The link between business cycle volatility and the long-run growth rate has received increasing attention in the literature over the last ten years. Yet neither is there a theoretical consensus nor consistent empirical evidence that would lead us to believe the relationship is positive, negative...

This article examines the time series properties of oil prices and economic development for 17 oil-rich developing countries. Cointegration and error-correction estimation results indicate that in the majority of cases oil booms are followed by increases in both GDP per capita and investment.

This paper employs dynamic panel generalized method of moment (GMM) technique to empirically examine the causal relationship between democracy and growth volatility for a sample of 138 countries over the 1968-2002 period. Improving upon the methodology of earlier papers, this study finds that...

This paper investigates the relationship between political regimes and Foreign Direct Investment (FDI) inflows to the developing countries for a sample of 134 countries over the 1983-2002 period. Using two categorical measures of regime type and three different measures of FDI, this study finds...

This study empirically investigates the effects of political and economic liberalization on growth volatility using a difference-in-difference method for a sample of 158 countries over the 1970-2005 period. The results show that, when examined separately, economic liberalization leads to a...

This paper examines whether democracy promotes financial development. While cross-section results show a positive association between democracy and bank development, this relationship disappears in panel regressions. The data also reveals that democracy is not positively related to stock market...

This article investigates the relationship between foreign direct investment (FDI) inflows and economic growth for a panel of 110 countries over the period 1973 to 2002. The results show that the growth effect of FDI varies by region and over time.