Private capital formation and public investment in Sudan: testing the substitutability and complementarity hypotheses in a growth framework

  title={Private capital formation and public investment in Sudan: testing the substitutability and complementarity hypotheses in a growth framework},
  author={Ahmed A. A. Badawi},
  journal={Journal of International Development},
  • Ahmed A. A. Badawi
  • Published 1 August 2003
  • Economics, Political Science
  • Journal of International Development
The paper attempts to address the issue of complementarity and substitutability of state capital to private sector investment activities in a neoclassical growth framework. It employs a co-integrated vector autoregressive model to account for potential endogeneity and nonstationarity problems. Results suggest that both private and public capital spending have stimulated economic growth in Sudan over the period 1970-1998. The impact of private investment on real growth has been more pronounced… 
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