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Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach
Author:
Mr. Malcolm D. Knight null

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Delano Villanueva null

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Norman Loayza null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1992: Issue 106
Language:
English
Publication Date:
01 Dec 1992
DOI:
https://doi.org/10.5089/9781451947052.001
ISBN:
9781451947052
ISSN:
1018-5941
Pages:
38
Keywords:
WP; natural logarithm; rate of growth; real GDP
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Several recent empirical studies have examined determinants of economic growth using country average (cross-section) data. In contrast, this paper employs a technique for using a panel of both cross-section and time-series data for 98 industrial and developing countries over 1960-85 to determine the quantitative importance for economic growth of both country-specific and time-varying factors such as human capital, public investment, and outward-oriented trade policies. The empirical results provide support for the view that these factors exert a positive and significant influence on economic growth. They also provide estimates of the speed at which the gap in real per capita income between rich and poor countries is likely to be reduced over the longer term.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund