Topic
Capital deepening
About: Capital deepening is a research topic. Over the lifetime, 5203 publications have been published within this topic receiving 230297 citations.
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TL;DR: The authors analyzes the macroeconomic consequences of changes in fiscal policy and transfers of wealth from abroad on the capital stock and real output, and shows that both have well defined long-run effects on the stock and output.
44 citations
Posted Content•
TL;DR: In this article, the macroeconomic effects of capital market liberalization in Korea are examined and simple data analysis suggests that capital account liberalization substantially changed the nature and composition of capital flows.
Abstract: The macroeconomic effects of capital account liberalization in Korea are examined. Simple data analysis suggests that capital account liberalization substantially changed the nature and composition of capital flows. Based on the VAR model, the authors find the following stylized facts. First, after capital market liberalization, capital flows become less driven by current account imbalances and therefore become more autonomous. Second, capital account liberalization significantly changes the effects of capital flows on macroeconomic variables. Third, capital account liberalization is highly related to consumption and investment booms, and subsequent appreciation of nominal and real exchange rates, which leads to the current account worsening. Finally, there is strong evidence of sterilized foreign exchange market intervention in response to capital inflows.
44 citations
Journal Article•
TL;DR: In this paper, the authors investigated the impact of capital formation on economic growth in Nigeria and found that gross fixed capital formation and economic growth are integrated of order zero (I(0), Johasen co integration test was employed to determine the order of integration while erro correction model was employed in determining the speed of adjustment to equilibrium.
Abstract: The paper investigated the impact of capital formation on economic growth in Nigeria. The data were collected from Central Bank of Nigeria (CBN) statistical bulletin (2011).To analyze the impact of capital formation, stock market capitalization, inflation rate and interest rate on economic growth, the study employed Ordinary least square (OLS) technique. To test for the properties of time series, phillip-perron test was used to determine the stationarity of the variables and it was discovered that gross fixed capital formation and economic growth are integrated of order zero (I(0), Johasen co integration test was employed to determine the order of integration while erro correction model was employed to determine the speed of adjustment to equilibrium. The empirical findings suggest that capital formation has positive and significant impact on economic growth in Nigeria for the period under review this result corroborate the findings of Bakare (2011), Orji and Mba (2010). Stock market also showed a positive impact, while both inflation rate and interest rate has a negative impact on economic growth in Nigeria for the period under review but the impact is statistically insignificant. The result further shows a long run relationship between capital formation and economic growth in Nigeria for the period under review. Therefore emphasis should be place on accumulating capital in Nigeria as this will accelerate growth and development in Nigerian economy. The Nigerian stock market should be deepened more to enhance their contribution to the growth of the domestic economy. Key Word : Capital Formation, Economic Growth, Inflation, Interest rate and stock market capitalization.
44 citations
TL;DR: In this article, the authors used an improved growth accounting framework and ARDL-based co-integration techniques to identify the factors that drive long run productivity growth in India and found that both domestic technology capability building and foreign technology spillovers are important forces in determining India's long run growth.
44 citations
TL;DR: The authors used an adaptation of the Cherney-Strout two-gap model to define how economic growth and investment levels relate to exports and the flow of foreign capital, and the modified model breaks down foreign capital considerations to include supplies, long-term relationships and the effect of export growth on economic growth.
Abstract: New statistical evidence from Latin America and based on an adaptation of the Cherney-Strout two-gap model is used to define how economic growth and investment levels relate to exports and the flow of foreign capital The modified model breaks down foreign capital considerations to include supplies, long-term relationships, and the effect of export growth on economic growth The need for further studies is noted, although policy implications are clear that either an increase in exports or an increase in inflows from foreign private investment or other foreign capital will lead to higher economic growth rates 16 references (DCK)
44 citations