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Equipment Investment and the Solow Model

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Author Info
Temple, Jonathan

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Abstract

This paper investigates the correlation between equipment investment and economic growth, and its compatibility with the Solow growth model. The paper improves on previous work by starting from an explicit theoretical model, using recent data on human capital, taking a rigorous approach to outliers, using instrumental variables, and taking unobserved heterogeneity into account. Rates of return to investment, and their precision, are estimated. The main finding is that the implied returns to equipment investment are very high in developing countries. Copyright 1998 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 50 (1998)
Issue (Month): 1 (January)
Pages: 39-62
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Handle: RePEc:oup:oxecpp:v:50:y:1998:i:1:p:39-62

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  2. Gimenez, G. & Sanau, J., 2009. "Investment, Human Capital and Institutions: A Multi-equational Approach for the Study of Economic Growth, 1985-2000," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 9(1). [Downloadable!] (restricted)
  3. Uwe Dulleck & Neil Foster, 2007. "Imported Equipment, Human Capital and Economic Growth in Developing Countries," NCER Working Paper Series 16, National Centre for Econometric Research. [Downloadable!]
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  4. Hans-Friedrich Eckey & Thomas Döring & Matthias Türck, 2006. "Convergence of Regions from 23 EU Member States," Discussion Papers in Economics 86/06, University of Kassel, Institute of Economics. [Downloadable!]
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  6. A. Desdoigts, . "Growth Regression and Counterfactual Income Dynamics," Sonderforschungsbereich 373 2000-60, Humboldt Universitaet Berlin.
  7. Lewer, J.J. & Saenz, M., 2004. "Efectos de la liberalizacion financiera sobre el comercio exterior: Modelo gravitacional de Latinoamerica, 1995-99," Estudios Economicos de Desarrollo Internacional, Euro-American Association of Economic Development, vol. 4(2). [Downloadable!]
  8. Subodh Kumar & R. Robert Russell, 2002. "Technological Change, Technological Catch-up, and Capital Deepening: Relative Contributions to Growth and Convergence," American Economic Review, American Economic Association, vol. 92(3), pages 527-548, June. [Downloadable!]
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  11. Martín-Mayoral, Fernando, 2008. "¿Existe convergencia entre los países de América Latina?
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