Private Investment, Freedom, Openness, and Economic Growth: Evidence from Recent Cross-Country Data
Using a reasonable growth model and a good dataset that covers a fairly wide intercountry cross-section, this study investigates the role of several factors in economic growth, with a particular focus on the impact of private investment and economic freedom. Seven main points are noted. First, as might be expected, aggregate investment has a sizable and highly significant positive effect on growth. Second, there is no indication that increased private investment helps growth; on the contrary, in ali cases, the private-investment parameter is negative. Third, there is little evidence that economic freedom enhances growth, and the freedom-parameter appears fragile. Fourth, the role of openness seems minor. Fifth, the education-parameter has a positive sign in all cases, and is statistically significant in most regressions. Sixth, the parametric structures for the fuil sample and the LDC subsample are broadly similar. Seventh, the pattern of estimates seems robust to the use of different measures of economic freedom and also to several specificational alternatives and some methodological refinements. In particular, White’s (1980) heteroskedasticity-consistent standard errors yield the same broad pattern as the ordinary (OLS) standard errors.
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Volume (Year): 53 (2000)
Issue (Month): 3 ()
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