capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process … effective tax rate. We show how persistent differences in growth rates across countries could stem from differential public … welfare and the growth rate. With outstanding public debt, the optimal fiscal policy should keep the debt-to-GDP ratio …

-factor Heckscher-Ohlin trade model and a two-sector growth model - with infinitely lived consumers where international borrowing and …

growth, and find that it has a robust negative effect on GDP growth. This link coexists with the negative link between … variance and growth typically found in the literature. To explain the link between crises and growth we present a model where … contract enforce-ability problems generate borrowing constraints and impede growth. In the set of financially liberalized …

countries. As long as the population growth differential between developing and advanced countries is not too large, the rate at … which countries transition to prosperity accelerates over time. However, if population growth differentials are large … in growth for developing countries in aggregate. The rapid rise of China may hurt some developing countries in the short …

This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which …

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short …