Private Investment and Endogenous Growth: Evidence From Cameroon

December 1, 1997

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Dhaneshwar Ghura. Private Investment and Endogenous Growth: Evidence From Cameroon, (USA: International Monetary Fund, 1997) accessed December 22, 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 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.

Subject: Expenditure, Financial institutions, Human capital, Labor, National accounts, Private investment, Public investment spending, Stocks

Keywords: Boost economic growth, Budget deficit, Capital stock, CFA franc, Human capital, Investment ratio, Investment-GDP ratio, Long-run economic growth relationship, Physical capital, Private investment, Production function, Public investment spending, Stocks, Sub-Saharan Africa, WP

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/165
Stock No:

WPIEA1651997
ISBN:

9781451980004
ISSN:

1018-5941

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