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Private Investment and Endogenous Growth

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  • Dhaneshwar Ghura
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    Abstract

    This paper investigates empirically the factors that have influenced economic growth in Cameroon during 1963-96. The results, which support the endogenous-growth-type model, indicate that (1) the aggregate production function exhibits increasing returns to scale; (2) the impact of increases in private investment on growth is large, significant, and robust; (3) increases in government investment have a positive impact on growth; (4) human capital development plays an important role in output expansion; (5) positive externalities are generated by physical and human capital accumulation; and (6) growth is boosted by economic policies that foster external competitiveness and a prudent fiscal stance.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/165.

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    Length: 31
    Date of creation: 01 Dec 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/165

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    Cited by:
    1. Bakare A.S, 2011. "A Theoretical Analysis of Capital Formation and Growth in Nigeria," Far East Journal of Psychology and Business, Far East Research Centre, Far East Research Centre, vol. 3(2), pages 11-24, April.
    2. Ludvig Söderling, 2002. "Escaping the Curse of Oil? The Case of Gabon," IMF Working Papers 02/93, International Monetary Fund.
    3. Graham Bird, 2004. "Growth, poverty and the IMF," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(4), pages 621-636.
    4. Najeb Masoud & Glenn Hardaker, 2012. "The impact of financial development on economic growth: Empirical analysis of emerging market countries," Studies in Economics and Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 29(3), pages 148-173, August.
    5. Assa, Maganga & Abdi, Edriss K., 2012. "Selected Macroeconomic Variables Affecting Private Investment in Malawi," MPRA Paper 40698, University Library of Munich, Germany.
    6. Jayaraman, T-K, 1996. "Private Investment and Macroeconomic Environment in the South Pacific Island Countries : A Cross-Country Analysis," Papers, Asian Development Bank 14, Asian Development Bank.

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