Template-type: ReDIF-Paper 1.0
Author-Name: Steve Bond
Author-Email: steve.bond@economics.ox.ac.uk
Author-Workplace-Name: Nuffield College, Oxford University, UK
Author-Name: Asli Leblebicioglu
Author-Workplace-Name: Boston College
Author-Name: Fabio Schiantarelli
Author-Workplace-Name: Boston College and IZA
Title: Capital Accumulation and Growth: A New Look at the Empirical Evidence
Abstract: We present evidence that an increase in investment as a share of GDP predicts a higher
growth rate of output per worker, not only temporarily, but also in the steady state.  These results
are found using pooled annual data for a large panel of countries, using pooled data for non-
overlapping five-year periods, or allowing for heterogeneity across countries in regression
coefficient.  They are robust to model specifications and estimation methods.   The evidence that 
investment has a long-run effect on growth rates is consistent with the main implication of certain
endogenous growth models, such as the AK model.
Keywords:Growth, Capital Accumulation, InvestmentS
Length:49 pages
Creation-Date:2004-03-17
Number:2004-W08
File-URL: http://www.nuff.ox.ac.uk/economics/papers/2004/w8/Tempblsgrowth17march.pdf
File-Format: application/pdf
Handle: RePEc:nuf:econwp:048