Investment, Uncertainty, and Irreversibility in Ghana

IMF Staff Papers

Volumn 45, Issue 3, 1998, Pages 522-553

  Pattillo, Catherine ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0005708028     PISSN: 10207635     EISSN: None     Source Type: Book Series    
DOI: 10.2307/3867414     Document Type: Article

References (31)

1. Abel, Andrew B., and Janice Eberly, 1994, "A Unified Model of Investment Under Uncertainty," American Economic Review, Vol. 84 (December), pp. 1369-84.
2. _, 1995, "The Effects of Irreversibility and Uncertainty on Capital Accumulation," NBER Working Paper No. 5363 (Cambridge, Massachusetts: National Bureau of Economic Research).
3. _, 1996, "Optimal Investment with Costly Reversibility," Review of Economic Studies, Vol. 63 (October), pp. 581-93.
4. Abel, Andrew B., Avinash Dixit, Janice Eberly, and Robert Pindyck, 1996, "Options, The Value of Capital, and Investment," Quarterly Journal of Economics, Vol. 111 (August), pp. 753-77.
5. Arrow, Kenneth J., 1968, "Optimal Capital Policy with Irreversible Investment," in Value, Capital and Growth: Papers in Honour of Sir John Hicks, ed. by J.N. Wolfe (Chicago: Aldine), pp. 1-19.
6. Aryeetey, Ernest, 1994, "Private Investment Under Uncertainty in Ghana," World Development, Vol. 22 (August), pp. 1211-21.
7. Bertola, Giuseppe, 1988, "Adjustment Costs and Dynamic Factor Demands: Investment and Employment Under Uncertainty" (Ph.D. dissertation; Cambridge, Massachusetts: Massachusetts Institute of Technology).
8. _, and Ricardo Caballero, 1994, "Irreversibility and Aggregate Investment," Review of Economic Studies, Vol. 61 (April), pp. 223-46.
9. Bigsten, Arne, Francis Teal, Anders Isaksson, Mans Soderbom, Bernard Gauthier, Michel Sylvain, Jan Gunning, Remco Oosetendorp, Abena Oduro, Albert Zeufack, Paul Collier, Stefan Dercon, and Cathy Pattillo, 1997, "Investment in Africa's Manufacturing Sector in Cameroon, Ghana, Kenya, and Zimbabwe: An International Comparative Panel Data Analysis," Centre for the Study of African Economies Working Paper 97/11 (Cambridge: Oxford University).
10. Caballero, Ricardo, 1991, "On the Sign of the Investment-Uncertainty Relationship," American Economic Review, Vol. 81 (March), pp. 279-88.
11. _, and Robert Pindyck, 1996, "Uncertainty, Investment and Industry Evolution," International Economic Review, Vol. 34 (August), pp. 641-62.
12. Centre for the Study of African Economies, University of Oxford, and the Department of Economics, University of Ghana, 1995, "The Regional Program on Enterprise Development: The Ghanaian Manufacturing Sector 1991-1993, Findings of Waves 1 to 3, Final Report (Oxford: University of Oxford).
13. Dixit, Avinash K., and Robert S. Pindyck, 1994, Investment Under Uncertainty (Princeton, New Jersey: Princeton University Press).
14. Domowitz, Ian, R. Glenn Hubbard, and Bruce C. Peterson, 1987, "Oligopoly Supergames: Some Empirical Evidence on Prices and Margins," Journal of Industrial Economics, Vol. 4 (June), pp. 379-98.
15. Ferderer, J. Peter, 1993, "The Impact of Uncertainty on Aggregate Investment Spending: An Empirical Analysis," Journal of Money, Credit and Banking, Vol. 25 (February), pp. 30-48.
16. Ghosal, Vivek, and Prakash Loungani, 1996, "Product Market Competition and the Impact of Price Uncertainty on Investment: Some Evidence from U.S. Manufacturing Industries," Journal of Industrial Economics, Vol. 44 (June), pp. 217-28.
17. Greene, William H., 1997, Econometric Analysis (Upper Saddle River, New Jersey: Prentice-Hall).
18. Guiso, Luigi, Tullio Jappelli, and Daniele Terlizzese, 1992, "Earnings Uncertainty and Precautionary Saving," Journal of Monetary Economics, Vol. 30 (November), pp. 307-37.
19. Guiso, Luigi, and Giuseppe Parigi, 1996, "Investment and Demand Uncertainty: Evidence from a Cross-Section of Italian Firms" (unpublished; Rome: Bank of Italy).
20. Hadjimichael, Michael, Michael Nowak, Robert Sharer, and Amor Tahari, 1996, Adjustment for Growth: The African Experience, IMF Occasional Paper No. 143 (Washington: International Monetary Fund).
21. Heckman, James, 1979, "Sample Selection Bias as a Specification Error," Econometrica, Vol. 47 (January), pp.153-61.
22. Huizinga, John, 1993, "Inflation Uncertainty, Relative Price Uncertainty and Investment in U.S. Manufacturing," Journal of Money, Credit and Banking, Vol. 25 (August), pp. 521-49.
23. Leahy, John, and Toni Whited, 1996, "The Effect of Uncertainty on Investment: Some Stylized Facts," Journal of Money, Credit and Banking, Vol. 28 (February), pp. 64-83.
24. Lee, Lung-Fei, 1978, "Unionism and Wage Rates: A Simultaneous Equations Model with Qualitative and Limited Dependent Variables," International Economic Review, Vol. 19 (June), pp. 415-33.
25. _, 1979, "Identification and Estimation in Binary Choice Models with Limited (Censored) Dependent Variables," Econometrica, Vol. 47 (July), pp. 977-96.
26. Maddala, G.S., 1983, Limited-Dependent and Qualitative Variables in Econometrics (New York: Cambridge University Press).
27. Murphy, Kevin, and Robert Topel, 1985, "Estimation and Inference in Two-Step Econometric Models," Journal of Business and Economic Statistics, Vol. 3 (October), pp. 370-79.
28. Pattillo, Catherine, forthcoming, "Risk, Financial Constraints and Equipment Investment in Ghana: A Firm-Level Analysis," in Investment and Risk in Africa, ed. by Paul Collier and Catherine Pattillo (London: Macmillan Press).
29. Pindyck, Robert S., 1988, "Irreversible Investment, Capacity Choice and the Value of the Firm," American Economic Review, Vol. 78 (December), pp. 969-85.
30. _, 1993, "A Note on Competitive Investment Under Uncertainty," American Economic Review, Vol. 83 (March), pp. 273-77.
31. Willis, Robert J., and Sherwin Rosen, 1979, "Education and Self-Selection," Journal of Political Economy, Vol. 87 (October, Part 2), pp. S7-S36.