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Title:Capital Accumulation and Growth : A New Look at the Empirical Evidence PDF Logo
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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