This paper examines the long-run relationship between top income shares and economic growth for a panel of nine high-income countries over the period from 1961 to 1996. We use panel cointegration and causality techniques that are robust to omitted variables, slope heterogeneity, and endogenous...

The empirical results of the paper show that the private fixed capital accumulation in Turkey is constrained by the demand constraint and the availability of financial resources. The significance of the liquidity variable clearly points out that credit policy and accommodating monetary policy...