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Investment, Capital Accumulation, and Growth: Some Evidence from The Gambia 1964–98
Author:
Mr. Christian H. Beddies
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Series:
IMF Working Papers
Volume/Issue:
Volume 1999: Issue 117
Language:
English
Publication Date:
01 Aug 1999
DOI:
https://doi.org/10.5089/9781451853995.001
ISBN:
9781451853995
ISSN:
1018-5941
Pages:
32
Keywords:
WP; growth rate; production function; endogenous growth; human capital; investment; capital stock; total factor productivity; output ratio; capital stock estimate; capital model; B. estimation result; CFA franc; government capital accumulation; Private investment; Capital accumulation; Stocks; West 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 considers the potential variables that have determined economic growth in The Gambia during 1964–98. The results indicate that The Gambia’s aggregate production function exhibits increasing returns to scale, thus supporting the endogenous growth-type model. The impact of private investment—and thus private capital accumulation—on output is large and significant. Furthermore, increases in public investment boost output substantially. Finally, the effects associated with human capital accumulation are positive and statistically significant. The paper also estimates a series on total factor productivity growth that indicates that The Gambia was able to use its resources more efficiently.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 1999: Issue 117