Using data for the years 1972-2006, we calibrate the dynamic general equilibrium model of structural change by Kongsamut et al. (2001) to Turkey. We then predict the shares of output and employment for the agricultural, manufacturing, and services sectors along the balanced growth path for...

In this paper, we perform GMM dynamic panel data estimations to test the relationship between financial development and growth. Our dataset is composed of 112 emerging and developing countries over the period 1975-2007. More specifically, we test the presence of financial development threshold...

Calculated under the framework of economic-profit counting, the productivity of microcredit in Bangladesh is found very low. In this survey about 48% of the borrowers had to compromise their normal wages for self-employed labor to be able to pay the high interest for the credit. Similarly its...

This paper examines the extent to which aid disbursement delays could be used as an indicator of the aid unpredictability and absorptive capacity in recipient countries. Since many recipient countries are dependent on aid, disbursement delays might matter for its effectiveness. The emphasis is...

In order for Jamaica to transition from a Developing Country to a Developed Country it will be highly necessary to a Knowledge based society, the inability to seriously overcome this challenge will mean Jamaica will be in transition to a developed country for an infinite number of years.

In order for Jamaica to transition from a Developing Country to a Developed Country it will be highly necessary to a Knowledge based society, the inability to seriously overcome this challenge will mean Jamaica will be in transition to a developed country for an infinite number of years.

The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The...

Nanotechnology is expected to have a major impact on global economies this century and is an important sector for Jamaica in achieving the agenda of becoming a competitive and dynamic knowledge-driven economy by 2030. Key to this will be the active participation of small and medium-sized...

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a...

Using a panel dataset of 86 countries from 1960-2005, this paper empirically assesses the effect of several democracy proxies (by means of the Polity IV database), together with a set of control variables, such as human capital and the initial level of GDP per capita, on the rate of economic...