Private Investment and Endogenous Growth: Evidence From Cameroon

Dhaneshwar Ghura

No 1997/165, IMF Working Papers from International Monetary Fund

Abstract: This paper investigates empirically the factors that have influenced economic growth in Cameroon during 1963-96. The results, which support the endogenous-growth-type model, indicate that (1) the aggregate production function exhibits increasing returns to scale; (2) the impact of increases in private investment on growth is large, significant, and robust; (3) increases in government investment have a positive impact on growth; (4) human capital development plays an important role in output expansion; (5) positive externalities are generated by physical and human capital accumulation; and (6) growth is boosted by economic policies that foster external competitiveness and a prudent fiscal stance.

Keywords: WP; capital stock; physical capital; budget deficit; production function; investment-GDP ratio; boost economic growth; investment ratio; CFA franc; long-run economic growth relationship; Private investment; Human capital; Public investment spending; Stocks; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 31
Date: 1997-12-01
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Citations: View citations in EconPapers (44)

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