This paper examines dynamic patterns of investment in Cameroon, Ghana, Kenya, Zambia and Zimbabwe, assessing the consistency of those patterns with different adjustment cost structures. Using survey data on manufactured firms, we document the importance of zero investment episodes and lumpy...

The paper models the incentives for a self-interested government to implement ""good policies"". While good policies lead to investment and growth, they reduce the government''s ability to increase supporters'' consumption. The model predicts that resource abundance is conductive to poor...

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...

The empirical analysis in ""International R&D Spillovers"" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this study. The new estimates confirm the key results reported in...

This paper provides empirical support for the view that enhanced economic security fosters private investment and growth in developing countries. An analysis for 53 developing countries suggests that most aspects of economic security have improved since the mid-1980s; that private investment is...

The previous literature points to a high correlation between domestic rates of investment and savings among OECD countries. Some take this as evidence of limited financial integration in the industrialized world. This paper presents new empirical results, based on an extended sample of...

This paper extends the effective average tax rate (EATR) developed in Devereux and Griffith (2003) by relaxing the assumption of a one-period perturbation in the capital stock. Instead it allows a permanent investment. While this may appear a small change, it has important implications. First,...

This paper shows that aggregate investment expenditure shares on tradable and nontradable goods are very similar across countries and regions. Furthermore, the two expenditure shares have remained close to constant over time, with the average expenditure share on nontradables varying between...

This paper estimates an empirical model for investment in the West African Economic and Monetary Union (WAEMU), a region with relatively low investment shares, using annual data for the period 1970-95. Cross-country and time-series evidence shows that openness to international trade, competition...

This paper studies the prospects for sustainable growth and economic development in Gabon, in the face of a severe decline in its main source of income and growth, i.e. oil. A simple Computable General Equilibrium model is used to simulate the development of the non-oil economy under various...