Modelling the long run determinants of private investment in Senegal

Bazoumana Ouattara

159 citations0/0 files storedRePEc: Research Papers in Economics

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Abstract

This paper investigates the determinants of private investment in Senegal over the period of 1970-2000.It first tests the variables for unit root using two, relatively, new tests namely the Dickey-Fuller generalised least square de-trending test proposed by Elliot et al. (1996) and the Ng-Perron test following Ng and Perron (2001).The long run private investment equation is derived using the Johansen cointegration techniques (Johansen, 1988;Johansen and Juselius, 1990) and the newly developed bounds test approach proposed by Pesaran et al. (2001).In both cases, the results indicate that public investment, real income and foreign aid flows affect positively private investment, whilst the impact of credit to private sector and terms of trade is negative.

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References

1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 2001Bounds testing approaches to the analysis of level relationships 1988Testing for a Unit Root in Time Series Regression 1988Statistical analysis of cointegration vectors 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 2019Economic Growth and Income Inequality 1992Efficient Tests for an Autoregressive Unit Root 2001LAG Length Selection and the Construction of Unit Root Tests with Good Size and Power

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