An Empirical Investigation of Telecommunications Investment and Economic Development in Developing Countries
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Evaluating the sources of economic development is of obvious importance, and numerous attempts have been made to judge the impact of many different factors on economic development. Since some empirical studies have reported that telecommunications investment is one of the important factors in economic development, this paper empirically investigates the impact of telecommunications investment on economic development using a cross-country analysis based on data from 56 developing countries for the years 1970-98. To this end, a further augmented version of the neoclassical Solow growth model is suggested and applied. Subject to the appropriate caveats, the results provide further support for several key conclusions of the former studies - investment in physical capital, population growth, and human capital seem to be quite important in accounting for economic development in developing countries. In addition, more importantly, it is concluded that telecommunications investment significantly contributes to economic development in the developing world.
Abstract
Evaluating the sources of economic development is of obvious importance, and numerous attempts have been made to judge the impact of many different factors on economic development. Since some empirical studies have reported that telecommunications investment is one of the important factors in economic development, this paper empirically investigates the impact of telecommunications investment on economic development using a cross-country analysis based on data from 56 developing countries for the years 1970-98. To this end, a further augmented version of the neoclassical Solow growth model is suggested and applied. Subject to the appropriate caveats, the results provide further support for several key conclusions of the former studies - investment in physical capital, population growth, and human capital seem to be quite important in accounting for economic development in developing countries. In addition, more importantly, it is concluded that telecommunications investment significantly contributes to economic development in the developing world.