摘要：We use both the rst-di erence and the System GMM to model private investment in Sub-Saharan Africa. Results show that the private investment rate is persistent and that, current account de cit, in
ation, per capita income, per capita income growth, population growth, public investment rate, real interest rate, to- tal debt service/GDP, debt stock/GDP, terms of trade growth, trade openness, and the political environment jointly exert a sig- ni cant impact on private investment. Based on the results, a broad range of policies has been suggested including, in
ation reduction, improvement in infrastructure, ecient utilization of domestic resources, export promoting policies, and con
ict res- olution mechanisms to create political environments that attract private investment. The policy framework should also take into ac- count the persistent nature of the private investment rate, bearingin mind the important adjustment e ects of the private investment rate.
关键词：Private Investment; Arellano-Bond; System GMM;Dynamic Panel Model
