Growth, private investment and reforms : A comparative perspective
AbstractIn this paper we empirically analyse the linkages among growth, investment and reforms in the South East Asian countries, in the North Africa and in the non CFA Sub-Saharan Africa economies over 1970-89 to 2003. These regions differ considerably among them selves as well as with regard to the rest of the world, in terms of resources endowment, structure of production , and also in terms of economic reforms , physical infrastructure, and human capital. Our empirical analysis has clearly revealed the importance and the complementarities between macroeconomic reforms, physical infrastructure, human capital and structural reforms for the growth prospects of the economies. These factors have shown a strong effect on growth and have contributed greatly to the growth process for north Africa countries and the non CFA sub Sahara African countries. In north Africa economies and in the Sub Sahara African countries, the lack of macroeconomic reforms, the deficiencies of the physical infrastructure and the human capital explain, although at differing degrees , well the deficit in economic growth. This has been particularly the case of road networks, electronic equipments, sanitary conditions and schooling. The model simulation shows that an improvement of secondary schooling and physical infrastructure, similar to South East Asia, would have stimulated North Africa economic growth by respectively 0.61percent and 0.17 percent against only 1.23 percent and 0.39 percent for non CFA Sub Saharan Africa
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Bibliographic InfoPaper provided by EconWPA in its series GE, Growth, Math methods with number 0507012.
Length: 21 pages
Date of creation: 22 Jul 2005
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Growth ; reforms; Human capital ; Structural reforms; macroeconomic stability; PCA; investment; Panel;
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-07-25 (All new papers)
- NEP-DEV-2005-07-25 (Development)
- NEP-MAC-2005-07-25 (Macroeconomics)
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