Investment and Growth Dynamics : : An Empirical Assessment Applied to Benin / / Issouf Samaké

• Record Nr.: UNINA9910809767003321
• Autore: Samaké Issouf
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2008
• ISBN: 1-4623-3663-9; 1-4527-8742-5; 1-282-84074-6; 9786612840746; 1-4518-6980-0
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (36 p.)
• Collana: IMF Working Papers; IMF working paper ; ; WP/08/120
• Disciplina: 338.9
• Soggetti: Investments - Benin - Econometric models; Economic development - Benin - Econometric models; Econometrics; Exports and Imports; Investments: General; Money and Monetary Policy; Public Finance; Investment; Capital; Intangible Capital; Capacity; National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Empirical Studies of Trade; Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; Macroeconomics; Public finance & taxation; Monetary economics; International economics; Econometrics & economic statistics; Private investment; Public investment and public-private partnerships (PPP); Credit; Terms of trade; Vector autoregression; Saving and investment; Public-private sector cooperation; Economic policy; nternational cooperation; Benin Economic conditions Econometric models; Benin
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. Background and Stylized Facts; Figures; 1. Constant GDP and Private Investment, 1965-2005; 2. Selected Economic Indicators, 1965-2005; Text Tables; 1. Comparative Private Investment, 2000-05; III. The Model and Methodological Issues; A. Modeling Procedure; 2. Selected Countries: Rankings of Doing Business; B. Variable Choices and Ordering; 3. Study Objective and Econometric Methodology; C. The Model; D. Structural Model; IV. Empirical Evidence; A. Statistics Tests; B. Economic Interpretations; 4. Error Correction Model, 1965-2005; 5. Forecast-Error Variance Decomposition 3. Historical Decomposition of Private Investment, 1975-2005; 4. Impulse Response to Various Types of Shock; V. Implications and Conclusions; Appendix Tables; 1. Unit Root Test, 2000-05; 2. Optimal Lag Length; 3. Residual Analysis of Unrestricted VAR(2); 4. Unrestricted Cointegration Rank Tests, 1965-2005; 5. AR, Normality, and Heteroschedasticity Tests; 6. Structural Model / Long-Run Matrix; Appendix Figures; 1. Time Series of Cointegration Vectors; 2. Cointegration Analysis: Recursive Eigenvalues; 3. Recursive Constancy Statistics; 4. Residual Normality Tests5. Historical Decomposition of GDP, 1975-2005; References
• Sommario/riassunto: We investigate the nexus of public and private investment and assess the impact of both types of investment on growth. Using annual data for 1965-2005, we employ a coherent set of structural VAR outputs to model investment and growth in Benin. We find that in addition to institutional and regulatory developments, public investment and private capital formation facilitated by access to financial services have a significant impact on growth. The analysis supports the crowding-in effect of public investment. It also confirms that the slow pace of improvement in Benin's economic freedom index, which reflects its relatively weak institutions and slow pace of reform, deters private investment. From the cointegration regressions, the speed-of-adjustment analysis suggests that 27 percent of the deviation of GDP from its long-run equilibrium is corrected every year, which implies that it takes two to three years to cut the gap in half.