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Growth, private investment and reforms : A comparative perspective


  • Ghazouani KAMEL

    (Hight trade school of Tunis, Manouba University)


In 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

Suggested Citation

  • Ghazouani KAMEL, 2005. "Growth, private investment and reforms : A comparative perspective," GE, Growth, Math methods 0507012, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpge:0507012
    Note: Type of Document - pdf; pages: 21. No comments

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    References listed on IDEAS

    1. Nelson, Richard R & Pack, Howard, 1999. "The Asian Miracle and Modern Growth Theory," Economic Journal, Royal Economic Society, vol. 109(457), pages 416-436, July.
    2. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    3. Deininger, Klaus & Olinto, Pedro, 2000. "Asset distribution, inequality, and growth," Policy Research Working Paper Series 2375, The World Bank.
    4. Dani Rodrik, 1998. "Trade Policy and Economic Performance in Sub-Saharan Africa," NBER Working Papers 6562, National Bureau of Economic Research, Inc.
    5. David Dollar & Craig Burnside, 2000. "Aid, Policies, and Growth," American Economic Review, American Economic Association, vol. 90(4), pages 847-868, September.
    6. David Dollar & Aart Kraay, 2004. "Trade, Growth, and Poverty," Economic Journal, Royal Economic Society, vol. 114(493), pages 22-49, February.
    7. David M. Gould & Roy J. Ruffin, 1993. "What determines economic growth?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Apr, pages 25-40.
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    More about this item


    Growth ; reforms; Human capital ; Structural reforms; macroeconomic stability; PCA; investment; Panel;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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