Privatization generally enhances firm-level efficiency. The impact of privatization on fiscal efficiency has, however, been overlooked. Using the "tax-smoothing" ideas articulated in Barro (1979) and Bohn (1990), we argue that privatization may have an important impact on the welfare losses...

This paper presents estimates of the effects that terms of trade volatility has on real gross domestic product (GDP) per capita growth. Based on 5‐year nonoverlapping panel data comprising 175 countries during 1980 to 2010, the paper finds that terms of trade volatility has significant...

This paper estimates a panel model in which the relationship between inequality and gross domestic product per capita growth depends on countries' initial incomes. Estimates of the model show that the relationship between inequality and gross domestic product per capita growth is significantly...

Military expenditure shares significantly affect the relationship between the risk of civil conflict outbreak and natural resources. We show that a significant positive correlation between the risk of civil conflict outbreak and resource rents is limited to countries with low military...