Following Bai (2004) and Bai and Ng (2004) we estimate a common factor representation of a panel of output series for India, disaggregated by 15 states and 14 broad industry groups. We find that a single common V-Factor accounts for a large part of the significant shift in the cross-sectional...

This paper offers a concise survey on the literature of growth empirics applying to DCs. It is argued that there is a number of important stylised facts of economic growth relevant to DCs which are not included in the corresponding lists of Kaldor and Romer. In contrary to the usual procedure,...

Purposeful, well-targeted and successful transformation policies will be elusive for a country or region that does not understand the relative importance of its sectoral sources of growth. This study aims at eliciting our understanding in this respect by providing an assessment of the relative...

The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...

The aim of this paper is to provide an overview of empirical cross-country growth literature. The paper begins with describing the basic framework used in recent empirical cross-country growth research. Even though this literature was mainly inspired by endogenous growth theories, the...

This paper examines the impact of education on economic growth in Greece over the period 1981 - 2009 by applying the model with two sectors introduced by Lucas (1988). The findings of the empirical analysis reveal that there is no long-run relation between educational stock and output. In the...

We review some patterns of Total Factor Productivity (TFP) growth in the Mexican economy during the period 1991-2011 using the KLEMS data set published by INEGI in 2013. The data shows a strong positive correlation between TFP and output growth. As a result, tests were performed in order to...

This study is an attempt to test the hypothesis 'international trade contributes to economic growth through its effects on human capital accumulation.' To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth...

Is there a "middle-income trap"? Theory suggests that the determinants of growth at low and high income levels may be different. If countries struggle to transition from growth strategies that are effective at low income levels to growth strategies that are effective at high income levels, they...