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Private Investment and Endogenous Growth: Evidence From Cameroon
Author: Mr. Dhaneshwar Ghura
Series:
IMF Working Papers
Volume/Issue:
Volume 1997: Issue 165
Language:
English
Publication Date:
01 Dec 1997
DOI:
https://doi.org/10.5089/9781451980004.001
ISBN:
9781451980004
ISSN:
1018-5941
Pages:
31
Keywords:
WP; capital stock; physical capital; budget deficit; production function; investment-GDP ratio; boost economic growth; investment ratio; CFA franc; long-run economic growth relationship; Private investment; Human capital; Public investment spending; Stocks; Sub-Saharan Africa
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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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This paper investigates empirically the factors that have influenced economic growth in Cameroon during 1963-96. The results, which support the endogenous-growth-type model, indicate that (1) the aggregate production function exhibits increasing returns to scale; (2) the impact of increases in private investment on growth is large, significant, and robust; (3) increases in government investment have a positive impact on growth; (4) human capital development plays an important role in output expansion; (5) positive externalities are generated by physical and human capital accumulation; and (6) growth is boosted by economic policies that foster external competitiveness and a prudent fiscal stance.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund