The paper addresses a topical issue – how expansionary fiscal policy affects the debt to GDP ratio. It examines whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. It is discussed if government investment in...

The paper addresses a topical issue - how expansionary fiscal policy affects the debt to GDP ratio. It examines whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. It is discussedif government investment in...

Exploring and explaining development gaps between countries is an important theoretical and empirical task. This paper presents empirical studies related to economic growth and its determinants across countries, based on the use of data envelopment analysis method. It emphasizes the importance...

This paper aims to present the factors that determine the economic growth nowadays, in the globalization era. From geography and climate to innovation and training, these factors diversified depending on the evolution of the economy and economic thought. Because of enhanced mobility as a result...

In this paper, we show how the concept of balance of payments-constrained growth rate developed by Thirlwall (1979) can be generalized as the growth rate constrained by the balance between any two economic variables. In particular, we derive two new concepts: the government balance-constrained...

This paper shows that the volatility of wages has significant effects on a country’s rate of economic growth. Our theoretical framework suggests two distinct channels in which wage volatility affects growth: a positive direct way and a negative indirect way. The direct effect stems from...

This paper aims to present the factors that determine the economic growth nowadays, in the globalization era. From geography and climate to innovation and training, these factors diversified depending on the evolution of the economy and economic thought. Because of enhanced mobility as a result...

We set up a simple overlapping generation model that allows us to distinguish between life expectancy and active life expectancy. We show that individuals optimally adjust to a longer active life by educating more and, if the labor supply elasticity is high enough, by supplying less labor. When...

This paper extends Piketty's analysis of the wealth-income ratio used as a proxy for wealth inequality, to allow for innovation. Drawing on a Schumpeterian (R&D-based) growth model that incorporates both tangible and intangible capital and using historical data for 21 OECD countries, we find the...

Using cross-country panel data, we find evidence that ICT development has a positive impact on output, physical capital accumulation, and productivity growth although the impact on the latter is higher. The higher impacts of mobile cellular and the Internet on middle/low-income countries' output...