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The Role of Policy Fundamentals in Fostering Economic Growth in Developing Countries

机译：政策基础在促进发展中国家经济增长中的作用

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摘要

This paper examines the role of policy fundamentals in fostering economic growth in developing countries. Based on data from the World Bank for the 2000-2011 period and a sample of sixty-two developing economies we find that the growth rate of per capita GDP is dependent on a country’s investments in human capital as measured by the share of the public sector in total health expenditure and by the relative size of public education in the government’s budget, on an enabling business environment as measured by two Doing Business indicators, namely the cost of starting a business as a percent of per capita income and the number of days required to enforce contracts, and by the share of losses due to theft, robbery, vandalism, and arson in sales as reported in the enterprise surveys, on the depth of the credit information index and the share of domestic credit provided by the banking sector in the GDP, on the initial level of per capita GDP, and on the share of the net inflow of foreign direct investment (FDI) in the GDP. We observe that the coefficient estimates of two explanatory variables, namely, the share of the public sector in total health expenditure and by the relative size of public education in the government’s budget, do not have their expected sign, possibly to the collinearity between these variables and the cost of starting a business as a percent of per capita income as well as with the initial level of per capita GDP. In addition, the share of the public sector in total health expenditure is not significant via using the t-test. We suspect that this is also due to the collinearity between this variable and the cost of starting a business as a percent of per capita income as well as with the initial level of per capita GDP. Statistical results of such empirical examination will assist governments in developing countries and focus on appropriate policy fundamentals in order to foster economic growth.
机译：本文探讨了政策基础在促进发展中国家经济增长中的作用。根据世界银行2000-2011年期间的数据和62个发展中经济体的样本，我们发现人均GDP的增长率取决于一国对人力资本的投资，以公共部门的份额衡量总的卫生支出和政府预算中公共教育的相对规模，以两个营商环境指标衡量的有利营商环境，即开办企业的成本占人均收入的百分比和所需天数实施合同，并根据企业调查报告中的信用信息指数的深度和银行部门在国内银行中提供的国内信用的份额，按因盗窃，抢劫，故意破坏和放火造成的销售损失份额进行分担。 GDP，人均GDP的初始水平以及外国直接投资（FDI）净流入在GDP中所占的份额。我们观察到两个解释变量的系数估计，即公共部门在卫生总支出中所占的比例以及政府预算中公共教育的相对规模，没有它们的预期迹象，可能与这些变量之间的共线性有关开业成本占人均收入的百分比以及人均GDP的初始水平。此外，通过t检验，公共部门在卫生总支出中所占的份额并不大。我们怀疑这也是由于该变量与开办企业成本（人均收入的百分比）以及人均GDP的初始水平之间存在共线性。这种经验检验的统计结果将有助于发展中国家的政府，并侧重于适当的政策基础，以促进经济增长。

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