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Capital accumulation and growth: a new look at the empirical evidence

✍ Scribed by Steve Bond; Asli Leblebicioǧlu; Fabio Schiantarelli

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
194 KB
Volume
25
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

Using annual data for 75 countries in the period 1960–2000, we present evidence of a positive relationship between investment as a share of gross domestic product (GDP) and the long‐run growth rate of GDP per worker. This result is robust for our full sample and for the subsample of non‐OECD countries, but not for the subsample of OECD countries. Our analysis controls for time‐invariant country‐specific heterogeneity in growth rates, and for a range of time‐varying control variables. We also address endogeneity issues, and allow for heterogeneity across countries in model parameters and for cross‐section dependence. Copyright © 2010 John Wiley & Sons, Ltd.

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