explained slightly more than 50 percent of its growth, whereas TFP growth was positive and contributed close to 12 percent to growth.
The steepest slowdowns in capital accumulation
are expected in China, where policy efforts to rein in credit growth continue, and the Philippines, where a surge in public investment is expected to fade,' it said.
If an individual employs a sum of money not for consumption but for the purchase of factors of production, saving is directly turned into capital accumulation
H] are school hours, [xi] > 0 is a parameter that measures productivity inside schools, [gamma] [greater than or equal to] 0 measures the sensitivity of human capital accumulation
to the stock of social capital, and [[delta].
This evidence points to the drop in investment and the resulting slowdown of capital accumulation
as the main causes behind the loss of potential GDP.
We find that the growth episode is mostly accounted for by a substantial process of capital accumulation
and knowledge transfer associated with the fast expansion of the oil industry.
China was clearly able for many years to exploit a "reserve army of the unemployed" a la Karl Marx - to grow rapidly without facing a labor-supply constraint, so that capital accumulation
would not run into diminishing returns.
Therefore, capital accumulation
and growth would be faster in an economy without perfect insurance than in one with perfect insurance.
The book does show the historical downward trend in capital accumulation
and a significant upward movement in the ratios of income received by the financial sector from non-financial businesses (NFBs).
Summary: Algeria should further promote knowledge-based economy (KBE), built on competitiveness and technology transfer, and progressively giving up the capital accumulation
method, recommended Monday in Algiers an official at the European Investment Bank (EIB).
So the contribution of physical capital accumulation
increased from 45 percent in the first period to 69 percent in the second period.