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Testing the Neoclassical Theory of Economic Growth

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Author Info

  • Malcolm D. Knight
  • Delano Villanueva
  • Norman Loayza

Abstract

Several recent empirical studies have examined determinants of economic growth using country average (cross-section) data. In contrast, this paper employs a technique for using a panel of both cross-section and time-series data for 98 industrial and developing countries over 1960-85 to determine the quantitative importance for economic growth of both country-specific and time-varying factors such as human capital, public investment, and outward-oriented trade policies. The empirical results provide support for the view that these factors exert a positive and significant influence on economic growth. They also provide estimates of the speed at which the gap in real per capita income between rich and poor countries is likely to be reduced over the longer term.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/106.

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Length: 38
Date of creation: 01 Dec 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/106

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