Specification of Investment Functions In Sub-Saharan Africa:
It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneit...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2007
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions |
| Beschreibung: | 1 Online-Ressource (39 Seiten)) |
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| 520 | 3 | |a It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions | |
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| spelling | Bayraktar, Nihal Verfasser aut Specification of Investment Functions In Sub-Saharan Africa Bayraktar, Nihal Washington, D.C The World Bank 2007 1 Online-Ressource (39 Seiten)) txt rdacontent c rdamedia cr rdacarrier It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions Online-Ausg Accumulation Capital Currencies and Exchange Rates Debt Markets Depreciation Distribution of Income Economic Theory and Research Emerging Markets Extensive External Finance and Financial Sector Development Financial Literacy Fixed Capital Income Investment Investment Behavior Investment Functions Investment and Investment Climate Macroeconomics and Economic Growth Private Sector Development Fofack, Hippolyte Sonstige oth Bayraktar, Nihal Sonstige oth Bayraktar, Nihal Specification of Investment Functions In Sub-Saharan Africa http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4171 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bayraktar, Nihal Specification of Investment Functions In Sub-Saharan Africa Accumulation Capital Currencies and Exchange Rates Debt Markets Depreciation Distribution of Income Economic Theory and Research Emerging Markets Extensive External Finance and Financial Sector Development Financial Literacy Fixed Capital Income Investment Investment Behavior Investment Functions Investment and Investment Climate Macroeconomics and Economic Growth Private Sector Development |
| title | Specification of Investment Functions In Sub-Saharan Africa |
| title_auth | Specification of Investment Functions In Sub-Saharan Africa |
| title_exact_search | Specification of Investment Functions In Sub-Saharan Africa |
| title_exact_search_txtP | Specification of Investment Functions In Sub-Saharan Africa |
| title_full | Specification of Investment Functions In Sub-Saharan Africa Bayraktar, Nihal |
| title_fullStr | Specification of Investment Functions In Sub-Saharan Africa Bayraktar, Nihal |
| title_full_unstemmed | Specification of Investment Functions In Sub-Saharan Africa Bayraktar, Nihal |
| title_short | Specification of Investment Functions In Sub-Saharan Africa |
| title_sort | specification of investment functions in sub saharan africa |
| topic | Accumulation Capital Currencies and Exchange Rates Debt Markets Depreciation Distribution of Income Economic Theory and Research Emerging Markets Extensive External Finance and Financial Sector Development Financial Literacy Fixed Capital Income Investment Investment Behavior Investment Functions Investment and Investment Climate Macroeconomics and Economic Growth Private Sector Development |
| topic_facet | Accumulation Capital Currencies and Exchange Rates Debt Markets Depreciation Distribution of Income Economic Theory and Research Emerging Markets Extensive External Finance and Financial Sector Development Financial Literacy Fixed Capital Income Investment Investment Behavior Investment Functions Investment and Investment Climate Macroeconomics and Economic Growth Private Sector Development |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4171 |
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