Investment, Capital Accumulation, and Growth  Some Evidence from the Gambia 1964-98

Beddies, Christian

doi:10.2139/ssrn.880644

Cited by 7 publications

(7 citation statements)

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“… Ghura (1999) shows that, contrary to the assertions ofDevarajan, Easterly and Pack (1999), the empirical relation between growth and private investment in Africa is indeed robust with respect to changes in specification.5 This shows up in econometric results such as those ofGhura and Hadjimichael (1996),Ghura (1997), andBeddies (1999).©International Monetary Fund. Not for Redistribution…”

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confidence: 96%

Raising Growth and Investment in Sub-Saharan Africa

Hernández-Catá¹

2000

IMF Policy Discussion Papers

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The views expressed in this Policy Discussion Paper are those of the authors) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper argues that sub-Saharan Africa's growth performance needs to be improved substantially in order to raise standards of living to an acceptable level and achieve a visible reduction in poverty. The paper provides a broad overview of the explanations for sub-Saharan Africa's unsatisfactory growth performance in the past, paying particular attention to the empirical literature. It argues that growth has been hampered by economic distortions and institutional deficiencies that have increased the risk of investing in Africa, and lowered the rates of return on capital and labor as well as the growth of total factor productivity.

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confidence: 96%

Raising Growth and Investment in Sub-Saharan Africa

Hernández-Catá¹

2000

IMF Policy Discussion Papers

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“…Those values for the capital-output ratio have been widely used in the literature (see, for example,Beddies, 1999;Sacerdoti, Brunschwig, and Tang, 1998;and Vera-Martin. 1999) Mankiw, Romer, and Weil (1992).…”

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confidence: 99%

“…Given the relatively high rate of depreciation, the impact of the initial stock of capital decreases rapidly and vanishes in less than seven years. The high rate of depreciation mainly reflects the widespread lack of maintenance and accelerated depreciation due to several conflicts Beddies (1999). also chose a 15 percent rate for capital depreciation, whileVera-Martin (1999) pointed out that a depreciation rate of 10 to 15 percent does not significantly alter the econometric results.9 Our measure of capital stock in the agricultural sector is largely underestimated, primarily because of lack of data on most investments undertaken by farmers.…”

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confidence: 99%

Postconflict Economics in Sub-Saharan Africa, Lessons from the Democratic Republic of the Congo

Clément¹

2005

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T he Democratic Republic of the Congo (DRC), the third-largest country in Africa, is making significant strides at both the political and economic fronts to extricate itself from one of the bloodiest wars in African history (resulting in 3 million deaths) and decades of economic mismanagement. The DRC has succeeded in breaking the vicious circle of hyperinflation, falling currency, and collapsing output. This remarkable turnaround offers interesting lessons for countries coping with conflict and for the international community in its efforts not only to prevent conflict but also to provide adequate and timely support to postconflict countries. One important lesson is that the early involvement of the International Monetary Fund was key in catalyzing support for the reformers inside the country and fostering the goodwill of the international community to help buttress the peace process.The DRC still faces many challenges ahead, in particular, the demobilization and reintegration of all ex-combatants, the creation of a unified army, the holding of free elections, and the reunification of the country, while, at the same time, it needs to consolidate the remarkable progress achieved so far in creating a macroeconomic environment conducive to sustainable growth and the reduction of poverty. If the DRC succeeds in addressing these challenges, it could become one of the main engines of growth in Africa. However, this achievement will only be possible if the international community intensifies its efforts to strengthen the peace process in the Great Lakes region, hopefully with the genuine participation of all countries concerned. Creating a durable peace in the heart of Africa would alleviate the suffering of millions of Africans, while contributing to a more stable world.This book looks at the lessons and challenges from conflict to reconstruction, providing a summary of the most recent research on conflict, an analysis of the causes of conflicts in Africa, and their key economic characteristics. It reviews the remarkable turnaround in the DRC and its efforts to cope with the many challenges in its path from conflict to stabilization and to reconstruction. These issues have been at the center of the IMF staff's work on the DRC in recent years.The book brings together material and analysis prepared during late 2000 to mid-2004 by the IMF team working on the DRC under the supervision of Jean A.P. Clément, and includes an insightful article from our colleagues from the World Bank on the demilitarization and reinv ©International Monetary Fund. Not for Redistribution

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“…The use of the economically active population as labor inputs is common in most studies on developing countries.8 See, for instance,Nehru and Dhareshwar (1993);King and Levine (1994);Bosworth, Collins, and Chen (1995);Sacerdoti, Brunschwig, and Tang (1998);and Senhadji (1999).9 Those values for the capital-output ratio have been widely used in the literature (see, for example,Sacerdoti, Brunschwig, and Tang (1998);Beddies (1999); Vera-Martin (1999)) Mankiw, Romer and Weil (1992). found that the total capital-output ratio in developing countries is close to 1.…”

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confidence: 99%

“…Given the relatively high rate of depreciation, the impact of the initial stock of capital decreases rapidly and vanishes in less than seven years. The high rate of depreciation mainly reflects the widespread lack of maintenance and accelerated depreciation due to several conflicts Beddies (1999). also chose a 15 percent rate for capital depreciation, while Vera-Martin (1999) pointed out that a depreciation rate of 10 to 15 percent does not significantly alter the econometric results.10 Our measure of capital stock in the agricultural sector is largely underestimated, primarily because of lack of data on most investments undertaken by farmers.…”

mentioning

confidence: 99%