Is Fixed Investment the Key to Economic Growth?
分析1965-1985年间100多个国家的固定资本形成率与经济增长率，发现增长先于资本形成，固定投资并非经济增长的唯一或主要驱动力。
This paper examines shares of fixed capital formation in GDP and rates of economic growth for more than 100 countries over successive five-year periods between 1965 and 1985 to determine the direction of causality between them. Simple regressions and multiple regressions including several standard determinants of growth, as well as a simple causality test, provide more evidence that increases in growth precede rises in rates of capital formation than that increases in capital formation precede increases in growth. High rates of fixed capital formation accompany rapid growth in per capita income, but we find no evidence that fixed investment is the only or main source of ignition for economic growth.