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http://hdl.handle.net/10419/20414
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| Title: | | Capital Accumulation and Growth : A New Look at the Empirical Evidence  |
| Authors: | | Schiantarelli, Fabio Leblebicioglu, Asli Bond, Steve |
| Issue Date: | | 2004 |
| Series/Report no.: | | IZA Discussion paper series 1174 |
| Abstract: | | We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non-overlapping five-year periods, or allowing for heterogeneity across countries in regression coefficients. They are robust to model specifications and estimation methods. The evidence that investment has a long-run effect on growth rates is consistent with the main implication of certain endogenous growth models, such as the AK model. |
| Subjects: | | growth capital accumulation investment |
| JEL: | | C23 E22 O40 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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