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| Author: | Fakin, B. |
| Title: | Assessing dynamic efficiency in a developing economy |
| Journal: | Nase gospodarstvo
1996 : VOL. 42:3, p. 237-245 |
| Index terms: | |
| Freeterms: | developing countries, economic development, investments, efficiency, evaluation, investment policy |
| Language: | eng |
| Abstract: | This work concerns dynamic efficiency criterion in the presence of absorptive capacity constraints to overall investments.The Modified Golden Rule of Accumulation and the Abel-Mankiw-Summers-Zeckhauser (1989) cash-flow criterion are compared, and a complementary indicator of dynamic efficiency in a developing economy is sought.The gestation period of investment is suggested for drawing inferences about efficiency changes involved in industrial restructuring.This may apply to special periods in which some new stability in macroeconomic relations is established; or inflation is suddenly stabilized; or when technology is substantially changed. |
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