Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach

IMF Working Papers, December 1, 1992

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Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach

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Bibliographic details

• Authors: Malcolm D. Knight, Delano Villanueva, Norman Loayza
• Published: December 1, 1992
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451947052.001

Study design and scope

• Technique: panel of both cross-section and time-series data.
• Sample: 98 industrial and developing countries.
• Time period analyzed: 1960-85.
• Publication details:
  • Authors: Malcolm D. Knight, Delano Villanueva, Norman Loayza.
  • Date: December 1, 1992.
  • Pages: 38.
  • Series: Working Paper No. 1992/106, Issue: 106, Volume: 1992.
  • DOI: https://doi.org/10.5089/9781451947052.001.
  • Stock No: WPIEA1061992.
  • ISBN: 9781451947052.
  • ISSN: 1018-5941.
• Also published in Staff Papers, Vol. 40, No. 3, September 1993.

Key empirical findings

• The empirical results provide support for the view that the following factors "exert a positive and significant influence on economic growth":
  • human capital
  • public investment
  • outward-oriented trade policies
• The study also provides estimates of the speed at which the gap in real per capita income between rich and poor countries is likely to be reduced over the longer term. (No numerical speed reported on the landing page.)

Thematic subjects and keywords

• Subject tags: Human capital, Income, Infrastructure, Population growth, Public expenditure review.
• Keywords: natural logarithm, rate of growth, real GDP, WP.

Context and access

• Type: IMF Working Paper.
• Availability: More formats on IMF eLibrary; order a print copy option indicated on the landing page.
• Note: "This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy."

Content summarized from "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach", IMF Working Papers 1992, 106 (1992).