| Description |
1 online resource (35 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/04/198 |
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IMF working paper ; WP/04/198.
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| Contents |
""Contents""; ""I. INTRODUCTION""; ""II. THEORETICAL BACKGROUND AND EMPIRICAL METHODOLOGY""; ""A. Conceptual Framework for Growth Dynamics and Convergence in the WAEMU""; ""B. Alternative Empirical Models for Estimating Growth and Convergence Speed""; ""III. EMPIRICAL RESULTS""; ""A. Statistical Properties of the Variables""; ""B. The Basic Solow Model and Its Augmented Version""; ""C. What Drives TFP and TFP Growth in WAEMU?""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""; ""REFERENCES""; ""MAIN ELEMENTS OF A NEOCLASSICAL TYPE GROWTH MODEL"" |
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""ESTIMATION ISSUES, AND INCONSISTENCY DUE TO IGNORED HETEROGENEITY""""TESTING THE PRESENCE OF UNIT ROOT IN PANEL DATA""; ""SENSIBILITY OF RESULTS TO ECONOMETRIC METHODOLOGY"" |
| Summary |
This paper investigates convergence and dynamic effects of human and physical capital on growth, in WAEMU countries. Using recently developed models for panel data and a growth accounting model, the study finds that growth is largely explained by changes in literacy rates and factor accumulation, but not by growth of total factor productivity (TFP). Nevertheless, the panel estimation identifies aid, government spending, credit to the private sector, and openness as positive determinants of TFP growth, and government deficits as a negative determinant. The study also finds that per capita income in lower-income WAEMU countries converge to per capita income in higher-income ones when economic policies are similar. These results suggest opportunities for policymakers to enhance growth and convergence |
| Notes |
"October 2004." |
| Bibliography |
Includes bibliographical references |
| Notes |
At head of title: African Department |
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Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Union économique et monétaire ouest africaine
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| SUBJECT |
Union économique et monétaire ouest africaine fast |
| Subject |
Convergence (Economics) -- Africa, West
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Convergence (Economics)
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Economic history
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Economic policy
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| SUBJECT |
Africa, West -- Economic conditions.
http://id.loc.gov/authorities/subjects/sh85001701
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Africa, West -- Economic policy
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| Subject |
West Africa
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| Form |
Electronic book
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| Author |
International Monetary Fund. African Department, issuing body
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| ISBN |
1282041126 |
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9781282041127 |
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9781451905458 |
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1451905459 |
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9781451860092 |
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1451860099 |
| ISSN |
2227-8885 |
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