Adjustment Costs, Irreversibility and Investment Patterns in African Manufacturing

Adjustment Costs, Irreversibility and Investment Patterns in African Manufacturing
This paper examines dynamic patterns of investment in Cameroon, Ghana, Kenya, Zambia and Zimbabwe, assessing the consistency of those patterns with different adjustment cost structures. Using survey data on manufactured firms, we document the importance of zero investment episodes and lumpy investment. The proportion of firms experiencing large... READ MORE...

Publication date: July 1999
ISBN 9781451852257
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