Testing the Neoclassical Theory of Economic Growth A Panel Data Approach

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...

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Bibliographic Details
Main Author: Knight, Malcolm
Other Authors: Loayza, Norman, Villanueva, Delano
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1992
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Testing the Neoclassical Theory of Economic Growth  |b A Panel Data Approach  |c Malcolm Knight, Delano Villanueva, Norman Loayza 
260 |a Washington, D.C.  |b International Monetary Fund  |c 1992 
300 |a 38 pages 
653 |a Investment 
653 |a Demography 
653 |a Income economics 
653 |a Public finance & taxation 
653 |a Public expenditure review 
653 |a Labour 
653 |a Infrastructure 
653 |a Population growth 
653 |a Labor 
653 |a Skills 
653 |a Demographic Trends, Macroeconomic Effects, and Forecasts 
653 |a Income 
653 |a Macroeconomics 
653 |a Capital 
653 |a Population 
653 |a Labor Productivity 
653 |a Saving and investment 
653 |a Aggregate Factor Income Distribution 
653 |a Public Finance 
653 |a Capacity 
653 |a Human capital 
653 |a National Government Expenditures and Related Policies: General 
653 |a Occupational Choice 
653 |a Intangible Capital 
653 |a Expenditures, Public 
653 |a Human Capital 
653 |a Population & migration geography 
700 1 |a Loayza, Norman 
700 1 |a Villanueva, Delano 
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989 |b IMF  |a International Monetary Fund 
490 0 |a IMF Working Papers 
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520 |a 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