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Capital Accumulation and Growth: A New Look at the Empirical Evidence

Stephen Bond, Asli Leblebicioglu () and Fabio Schiantarelli ()

No 591, Boston College Working Papers in Economics from Boston College Department of Economics

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 coefficients. 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; investment (search for similar items in EconPapers)
JEL-codes: C23 E22 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cwa, nep-dev, nep-mac and nep-mfd
Date: 2004-03-16, Revised 2007-08-02
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Related works:
Journal Article: Capital accumulation and growth: a new look at the empirical evidence (2010) Downloads
Working Paper: Capital Accumulation and Growth: A New Look at the Empirical Evidence (2004) Downloads
Working Paper: Capital Accumulation and Growth: A New Look at the Empirical Evidence (2004) Downloads
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