Is Investment in Africa Too Low or Too High? Macro and Micro Evidence

The authors investigate the relationship between weak growth performance and low investment rates in Africa. The cross-country evidence suggests no direct relationship. The positive and significant coefficient on private investment appears to be dr...

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Bibliographic Details
Main Authors:	Devarajan, Shantayanan, Easterley, William R., Pack, Howard
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ADJUSTMENT PROGRAMS AGGREGATE PRODUCTION FUNCTION AGRICULTURE AVERAGE GROWTH AVERAGE GROWTH RATE BLACK MARKET BLACK MARKET PREMIUM BUDGET DEFICITS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL GAINS CAPITAL GOODS CAPITAL INVESTMENT CAPITAL STOCK CAPITAL STOCK GROWTH CAPITAL- LABOR CAPITAL- LABOR RATIOS CAPITAL- OUTPUT RATIO CAPITAL-LABOR CAPITAL-LABOR RATIO CAPITAL-LABOR RATIOS COMPETITIVE PRESSURES CONVENTIONAL ANALYSIS COUNTRY DATA COUNTRY GROWTH COUNTRY REGRESSIONS COUNTRY VARIATION CROSS COUNTRY CROSS- COUNTRY ANALYSIS CROSS-COUNTRY ANALYSIS CROSS-COUNTRY GROWTH REGRESSIONS CROSS-COUNTRY REGRESSIONS CROSS-COUNTRY VARIATION CROWDING OUT DATA SETS DEBT DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT RESEARCH DOMESTIC SAVING ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC PERFORMANCE ECONOMIC RESEARCH EFFECTIVE USE EMPLOYMENT ENDOGENOUS GROWTH EXTERNALITIES FACTOR ACCUMULATION FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FOREIGN EXCHANGE GDP GENERAL PRODUCTION FUNCTION GROWTH ACCOUNTING GROWTH DEBATE GROWTH MODEL GROWTH MODELS GROWTH PERFORMANCE GROWTH PROCESS GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS GROWTH RELATIONSHIP GROWTH THEORY GROWTH TRAGEDY HIGH GROWTH HUMAN CAPITAL IMPORTED INPUTS INCOME INCOME DIFFERENCES INDIVIDUAL COUNTRIES INEFFICIENCY INFRASTRUCTURE INVESTMENT INVESTMENT POLICIES INVESTMENT RATE INVESTMENT RATES LABOR FORCE LABOR PRODUCTIVITY LEVEL OF CAPITAL LIQUIDITY LOCAL INDUSTRY LONG-RUN GROWTH LOW INFLATION MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMICS MARKET DISTORTIONS MARKET FORCES MEMBER COUNTRIES MICRO DATA MONETARY ECONOMICS NATIONAL ACCOUNTS NOMINAL INTEREST RATE OUTPUT GROWTH OUTPUT PER CAPITA OUTPUT RATIO PER CAPITA GROWTH PER CAPITA INCOME POLICY DEBATE POLICY RESEARCH POLICY VARIABLES POOR COUNTRIES POOR POLICIES POPULATION GROWTH PRIVATE INVESTMENT PRIVATE SECTOR PRODUCT MARKETS PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTIVITY PRODUCTIVITY GROWTH PRODUCTIVITY OF CAPITAL PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC POLICIES PUBLIC SECTOR PUBLIC SPENDING SAVINGS SIGNIFICANT EFFECT SIGNIFICANT IMPACT SOCIAL CAPITAL STANDARD ERRORS STATE ENTERPRISES STATE-OWNED ENTERPRISES SURPLUS LABOR TECHNICAL CHANGE TECHNICAL PROGRESS TECHNOLOGICAL KNOWLEDGE TFP TOTAL FACTOR PRODUCTIVITY UNDERLYING PROBLEMS VALUE ADDED WAGES WEALTH WORLD MARKET
Online Access:	http://documents.worldbank.org/curated/en/2001/01/888056/investment-africa-too-low-or-too-high-macro-micro-evidence http://hdl.handle.net/10986/19725

Internet

http://documents.worldbank.org/curated/en/2001/01/888056/investment-africa-too-low-or-too-high-macro-micro-evidence
http://hdl.handle.net/10986/19725

Is Investment in Africa Too Low or Too High? Macro and Micro Evidence

Internet

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