Resource title

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

Resource image

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Resource description

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.

Resource author

Fabio Schiantarelli, Asli Leblebicioglu, Steve Bond

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/20414

Resource license

Adapt according to the presented license agreement and reference the original author.