%0 Report
        %A Bond, Steve
%A Asli, Leblebicioglu
%A Schiantarelli, Fabio
        %T Capital Accumulation and Growth: A New Look at the Empirical Evidence
        %D 2004
        %8 2004 Jun
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 1174
        %U https://www.iza.org/publications/dp1174
        %X We present evidence that an increase in investment as a share of GDP predicts a higher
growth rate of output per worker, not only temporarily, but also in the steady state. These
results are found using pooled annual data for a large panel of countries, using pooled data
for non-overlapping five-year periods, or allowing for heterogeneity across countries in
regression coefficients. They are robust to model specifications and estimation methods. The
evidence that investment has a long-run effect on growth rates is consistent with the main
implication of certain endogenous growth models, such as the AK model.
        %K capital accumulation
%K investment
%K growth