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Sources of Growth in the Democratic Republic of the Congo

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  • Matthias Cinyabuguma
  • Bernardin Akitoby
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    Abstract

    The paper investigates the sources of growth in the Democratic Republic of the Congo since 1960 and evaluates the relative importance of total factor productivity growth and factor accumulation, using a cointegration method and a growth accounting framework. The main findings confirm that poor economic policies and bad governance (through their effects on total factor productivity and capital accumulation) contributed to the country''s economic decline during the 40-year period, 1960-2000. Looking forward, the paper finds that the right policies are being put in place to pave the way for a restoration of economic growth.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=17234
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/114.

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    Length: 32
    Date of creation: 01 Jul 2004
    Date of revision:
    Handle: RePEc:imf:imfwpa:04/114

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    Related research

    Keywords: Economic growth; Industrial production; real gdp; cointegration; growth rate; growth accounting; gdp growth; heteroscedasticity; equation; total factor productivity; gdp per capita; statistic; growth rates; significance level; linear trend; time series; estimation period; dummy variable; economic growth rate; statistics; linear time trend; linear time; long-term economic growth; growth model; gdp growth rate; autocorrelation; gross domestic product; survey; annual economic growth; statistical significance; econometrics; statistical analysis; neoclassical growth model; growth analysis; maximum likelihood estimation; hypothesis testing;

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    1. Dhaneshwar Ghura & Anupam Basu & Evangelos A. Calamitsis, 1999. "Adjustment and Growth in Sub-Saharan Africa," IMF Working Papers 99/51, International Monetary Fund.
    2. Easterly, William R. & Wetzel, Deborah L., 1989. "Policy determinants of growth : survey of theory and evidence," Policy Research Working Paper Series 343, The World Bank.
    3. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May.
    4. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
    5. Kirstin Hubrich, 1999. "Estimation of a German money demand system - a long-run analysis," Empirical Economics, Springer, vol. 24(1), pages 77-99.
    6. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    7. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    8. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
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