Table :

TABLE 12.4 Negative Interest Rates and Economic Growth

Country

Years

Real Interest Rate (%)

Per Capita Growth (%)

Argentina

1975–1976

−69

−2.2

Bolivia

1982–1984

−75

−5.2

Chile

1972–1974

−61

−3.6

Ghana

1976–1983

−35

−2.9

Peru

1976–1984

−19

−1.4

Poland

1981–1982

−33

−8.6

Sierra Leone

1984–1987

−44

−1.9

Turkey

1979–1980

−35

−3.1

Venezuela

1987–1989

−24

−2.7

Zaire

1976–1979

−34

−6.0

Zambia

1985–1988

−24

−1.9

Source: Easterly, W. 2002. The Elusive Quest for Growth. Economists’ Adventures and Misadventures in the Tropics. Cambridge, MA: MIT Press.