This paper presents a two-sector small semi-open economy Ramsey growth model involving foreign aid as an input in the production function. An activist government allocates this input endogenously across sectors and optimizes policies in a non-standard way. Once calibrated, mainly on countries...

This paper investigates the short run as well the long run relationships between money supply, inflation, government expenditure and economic growth by employing the Error Correction Mechanism (ECM) and Johansen co-integration test respectively for the case of Cyprus using annual data from 1980...

This study discusses four cases of public-private collaboration (PPC) in the design and implementation of productive development policies (PDP) in Argentina. We find that PPCs have contributed to the success of most of the studied PDPs by facilitating information sharing and creating...

This article makes three contributions to the literature. First, it provides new evidence of the impact of community monitoring interventions using a unique dataset from the Citizen Visible Audit (CVA) program in Colombia. In particular, this article studies the effect of social audits on...

The evaluation of economic development level is commonly measured by the growth rate of GDP. However, this single-dimensional measurement may cause potential issue to investigate sustainable economic development and growth model. An alternative framework is introduced to economic development...

GMM estimation of autoregressive panel data equations in error-ridden variables when the noise has memory, is considered. The impact of variation in the memory length in signal and noise spread and in the degree of individual heterogeneity are discussed with respect to finite sample bias, using...

This paper investigates the interplay between cultural traditions and policy effectiveness. It explores the differential impact of a large development program (Cassa per il Mezzogiorno), implemented for four decades, starting in the 1950s, to stimulate convergence between Italy's South and the...

Some recent empirical studies deny any direct performance effects of measures of geography and conclude that institutions trump all other potential determinants of development. For given effects of institutional quality, our empirical results indicate quantitatively important direct negative...

Xiaokai Yang's theory of economic specialization under increasing returns to scale is a formal development of the fundamental Smith-Young theorem on the extent of the market and the social division of labor. In this theory specialization and, thus, the social division of labor is firmly embedded...

This paper presents the findings a meta-analysis identifying the causes of variation in the impact of monetary policies on economic development. The sample of observations included in our meta-analysis is drawn from primary studies that uniformly employ Vector Autoregressive (VAR) models. Our...