It is the contention of this paper that Kuznets' inverted U-curve is really an S-curve when one incorporates either times-series or cross-sectional data which allows one to capture both the agriculture-to-manufacturing (ATM) and manufacturing-to-services (MTS) structural transitions during the...

Analyses of Colombian data have generally failed to confirm the hypothesis of export-led growth. This paper generates several measures of export diversification and structural change in exports, and argues that these measures are useful in assessing growth externalities generated by the export...

The Kaldor-Verdoorn "laws," the focus of this work, are a set of stylized facts which attempt to describe growth in an economy. This paper tests these stylized facts using macroeconomic data from newly industrializing countries. Results show that high rates of growth of manufacturing do not...

Recent research has posited that, in advanced economies, there is a positive correlation between income inequality and development. Using a new unbalanced panel dataset for 71 countries from 1961 to 1992, we present evidence that supports this conjecture. Although many factors may be...

The purpose of this paper is to analyze the role health investment plays in human capital accumulation, and in so doing to demonstrate that education is not the only factor affecting the performance of the labor force and productivity. Estimates are made for the OECD countries for the period...

This paper is an empirical investigation of the transmission of monetary policy in South Korea. It combines modern mainstream macroeconomics with aspects of a developing economy with financial dualism through a simple IS-LM type model that explicitly incorporates an informal credit market....

Utilizing a linear endogenous growth model, the paper provides an economic rationale for two empirical findings: the positive correlation between export growth and income growth, and the association of rapid structural changes with fast income growth. In the benchmark case, the small open...

The aim of this paper is to investigate empirically the question of whether financial development leads to economic growth in a small, developing country like Tunisia. The paper focuses on the causal link between finance and economic growth in order to discriminate between several alternative...

Real price levels are systematically lower in developing countries than in developed counties. This paper provides time series evidence about the effect of financial development on real price level differences for 40 developing countries. Based on cointegration tests, a long-run equilibrium...

This paper estimates an earnings function for male workers belonging to the Indian corporate sector. The model allows for differential rates of return to schooling and distinguishes tenure from total labor market experience. The rate of return to schooling is found to be low up to the junior...