Private Investment In Sub-Saharan Africa: a Dynamic Panel Approach
2
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
We use both the first-difference and the System GMM to model private investment in Sub-Saharan Africa. Results show that the private investment rate is persistent and that, current account deficit, inflation, per capita income, per capita income growth, population growth, public investment rate, real interest rate, total debt service/GDP, debt stock/GDP, terms of trade growth, trade openness, and the political environment jointly exert a significant impact on private investment. Based on the results, a broad range of policies has been suggested including, inflation reduction, improvement in infrastructure, efficient utilization of domestic resources, export promoting policies, and conflict resolution mechanisms to create political environments that attract private investment. The policy framework should also take into account the persistent nature of the private investment rate, bearing in mind the important adjustment effects of the private investment rate.
Abstract
We use both the first-difference and the System GMM to model private investment in Sub-Saharan Africa. Results show that the private investment rate is persistent and that, current account deficit, inflation, per capita income, per capita income growth, population growth, public investment rate, real interest rate, total debt service/GDP, debt stock/GDP, terms of trade growth, trade openness, and the political environment jointly exert a significant impact on private investment. Based on the results, a broad range of policies has been suggested including, inflation reduction, improvement in infrastructure, efficient utilization of domestic resources, export promoting policies, and conflict resolution mechanisms to create political environments that attract private investment. The policy framework should also take into account the persistent nature of the private investment rate, bearing in mind the important adjustment effects of the private investment rate.
참고문헌 (69)
- Agarwal, J.P, "Foreign Direct Investment in Developing Countries: The Case of Germany, In Kieler Studien 238" (1991), JCB Mohr
- Alesina, A., "Fiscal Policy, Prots, and Investment", The American Economic Review, 92(3), pp.571~589 (2002)
- Alesina, A, "Regulation and Investment", Journal of the European Economic Association, 3(4), pp.791~825 (2005)
- Amadou, D.I., "MPRA Paper 13130, In MPRA Paper 13130" (2008), University of Munich
- Anderson, T., "Formulation and Estimation of Dynamic Models using Panel Data", Journal of Econometrics, 18, pp.47~82 (1982)
- Arellano, M, "Another Look at the Instrumen- tal Variable Estimation of Error Component Models", Journal of Econometrics, 68, pp.29~51 (1995)
- Arellano, M., "Some Tests of Specication for Panel Data: Monte Carlo Evidence and Application to Employ- ment Equations", Review of Economic Studies, 58, pp.277~297 (1991)
- Determinants of Private Investment Behaviour, "Asante, Y.", African Economic Research Consortium (AERC), ~, pp.Research Paper 100 (2000)
- Aschaur, D.A, "Does Public Capital Crowd out Private Capital", Journal of Monetary Economics, 24, pp.171~188 (1989)
- Attanasio, O.P., "Saving, Growth, and Investment: A Macroeconomic Analysis Using a Panel of Coun- tries", The Review of Economics and Statistics, 82(2), pp.182~211 (2000)
- Atukeren, E., "\Interactions between Public and private Investment: Evidence from Developing Countries", Swiss Institute for Business Cycle Research (2004), Swiss Federal Institute of Technology
- Bayraktar, N, "Specication of Investment Functions in Sub-Saharan Africa" (2008), Penn State University and the World Bank
- Blejer, M., "Government Policies and Private Investment in Developing Countries", IMF Stapapers, 31, pp.379~403 (1984)
