TY  - RPRT
        AU  - Bond, Steve
AU  - Asli, Leblebicioglu
AU  - Schiantarelli, Fabio
        TI  - Capital Accumulation and Growth: A New Look at the Empirical Evidence
        PY  - 2004/Jun/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 1174
        UR  - https://www.iza.org/publications/dp1174
        AB  - 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.
        KW  - capital accumulation
KW  - investment
KW  - growth
        ER  -