Productivity Growth and Economic Reform: Evidence from Rwanda

K. Coulibaly, Kene Ezemenari, Neal E. Duffy
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引用次数: 7

Abstract

Trade, financial, and exchange rate reforms are shown to have exerted a positive impact on the growth of total factor productivity in Rwanda during the period 1995-2003. Based on a constant returns-to-scale Cobb-Douglas production function, this paper regresses total factor productivity on indices of trade, financial, and exchange rate reforms. The analysis determines that trade reforms and financial reforms each contributed positively to improvements in total factor productivity. The data also suggest that the allocation of official development assistance to human capital made a significant contribution to productivity. In contrast, the appreciation of the real exchange rate of the late 1980's hindered productivity or the growth of TFP. Taken together, the findings for Rwanda presented in this paper show that the strong growth of the past decade has not just been due to a"bounce back"effect following the genocide. The results support the notion that policies favorable to trade development, a deepening of the financial sector, and formation of human capital have been effective for increasing aggregate productivity of the economy and stimulating growth in Rwanda. For sustained growth, the Rwandan authorities should continue to build on these policies, while also taking care to maintain an appropriate exchange rate.
生产率增长与经济改革:来自卢旺达的证据
1995-2003年期间,贸易、金融和汇率改革对卢旺达全要素生产率的增长产生了积极影响。本文基于规模报酬不变的柯布-道格拉斯生产函数,对贸易、金融和汇率改革指标上的全要素生产率进行了回归。分析表明,贸易改革和金融改革都对全要素生产率的提高做出了积极贡献。数据还表明,将官方发展援助分配给人力资本对生产力作出了重大贡献。相反,1980年代末实际汇率的升值阻碍了生产率或全要素生产率的增长。综上所述,本文中对卢旺达的调查结果表明,过去十年的强劲增长不仅仅是由于种族灭绝后的“反弹”效应。研究结果支持这样一种观点,即有利于贸易发展、深化金融部门和形成人力资本的政策对提高卢旺达经济的总生产率和刺激增长是有效的。为了持续增长,卢旺达当局应继续在这些政策的基础上继续发展,同时也要注意保持适当的汇率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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