Working Paper 12-01 Economic Series January, 2012 Robust Investment Department of World Bank, W and Key words: Total factor pr effects, robust investment c JEL Codes: C23, C18, L25 1 This paper is an updated and re of the recent results obtained in (ICA) of the World Bank on Madagascar, Malawi, Niger, Ta Bangladesh, Honduras, Pakistan Morocco, Indonesia, Ecuador, Botswana, Costa Rica, South Afr the TFP results that we present Heisnam Singh and Rodolfo Stuc Levinsohn for the suggestions g suggestions of Paulo Correa, Luk Reis, Isabel Sánchez and Stefka January 2006, from seminars an Ministry of Economic Affairs of summer courses given at the Uni 2 Telefonica-UC3M Chair on Escribano, Department of Econ Madrid, Spain. Phone 34-91-624 Departamen Universidad Carlo Ca 28903 Fax t Climate Effects on Alternative Productivity Measures 1 Alvaro Escribano 2 f Economics, Universidad Carlos III de Mad and J. Luis Guasch Washington DC, USA jguasch@worldbank. d University of California, San Diego January 28 th , 2012 roductivity measures, investment climate, obs climate elasticities, input-output elasticities. 5, L11, F14, C51 evised version of Escribano and Guasch (2004, 2005, 2 the background working papers written for the invest 42 developing countries. The list of countries in anzania, Zambia, Burkina Faso, Uganda, Mali, Ken n, Cameroon, India, Bolivia, Guatemala, Honduras El Salvador, Egypt, Namibia, Turkey, Algeria, Co rica, Swaziland, Croatia, Chile, Mauritius, Pakistan an t here are maintained in all these countries. We are cchi for their excellent research assistance and to D. A given on the previous versions of this paper. We hav ke Haggarty, Danny Leipziger, Eduardo Ley, Marialis a Slavova, from participants of the American Associa nd courses given by A. Escribano at the World Bank f Turkey and Egypt, at CORE (UCL, Belgium) and fr iversity Carlos III de Madrid during years 2009, 2010. Economics of Telecommunications. Correspondin nomics, Universidad Carlos III de Madrid, Calle M 49879, Fax 34-91-6248908. alvaroe@eco.uc3m.es 1 nto de Economía os III de Madrid alle Madrid, 126 3 Getafe (Spain) (34) 916249875 Firm-Level drid .org servable fixed 2008) based on a selection tment climate assessments ncludes Eritrea, Ethiopia, nya, Senegal, Mauritania, s, Nicaragua, Philippines, olombia, Brazil, Mexico, nd Peru. The robustness of e indebted to Jorge Pena, Ackerberg, A. Pakes and J. ve also benefited from the sa Motta, Jose Guillherme ation meetings in Chicago, k from 2007 to 2010, the rom the participants of the . ng author. Alvaro Madrid 126, 28903