English, Article, Journal or magazine article edition: The Role of the Capital Accumulation, Adjustment and Structural Change for Economic Take-Off : Empirical Evidence from African Growth Episodes Jean-Claude Berthelemy; Ludvig Söderling

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Bookmark: http://trove.nla.gov.au/version/159188
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Role of the Capital Accumulation, Adjustment and Structural Change for Economic Take-Off : Empirical Evidence from African Growth Episodes
Author
  • Jean-Claude Berthelemy
  • Ludvig Söderling
Physical Description
  • preprint
Notes
  • In this paper, we analyze extended periods of growth in Africa based on panel estimations from 27 African countries during the 1960-1996 period. Only a dozen of such "fast" growth episodes are observable in Africa since 1960, and many of them have failed after a while. We use all existing information on macro-economic performance in Africa in a comparative way, in order to assess the sustainability of current growth episodes. Our main conclusion is that sustainable growth needs to be based on a balanced mix of capital accumulation, macroeconomic adjustment and structural hange. In addition to more commonly used determinants of Total Factor Productivity, we construct a measure for the effect of labor reallocation as well as an index of economic diversification and estimate the impact of the latter on long term growth. We also build an analysis of investment behavior, which is linked to total factor productivity progress, while influencing economic growth through factor accumulation. Further we propose a framework for the analysis of extended growth periods, in view of assessing their sustainability.
  • Measurement of Economic Growth; Aggregate productivity; Africa
  • RePEc:cii:cepidt:1999-07
Language
  • English
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