasbomstllslwpcjy