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The Central and Eastern European countries' prospects of becoming EU members depend heavily on, among other things, their per capita GDP levels. It is shown that the neoclassical growth model does not yet adequately describe the growth process in these countries. This makes a direct growth...
Persistent link: https://www.econbiz.de/10005504515
leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns …, the cross-sectional behaviour of the world economy is similar to that of existing exogenous growth models. Cross … exhibit conditional convergence as in the Solow-Ramsey model. The dispersion of the world income distribution is determined by …
Persistent link: https://www.econbiz.de/10005662414
, it is possible to identify a variety of channels through which trade affects the evolution of world income and its …
Persistent link: https://www.econbiz.de/10005666914
We estimate the effect of international trade on average labour productivity across countries. Our empirical approach … empirical grounds. In contrast to the marginally significant and non-robust effects of trade on productivity found previously … productivity. Our finding is that trade works through labour efficiency, while institutional quality works through physical and …
Persistent link: https://www.econbiz.de/10005661691
, costly adoption and spillovers from the world technology frontier. Despite its parsimonious parametrization, our empirical …
Persistent link: https://www.econbiz.de/10008854520
human history induced growth theorists to advance an alternative theory that captures in a single unified framework the … distinct regimes. Unified growth theory reveals the underlying micro foundations that are consistent with the growth process … over the entire history of the human species, enhancing the confidence in the viability of the theory, its predictions and …
Persistent link: https://www.econbiz.de/10005497992
This paper takes a modest step towards formalizing the theoretical interconnections among four post-Industrial-Revolution phenomena – the industrialization and growth take-off of rich ‘northern’ nations, massive global income divergence, and rapid trade expansion. Specifically, we present...
Persistent link: https://www.econbiz.de/10005498127
Using a dataset of 104 countries over a period from 1966 to 2004, this paper analyses the relevance of country specific shocks for income volatility in open economies. We show that exposure to country specific shocks has a positive and significant impact on GDP volatility. In particular, we find...
Persistent link: https://www.econbiz.de/10005666690
During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital inflows from advanced countries that would finance higher investment and growth; (ii) insure...
Persistent link: https://www.econbiz.de/10008784713
Using a repeated game approach, this paper models a North-South trade agreement under which North offers South improved market access (via a tariff reduction) if South agrees to prevent local imitation by strengthening its protection of intellectual property rights (IPRs). We show that such an...
Persistent link: https://www.econbiz.de/10005792159