Public And Private Investment And The Convergence Of Per Capita Incomes In Developing Countries
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| Author | : Mohsin S. Khan |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 1993-06 |
| Genre | : Business & Economics |
| ISBN | : |
This paper examines the extent to which there has been convergence in real per capita incomes across developing countries during the last two decades. In the analysis particular emphasis is placed on the separate roles played by private and public sector investment in determining both the extent and the speed of convergence. The paper also considers the importance of the stock of human capital, trade orientation, and foreign direct investment in the long-run growth process. Empirical tests are carried out for a large sample of 95 developing countries over the period 1970-90. The results provide support for the notion of differential effects of public and private investment on long-term growth, as well as for the convergence hypothesis.
| Author | : Mohsin S. Khan |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
This paper examines the extent to which there has been convergence in real per capita incomes across developing countries during the last two decades. In the analysis particular emphasis is placed on the separate roles played by private and public sector investment in determining both the extent and the speed of convergence. The paper also considers the importance of the stock of human capital, trade orientation, and foreign direct investment in the long-run growth process. Empirical tests are carried out for a large sample of 95 developing countries over the period 1970-90. The results provide support for the notion of differential effects of public and private investment on long-term growth, as well as for the convergence hypothesis.
| Author | : Mohsin S. Khan |
| Publisher | : |
| Total Pages | : 30 |
| Release | : 1993 |
| Genre | : |
| ISBN | : |
| Author | : Mr.Dhaneshwar Ghura |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 1995-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451855753 |
The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.
| Author | : Hilary Devine |
| Publisher | : International Monetary Fund |
| Total Pages | : 161 |
| Release | : 2021-05-14 |
| Genre | : Business & Economics |
| ISBN | : 1513571567 |
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
| Author | : Mr.Alejandro Izquierdo |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2019-12-20 |
| Genre | : Business & Economics |
| ISBN | : 1513525107 |
Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, little is known about public investment multipliers. In particular, the clear theoretical implication that public investment multipliers should be higher (lower) the lower (higher) is the initial stock of public capital has not, to the best of our knowledge, been tested. This paper tackles this empirical challenge and finds robust evidence in favor of the above hypothesis: countries with a low initial stock of public capital (as a proportion of GDP) have significantly higher public investment multipliers than countries with a high initial stock of public capital. This key finding seems robust to the sample (European countries, U.S. states, and Argentine provinces) and to the identification method (Blanchard-Perotti, forecast errors, and instrumental variables). Our results thus suggest that public investment in developing countries would carry high returns.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 1989-07-26 |
| Genre | : Business & Economics |
| ISBN | : 1451965249 |
Despite the growing support for market-oriented strategies, and for a greater role of private investment, empirical growth models for developing countries typically make no distinction between the private and public components of investment. This paper sheds some light on this important issue by formulating a simple growth model that separates the effects of public sector and private sector investment. This model is estimated for a cross - section sample of 24 developing countries, and the results support the notion that private investment has a larger direct effect on growth than does public investment.
| Author | : Klaus Schmidt-Hebbel |
| Publisher | : World Bank Publications |
| Total Pages | : 54 |
| Release | : 1994 |
| Genre | : Ahorro |
| ISBN | : |
| Author | : Gilles Dufrénot |
| Publisher | : |
| Total Pages | : |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
This paper provides empirical evidence that there is no absolute convergence between the GDP per capita of the developing countries since 1950. Relying upon recent econometric methodologies (nonstationary long-memory models, wavelet models and time-varying factor representation models), we show that the transition paths to long-run growth are very persistent over time and non-stationary, thereby yielding a variety of potential growth steady states (conditional convergence). Our findings do not support the idea according to which the developing countries share a common factor (such as technology) that eliminates growth divergence in the very long run. Instead, we conclude that growth is an idiosyncratic phenomenon that yields different forms of transitional economic performance: growth tragedy (some countries with an initial low level of per capita income diverge from the richest ones), growth resistance (with many countries experiencing a low speed of growth convergence), and rapid convergence. - growth convergence ; developing countries ; long memory ; wavelets ; time-varying factor models
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 1990-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1451977026 |
This paper analyzes the effects of several policy and other macro-economic variables on the ratio of private investment to GDP in developing countries. Using data for a sample of 23 developing countries over the period 1975-87, the econometric evidence indicates that the rate of private investment is positively related to the real growth rate of GDP, public sector investment, and to a lesser extent the level of per capita GDP, while it is negatively related to domestic inflation, the debt service ratio, the debt-to-GDP ratio, and high real interest rates. There is also some indication that all but the last of these variables had a greater impact before the onset of the debt crisis in 1982, while the debt-to-GDP ratio (a measure of a country’s debt overhang) has become more important since then.
