Abstract

This study determines whether macroeconomic factors such as gross capital formation, infrastructure development, household consumption expenditure, bank credit, labour force, foreign direct investment, trade openness and political stability/absence of violence and terrorism that accelerate industry value added in middle-income countries have differential impact in low-income countries. Employing panel fully modified ordinary least square (FMOLS) and generalised method of moments (GMM) in a sample of 25 low-income and 25 middle-income countries covering period of 1985–2018, the result showed that infrastructure development and foreign direct investment accelerated industry value added in middle-income countries but have differential impact in low-income countries. However, there was no differential impact in terms of other variables under consideration. But combining the two income groups, the result showed that only gross capital formation, household consumption expenditure, labour force and trade openness accelerate industry value added in low-and middle-income countries while other factors were insignificant.

摘要

本研究确定宏观经济因素，如资本形成总额、基础设施发展、家庭消费支出、银行信贷、劳动力、外国直接投资、贸易开放和政治稳定/没有暴力和恐怖主义，是否加速中等收入国家的工业增值在低收入国家产生不同的影响。在 1985-2018 年期间，对 25 个低收入国家和 25 个中等收入国家的样本采用面板完全修正的普通最小二乘法 (FMOLS) 和广义矩量法 (GMM)，结果表明基础设施发展和外国直接投资加速中等收入国家的工业增加值，但对低收入国家的影响不同。然而，在考虑的其他变量方面没有不同的影响。但将这两个收入组结合起来，结果表明，只有资本形成总额、家庭消费支出、劳动力和贸易开放度加速了中低收入国家的产业增加值，而其他因素并不显着。