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Low Investment is Not the Constraint on African Development

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Author Info
Shantayanan Devarajan ()
William R. Easterly
Howard Pack

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Abstract

While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.

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File URL: http://www.cgdev.org/content/publications/detail/2778
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Publisher Info
Paper provided by Center for Global Development in its series Working Papers with number 13.

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Length: 42 pages
Date of creation: Oct 2002
Date of revision:
Handle: RePEc:cgd:wpaper:13

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Web page: http://www.cgdev.org

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Related research
Keywords: African Development; private and public investment; economic development;

Other versions of this item:

Find related papers by JEL classification:
F35 - International Economics - - International Finance - - - Foreign Aid
O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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  1. Calderon, Cesar & Serven, Luis, 2008. "Infrastructure and economic development in Sub-Saharan Africa," Policy Research Working Paper Series 4712, The World Bank. [Downloadable!]
  2. Kraay, Aart & Raddatz, Claudio, 2005. "Poverty traps, aid, and growth," Policy Research Working Paper Series 3631, The World Bank. [Downloadable!]
    Other versions:
  3. Michael Clemens & Charles Kenny & Todd Moss, 2004. "The Trouble with the MDGs: Confronting Expectations of Aid and Development Success," Development and Comp Systems 0405011, EconWPA. [Downloadable!]
    Other versions:
  4. Sanjaya Lall (QEH), . "Is African Industry Competing?," QEH Working Papers qehwps122, Queen Elizabeth House, University of Oxford. [Downloadable!]
  5. Agenor, Pierre-Richard & Moreno-Dodson, Blanca, 2006. "Public infrastructure and growth : new channels and policy implications," Policy Research Working Paper Series 4064, The World Bank. [Downloadable!]
  6. Arbache, Jorge & Go, Delfin S. & Page, John, 2008. "Is Africa's economy at a turning point?," Policy Research Working Paper Series 4519, The World Bank. [Downloadable!]
  7. Amavilah, Voxi Heinrich, 2008. "Domestic resources, governance, global links, and the economic performance of Sub-Saharan Africa," MPRA Paper 11193, University Library of Munich, Germany. [Downloadable!]
  8. Inwon Jang & Richard Wong & Hyeon-seung Huh, 2008. "Optimal capital investment under uncertainty: An extension," Economics Bulletin, Economics Bulletin, vol. 5(4), pages 1-7. [Downloadable!]
  9. Paul Beaudry & Patrick Francois, 2005. "Managerial Skill Acquisition and the Theory of Economic Development," NBER Working Papers 11451, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. W. A. Naudé, 2004. "The effects of policy, institutions and geography on economic growth in Africa: an econometric study based on cross-section and panel data," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 821-849. [Downloadable!]
  11. Kenny, Charles, 2006. "Measuring and reducing the impact of corruption in infrastructure," Policy Research Working Paper Series 4099, The World Bank. [Downloadable!]
  12. Yisheng Bu, 2006. "Fixed capital stock depreciation in developing countries: Some evidence from firm level data," The Journal of Development Studies, Taylor and Francis Journals, vol. 42(5), pages 881-901, July. [Downloadable!] (restricted)
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