This paper presents some facts on China’s role in the world economy and measures the impact of China’s growth on growth in the rest of the world in the short and long term. Short-run estimates based on VARs and error-correction models suggest that spillover effects of China’s growth have...

This paper provides a quantitative assessment of the impact of economic growth in the United States on growth in other countries. Using panel data estimation, the paper finds a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, during...

This paper measures the extent to which South African economic growth is an engine of growth in sub-Saharan Africa. Results based on panel data estimation for 47 African countries over four decades suggest that South African growth has a substantial positive impact on growth in the rest of...

This paper empirically examines the extent to which a country''s economic growth is influenced by its trading partner economies. Panel estimation results based on four decades of data for over 100 countries show that trading partners'' growth and relative income levels have a strong effect on...

Recent literature argues that conflict in shifting adjustment costs between different socioeconomic groups delays necessary reforms and finds that such reforms often follow economic crises. This paper expands these models by including external borrowing by the private sector and shows that this...

This paper examines the impact of international trade on industrialization in developing agricultural economies. The findings show that developing agricultural economies that increased their openness during 1970-95 experienced an increase in their share of industrial production at the expense of...

The theoretical literature has argued that a centralized wage bargaining system may result in low regional wage differentiation and high regional unemployment differentials. The empirical literature has found that centralized wage bargaining leads to lower wage inequality for different skills,...

This paper estimates an empirical model for investment in the West African Economic and Monetary Union (WAEMU), a region with relatively low investment shares, using annual data for the period 1970-95. Cross-country and time-series evidence shows that openness to international trade, competition...

The real effective exchange rate is an aggregation of several bilateral real exchange rates with respect to other countries. The aggregation is usually done under the assumption of constant elasticity of substitution (CES) between products from different countries. We investigate the validity of...

The previous literature points to a high correlation between domestic rates of investment and savings among OECD countries. Some take this as evidence of limited financial integration in the industrialized world. This paper presents new empirical results, based on an extended sample of...