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The Return to Capital in Ghana

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Author Info

  • Christopher Udry

    ()
    (Economic Growth Center, Yale University)

  • Santosh Anagol

    ()
    (Yale University)

Abstract

We show that the real return to capital in Ghana's informal sector is high. For farmers, we find annual returns ranging from 205-350% in the new technology of pineapple cultivation, and 30-50% in well-established food crop cultivation. We also examine the relative prices of durable goods of varying durability, and estimate a lower bound to the opportunity cost of capital of 60%.

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File URL: http://www.econ.yale.edu/growth_pdf/cdp932.pdf
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Bibliographic Info

Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 932.

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Length: 13 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:egc:wpaper:932

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Keywords: Capital; durable goods; credit markets;

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  1. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
  2. Banerjee, Abhijit V. & Duflo, Esther, 2005. "Growth Theory through the Lens of Development Economics," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 7, pages 473-552 Elsevier.
  3. Timothy G. Conley & Christopher R. Udry, 2005. "Learning about a new technology: pineapple in Ghana," Proceedings, Federal Reserve Bank of San Francisco.
  4. Heckman, James & Singer, Burton, 1984. "A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data," Econometrica, Econometric Society, vol. 52(2), pages 271-320, March.
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