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This paper develops and tests a Neoclassical growth model with the institution effect of government size in the framework of a dynamic panel data model, using two Generalized method of moments (GMM) estimators to address endogeneity of explanatory variables in estimation. I find a robust...
Persistent link: https://www.econbiz.de/10013039621
Economic development, which refers to the process of progressive transformation of an economy, is a multifaceted term without a universal definition. This article presents the constitutive elements of economic development, such as growth, distribution, and innovation. Economic development has...
Persistent link: https://www.econbiz.de/10012849707
We estimate the steady state growth rate for the Nordic countries using a “knowledge economy” approach. An endogenous growth framework is employed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and...
Persistent link: https://www.econbiz.de/10013102859
This study estimates and tests the endogeneity of the natural rate of growth using the balance-of-payments consistent rate of growth (BPCRG) instead of the actual rate of growth. Our approach is also theoretically compatible with the one proposed by Thirlwall (2001). Following this idea, we...
Persistent link: https://www.econbiz.de/10010462545
Persistent link: https://www.econbiz.de/10012659146
In an influential article Tornell and Lane (1999) considered an economy populated by multiple powerful groups in which property rights in the formal sector of production are not protected. They obtained conditions under which the groups appropriate output from the formal sector in order to...
Persistent link: https://www.econbiz.de/10009012707
Should donors who are interested in the effectiveness of developmental programs rely on conditional budget support or on project aid? To answer this question, we present a model in which only a subset of the developmental expenditures can be subject to conditionality. We show that budget support...
Persistent link: https://www.econbiz.de/10013212319
Persistent link: https://www.econbiz.de/10014253678
Investment decisions are usually affected by what firms perceive as government supply constraints: when a firm considers whether to increase its capital stock it takes into account possible constraints due to the lack of public productive services. Introducing this consideration in a simple...
Persistent link: https://www.econbiz.de/10014153506
In accounting for the rather gloomy trend of the aid effectiveness literature over the last few years, one explanatory strand has been fiscal, suggesting in particular that aid flows in weak states have tended to erode the taxbase and the structure of institutions. We pursue this idea, tracing...
Persistent link: https://www.econbiz.de/10009508593