Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20414
Authors: 
Schiantarelli, Fabio
Leblebicioglu, Asli
Bond, Steve
Year of Publication: 
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

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