Investment, Capital Accumulation, and Growth: Some Evidence from The Gambia 1964

Investment, Capital Accumulation, and Growth: Some Evidence from The Gambia 1964–98

August 1, 1999

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Christian H. Beddies Investment, Capital Accumulation, and Growth: Some Evidence from The Gambia 1964–98, (USA: International Monetary Fund, 1999) accessed November 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper considers the potential variables that have determined economic growth in The Gambia during 1964–98. The results indicate that The Gambia’s aggregate production function exhibits increasing returns to scale, thus supporting the endogenous growth-type model. The impact of private investment—and thus private capital accumulation—on output is large and significant. Furthermore, increases in public investment boost output substantially. Finally, the effects associated with human capital accumulation are positive and statistically significant. The paper also estimates a series on total factor productivity growth that indicates that The Gambia was able to use its resources more efficiently.

Subject: Capital accumulation, Financial institutions, Human capital, Labor, National accounts, Private investment, Production, Stocks, Total factor productivity

Keywords: B. estimation result, Capital accumulation, Capital model, Capital stock, Capital stock estimate, CFA franc, Endogenous growth, Government capital accumulation, Growth rate, Human capital, Investment, Output ratio, Private investment, Production function, Stocks, Total factor productivity, West Africa, WP

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1999/117
Stock No:

WPIEA1171999
ISBN:

9781451853995
ISSN:

1018-5941

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