Fiscal policy and private investment in africa- a test of the crowding-out hypothesis – complete project material
Table Of Contents
Chapter ONE
1.1 Introduction1.2 Background of Study
1.3 Problem Statement
1.4 Objective of Study
1.5 Limitation of Study
1.6 Scope of Study
1.7 Significance of Study
1.8 Structure of the Research
1.9 Definition of Terms
Chapter TWO
2.1 Overview of Fiscal Policy2.2 Conceptual Framework of Private Investment
2.3 Theoretical Review of Crowding-out Hypothesis
2.4 Empirical Studies on Fiscal Policy and Private Investment
2.5 Impact of Government Spending on Private Investment
2.6 Role of Taxation in Private Investment
2.7 Influence of Public Debt on Crowding-out Effect
2.8 Effects of Monetary Policy on Private Investment
2.9 Comparative Analysis of Fiscal Policy in Africa
2.10 Summary of Literature Review
Chapter THREE
3.1 Research Design3.2 Research Approach
3.3 Population and Sampling Techniques
3.4 Data Collection Methods
3.5 Data Analysis Techniques
3.6 Research Instrumentation
3.7 Ethical Considerations
3.8 Validity and Reliability of Research
Chapter FOUR
4.1 Overview of Data Analysis4.2 Descriptive Statistics
4.3 Regression Analysis
4.4 Hypothesis Testing
4.5 Interpretation of Results
4.6 Discussion of Findings
4.7 Comparison with Existing Studies
4.8 Recommendations for Policy and Practice
Chapter FIVE
5.1 Summary of Findings5.2 Conclusion
5.3 Implications for Future Research
5.4 Practical Recommendations
5.5 Contributions to Knowledge
Project Abstract
This study probes the effectiveness of fiscal spending in the context of crowding out/in hypothesis for Sub-Saharan Africa, using annual panel data for the period 2000 – 2011 obtained from the World Bank online data bank for forty six countries in the region. The data set were included in the model based on review of past studies and taken mainly as a ratio to GDP to minimize the problem of heteroscedasticity. The fixed effects model was applied based on the specification tests. The panel output indicates that private investment is positively responsive to fiscal policy measures- though minimally, hence increases in government spending are found to crowd in private investment in all the countries selected both individually and on the average. Variables like real exchange rate and value of total debt servicing as a ratio of GDP have positive significant effect on private investment in the region. While the value of total external debt as ratios of GDP and real interest rate have significant negative effect on private investment. The study also finds that real per capita income growth has positive significant effect on private investment with random effects model only, whereas domestic credit to the private sector appeared insignificant and negative. Other macro variables such as inflation, real per capita GDP and real per capita income growth, are statistically insignificant in affecting the behaviour of private investment in the region. The study therefore recommends, among other things, a strengthened proactive regional fiscal policy agenda – with no room for half measures- aimed at stimulating private investment as well as ensuring a stable, predictable and healthy macroeconomic environment. Also, efficient and effective public-private strategies will reduce information asymmetries between both sectors on investment related policies and pave the way, all other things being equal, for the much desired economic transformation of the sub-region.
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Project Overview
1.0 Background of Study – – – – – – – -1
1.1 Preamble – – – – – – – – – -1
1.2 Statement of the Problem – – – – – – – -2
1.3 Aim and Objective of the Study – – – – – – -3
1.4 Significance of the Study – – – – – – – -3
1.5 Scope of the Study – – – – – – – – -4
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