- Blundell, R., "Initial Conditions and Moment Re- strictions in Dynamic Panel Models", Journal of Econometrics, 87(1), pp.115~143 (1998)
- Blundell, R., "Dynamic Panel Data Methods and Practice", Allgemeines Statistisches Archiv, 86(2), pp.145~162 (2002)
- Bond, S., "Dynamic Investment Models and the Firm's Financial Policy", The Review of Economic Studies, 61(2), pp.197~222 (1994)
- Busari, D.T, "Private Investment Behaviour and the Trade Policy Practice in Nigeria", AERC, Research Paper, (177) (2008)
- Cardoso, E., "Private Investment in Latin America", Economic Development and Cultural Change, 41(4), pp.833~848 (1993)
- Chakravarti, R., "An Empirical Analysis of Investment Deter- minants in Indian States: 1998-2006", The Michigan Journal of Business, 2(2), pp.9~53 (2009)
- Chirinko, R. S., "Business Fixed Investment Spending: Modelling Strategy, Empirical Results and Policy Implication", Journal of Econometric Literature, pp.1875~1911 (2003)
- Choi, I., "Unit Root Tests for Panel Data", Journal of International Money and Finance, 20, pp.249~272 (2000)
- Cohen, D., "Low Investment and Large LDC Debt in the 1980s", American Economic Review, 83(3), pp.437~449 (1993)
- Institutional Determinants of Investment in Transition Economies, "Dang, V.", Brunel University, 09~33, pp.Working Paper no. 09-33 (2009)
- Demir, F., "Financial Liberalisation, Private Investment and Low Growth Traps in Argentina, Mexico and Turkey: Limits of Growth Without Investment" (2005), University of Notre Dame
- Demir, F., "Financial Liberalisation, Private Investment and Portifolio Choice: Financialisation of Real Sectors in Emerging Markets", Journal of Development Economics, 88(2), pp.314~324 (2009)
- Easterly, W, "Africas Growth Tragedy", Presented at the AERC Plenary in Nairobi (1994)
- Easterly, W., "Fiscal Policy and Economic Growth: An Empirical Investigation", Journal of Monetary Economics, 32, pp.417~458 (1993)
- Erden, L, "The Eects of Public Investment on Private Investment in Developing Economies", Public Finance Review, 33(5), pp.575~602 (2005)
- Fielding, D. C., "Adjustment, Trade Policy and Investment Slumps: Evidence from Africa", Journal of Development Economics, 52(1) (1997)
- Frimpong, J.M., "The Determinants of Private Sector Investment in Ghana: An ARDL Approach", European Journal of Social Science, 15(2), pp.250~261 (2010)
- Ghura D., "Macro Policies, External Forces, and Economic Growth in Sub-Saharan Africa", Economic Development and Cultural Change, 43(4), pp.759~778 (1995)
- Ghura, D., "Determinants of Private Invest- ment: A Cross Regional Empirical Investigation", Applied Economics, 32(14), pp.1819~1829 (2000)
- Gilchrist, S., "Investment, Fundamentals and Finance", NBER Macroeconomics, 13 (1999), National Bureau of Economic Research Inc.
- Greene, J., "Private Investment in Developing Countries: An Empirical Analysis", IMF Sta Papers, 38(1), pp.33~58 (1991)
- Hadjimichael, M. T., "Sub-Saharan Africa: Growth, Saving and Investment: 1986- 1993" (1995), IMF
- Public Policies and Private Savings and Investment in Sub-Saharan Africa: An Empirical Investigation, "Hadjimichael, M.T", ~, pp.IMF Working Paper, WP (1995), 95[DOI]
- Henisz, W. J., "The Institutional Environment for Economic Growth", Economics and Politics, 12(1), pp.1~31 (2000)
- Henisz, W. J., "The Institutional Environment for Infrastructure Investment", Industrial and Corporate Change, 11(2), pp.355~389 (2002)
- Holtz-Eakin, D., "Public Sector Capital and Productivity Puz- zle", Review of Economics and Statistics, 76(1), pp.12~21 (1994)
- Hubbard, R, "iquidity Con- straints, Fiscal Policy and Consumption", Brookings Papers on Economic Activity, 1, pp.1~50 (1994)
