Multi-Country Evidenceon the Effects of Macroeconomic, Financial and Trade Policieson Efficiency of Resource Utilization in the Developing Countries

Mathew Odedokun

No 1992/053, IMF Working Papers from International Monetary Fund

Abstract: This study examines the effects of selected policies on economic efficiency in 81 developing countries by pooling cross-country data over various subperiods between 1961-90. An incremental output-capital ratio is the measure of economic efficiency, while the policy variables include: export orientation, size of the public sector, directed credit program through development bank lendings, financial depth, inflation rate, real interest rate, and real exchange rate distortion. The export-orientation, financial depth, and real interest rate are found to promote economic efficiency, while other policy variables are found to hinder it.

Keywords: WP; GDP ratio; real rate of interest; banking system; investment ratio equation; real value; equation estimate; investment ratio; Real interest rates; Real exchange rates; Exchange rates; Exports; Public sector; Sub-Saharan Africa; Western Hemisphere; Asia and Pacific; Middle East; North Africa (search for similar items in EconPapers)
Pages: 36
Date: 1992-07-01
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