This article presents new international estimates of human capital for the period 1970–2003. The new latent index is used to re-examine the Benhabib and Spiegel (2005) model of technology diffusion in a horse-race with the competing indicators of Barro and Lee (2010) and Hanushek and Wößmann...

A substantial body of literature suggests that financial market development plays a significant role in economic growth through fostering savings mobilization, easing risk management, promoting technological transfer and reducing information and transaction costs. However, the effect of...

Summary This paper examines the effects of financial and trade liberalization on growth volatility of real output and consumption in Africa. Our results suggest trade liberalization is associated with greater output and consumption growth volatility while financial liberalization increases the...

Purpose – This paper aims to use the newly developed panel data cointegration analysis and the dynamic time series modeling approach to examine the linkages between financial structure (market-based vs bank-based) and economic growth in African economies. Design/methodology/approach – The...

This article empirically explores the relationship between military expenditure, external debts and economic performance in the economies of sub-Saharan Africa using a sample of 25 countries from 1988--2007. In investigating the defence--external debt nexus, we employ three advanced panel...

Purpose – The purpose of this paper is to use the recent development in unit root tests and cointegration as applied to panel data and dynamic time series, to estimate the relationship between financial liberalization, financial development and growth. Design/methodology/approach – The paper...

This paper examines the role of expectations in explaining the dynamics of inflation, interest rates and other key financial variables in Indonesia using VAR and error correction analyses. It is found that deposit interest rates, exchange rates and oil prices have significant impact on the...

Migration status has been neglected both theoretically and empirically in the financial discrimination literature. Drawing on data from a comprehensive survey of small- and medium-sized businesses in Australia, this paper tests whether Australia's migrant entrepreneurs have greater difficulty...

This study investigates the role of financial liberalization in promoting financial deepening and economic growth in Sub-Saharan African countries (SSA). We apply the more efficient system GMM estimator in dynamic panel data that combines first difference and original level specification to deal...