- Im, K.S., "Testing for Unit Roots in Heterogeneous Panels", Journal of Econometrics, 115, pp.53~74 (2003)
- Levin, A., "Unit Root Tests in Panel Data: Asymptotic and Finite Sample Properties", Journal of Econometrics, 108, pp.1~24 (2002)
- Kumar, M. S, "Determinants of Private Investment in Sub-Saharan Africa: An Empirical Investigation" (1995), IMF
- Maddala, G. S., "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test", Oxford Bulletin of Economics and Statistics, 61, pp.631~652 (1999)
- McKinnon, R. I., "Money and Capital In Economic Development" (1973), Brookings Institution
- McKinnon, R. I., "After the Crisis, the East Asian Dollar Stan- dard Resurrected: An Interpretation of High-Frequency Exchange Rate Pegging" (2001), World Bank and Oxford University Press
- Misati, R. N., "Financial Development and Private Investment in Sub-Saharan Africa", Journal of Economics and Business, 63(2), pp.139~151 (2011)
- Mlambo, K., "Macroeconomic Factors and In- vestment in Africa", Journal of African Economies, 10(2), pp.12~47 (1999)
- Mwega, F. M., "Saving in Sub-Saharan Africa: A Comparative Analysis", Journal of African Economies, 6(3), pp.199~228 (1997)
- Nazmi, N., "Public and Private Investment and Economic Growth in Mexico", Contemporary Economic Policy, 15(1), pp.65~75 (1997)
- Odedokun, M. O., "Relative Eects of Public Versus Private investment Spending on Economic Eciency and Growth in Developing Countries", Applied Economics, 29, pp.1325~1336 (1997)
- Oshikoya, T. W., "Macroeconomic Determinants of Private Investment in Africa:An Empirical Analysis", Economic Development and Cultural Change, 42, pp.573~596 (1994)
- Ozler, S, "External Shocks, Politics and Private Investment: Some Theory and Empirical Evidence", Journal of Development Economics, 39(1), pp.141~162 (1992)
- Ramirez, M., "The Impact of Public Investment on Private Investment Spending in Latin America: 1980-95", Atlantic Economic Journal, 28(2), pp.210~225 (2000)
- Ronge, E. E, "Private Investment in Kenya: Trends, Composition and Volatility" (1997), IPAR
- Serven, L., "Irreversibility, Uncertainty, and Private Investment: Analytical Issues and some Lessons from Africa", Journal of African Economies, 6(3), pp.229~268 (1997)
- Serven, L., "Macroeconomic Uncertainty and Private Investment in LDCs: An Empirical Investigation" (1998)
- Real Exchange Rate Uncertainty and Private Invest- ment in Developing Countries, "Serven, L.", The World Bank., ~, pp.Policy Research Working Paper Series 2833 (2002)
- Shaw, E., "Financial Deepening in Economic Development" (1973), Oxford University Press
- Trade Openness, Investment and long-run Economic Growth, "Skipton C.", Southern Economics Association (SEA) Meetings, ~, pp.A Working Paper Presented at the 07-08 (2007)
- Stasavage, D., "Private Investment and Political Institutions", Economics and Politics, 14(1), pp.41~63 (2002)
- Tahmiscioglu, A. K., "ntertemporal Variation in Financial Constraints on Investment: A Time-Varying Parameter Approach using Panel Data", Journal of Business and Economic Statistics, 19(2), pp.153~165 (2001)
- Tatom J. A., "Public Capital and Private Sector Performance", Federal Reserve Bank of St. Louis Review, 73(3), pp.3~15 (1991)
- Tesar, L., "Saving, investment and international capital ows", Journal of International Economics, 31, pp.55~78 (1991)
- Wai, U. T, "Determinants of Private Investment in Developing Countries", Journal of Development Studies, 19, pp.19~36 (1982)
- World Bank, "The CompleteWorld Development Indicators:1978- 2009" (2009), World Bank
- World Bank, "World Bank Africa Database (Various Issues)", World Bank
- World Bank, "World Development Indicators CD-ROM (Various Issues)", World Bank
- Zebib, M., "Determinants of Private Invest- ment in Developing Countries", Journal of Development Studies, 19(1), pp.19~36 (1998)
