The relationship between financial development and economic growth has received enormous attention in the economic literature of the last decade. The widely accepted consensus finding is that financial development has a positive effect on growth at either aggregate, or industry or firm levels....

Should industrial policy be targeted to a few sectors or be more broad based and therefore more neutral? Our theoretical analysis demonstrates that access to foreign markets is key to answering this question. We show that in a less open economy, industrial policy should be targeted, while in a...

Since (at least) Ricardo, international trade has been perceived as a positive-sum-gain – any partner involved in the international activity of exchange would be at the end better off, no matter how bad was its previous economic position. The Ricardian principle of comparative advantages...

This paper inquires into radical innovations and into their role to promote economic growth. Can an economic system grow only in quantitative terms, or the process of structural change, that underlines the emergence of new technologies, is an essential ingredient? To put it philosophically: is...

This paper inquires into radical innovations and into their role to promote economic growth. Can an economic system grow only in quantitative terms, or the process of structural change, that underlines the emergence of new technologies, is an essential ingredient? To put it philosophically: is...

In a multivariate setting, we document that renewable energy generation has a positive impact on economic growth at the regional level in Italy. We do so by adopting panel data unit-root and cointegration tests as well as Granger non-causality tests relying on the system GMM estimator. Our...

Since (at least) Ricardo, international trade has been perceived as a positive-sum-gain – any partner involved in the international activity of exchange would be at the end better off, no matter how bad was its previous economic position. The Ricardian principle of comparative advantages...

We present evidence of the relationship between trade-openness and growth in the sample of former communist countries before and after the transition from a central planned economy (CPE) to a market economy by applying standard OLS and panel estimation techniques. The main finding is that during...