Showing 1 - 10 of 19
The human, social and economic costs of Rwanda's Genocide have been staggering. Although the country has made remarkable progress over the last ten years, especially in terms of recovering some of the ground lost on education and health, GDP per capita remains much lower than what it would have...
Persistent link: https://www.econbiz.de/10012556363
The author analyzes the stability of the empirical relationship between growth and changes in inequality over time. He concludes that while during the 1970s and 1980s the growth process was not accompanied by increases in inequality, during the 1990s a positive and significant correlation...
Persistent link: https://www.econbiz.de/10012553755
A considerable literature has focused on the determinants of total factor productivity (TFP), prompted by the empirical finding that TFP accounts for the bulk of long-term growth. This paper offers a deeper reason for such focus: the welfare of a representative consumer is summarized by current...
Persistent link: https://www.econbiz.de/10012551445
The financial crisis of 2007/2008, the subsequent great recession in rich countries and its propagation to developing countries has sparked a renewed interest in the role of fiscal policy as a potential countercyclical tool among policymakers and researchers. This paper reviews the state of...
Persistent link: https://www.econbiz.de/10012560402
The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the United States...
Persistent link: https://www.econbiz.de/10012561492
Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. This article examines the contents...
Persistent link: https://www.econbiz.de/10012564151
This paper studies the transmission of business cycle fluctuations for developed (N ) to developing economies (S ) with a two-country, asymmetric, DSGE model with endogenous development of new technologies in N, and sunk costs of exporting and transferring the production of the intermediate...
Persistent link: https://www.econbiz.de/10012564279
For reasons of empirical tractability, analysis of cointegrated economic time series is often developed in a partial setting, in which a subset of variables is explicitly modelled conditional on the rest. This approach yields valid inference only if the conditioning variables are weakly...
Persistent link: https://www.econbiz.de/10012564342
Empirical evidence - including the current global crisis - suggests that shocks from advanced countries often have a disproportionate effect on developing economies. Can this account for the fact that aggregate fluctuations are larger and more persistent in the latter than in the former...
Persistent link: https://www.econbiz.de/10012552069
This paper shows that the welfare of a country's representative consumer can be measured using just two variables: current and future total factor productivity and the capital stock per capita. These variables suffice to calculate welfare changes within a country, as well as welfare differences...
Persistent link: https://www.econbiz.de/10012552130