New panel data estimates for the four East Asian Tigers show that the contribution of Total Factor Productivity (TFP) to growth is much higher than past estimates. An extended production function with learning by doing implies that TFP is about 3.5% and these countries will grow at this rate in...

Accurate estimates of the price and income elasticities of exports are valuable for growth policies based on trade promotion. However, not sufficient attention seems to have been paid to the specification of the relative price variable in some influential empirical works. This article estimates...

In the cross-country and time series studies on the determinants of the growth rate, capital stock is often proxied with the investment ratio due to lack of reliable data. While investment ratio may give good results with OLS, their robustness is doubtful. In addition there are other problems:...

Methodological controversies on the relative merits of estimating time-series models with alternative approaches exist. However, applied researchers may eventually opt for an easy to use and computationally less demanding approach. This article shows that the LSE/Hendry approach, known as GETS,...

It is argued that whether the need for unit roots and cointegration-based econometric methods is a methodological issue. An alternative is the econometrics of the London School of Economics (LSE) and Hendry approach based on the simpler classical methods of estimation. This is known as the...

In the extended Solow growth model of Mankiw et al. (1992), human capital has only permanent level and no growth effects. In the endogenous growth models human capital is a growth-improving variable. Human capital may have both a permanent level and a permanent growth effect, we show how both...

We use the LSE-Hendry general to specific approach to analyse if US gasoline price adjustments are asymmetric with respect to changes in crude oil prices. Furthermore, we modify some weaknesses in the earlier works by Borenstein et al. (1997) and Bachmeier and Griffin (2003) and shows that if...

Hall (1978) has stimulated considerable controversy and empirical work on testing the validity of the permanent income hypothesis (PIH). Much of this work is on the developed countries. In the developing countries per capita incomes show larger fluctuations and for the majority, opportunities...

This article estimates Total Factor Productivity (TFP) for Bangladesh and analyses its key determinants. According to the Solow (1956) growth model, long-run growth rate equals TFP. Estimated β-coefficients show that trade openness, foreign direct investment and development of financial sector...

This article estimates using the Bayesian methods a Constant Elasticity of Substitution (CES) production function for Singapore for 1960--2009. It is found that the elasticity of substitution is 0.6, technical progress is labour augmenting and the Steady-State Growth Rate (SSGR) of Singapore is...