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In this paper we clarify the impact that barriers to capital accumulation can have on a two-sector neoclassical growth model's ability to explain the observed differences in incomes across countries. We show that the effect of barriers to technology adoption in a two sector model is necessarily...
Persistent link: https://www.econbiz.de/10010274518
By their extreme nature, repudiations rarely occur. History is therefore crucial to analyze their impact on bond prices. This paper provides an empirical study based on an original database: prices of a Tsarist bond traded in Paris before and after its repudiation by the Soviets. A structural...
Persistent link: https://www.econbiz.de/10010274519
This paper develops a method that uses a likelihood approach to directly compare two or more non-nested dynamic, stochastic general equilibrium (DSGE) models. It is shown how DSGE models can be compared across the whole sample and how this measure can be decomposed across individual observations...
Persistent link: https://www.econbiz.de/10010318355
We obtain time series estimates of the long run growth rates of 17 OECD countries, and test the hypothesis that these are the same across countries. We find that we cannot reject this hypothesis for the first and last three decades of the 20th century. We conclude that: (i) there are few, if...
Persistent link: https://www.econbiz.de/10010318375
In this paper we describe a method to decompose a well-known measure of debt ratings mobility into it’s directional components. We show, using sovereign debt ratings as an example, that this directional decomposition allows us to better understand the underlying characteristics of debt ratings...
Persistent link: https://www.econbiz.de/10005677647
A prediction of a class of neoclassical growth models is that countries with similar levels of integration in the world economy will have parallel long-run growth paths. We test this hypothesis for the OECD, using estimates of long-run mean growth rates of per capita output for each country for...
Persistent link: https://www.econbiz.de/10005066500
Can barriers to capital accumulation account for large differences in GDP per capita? We reconsider the claim that these barriers have an amplified effect on income levels in a model where both modern and traditional sector technologies are active. We show that this claim is not correct. We do...
Persistent link: https://www.econbiz.de/10005230556
Countries that experience 'growth miracles' often exhibit rising investment rates and large intersectoral resource transfers. But how important are these factors to this process? We consider this question using a two-sector growth model with a segmented labour market. Numerical simulations show...
Persistent link: https://www.econbiz.de/10005315137
Persistent link: https://www.econbiz.de/10005323376
Historically, episodes of rapid growth are accompanied by significant structural change. In this paper we therefore aim to quantify the extent to which factor accumulation induces structural change and productivity growth in industrializing economies. To fix ideas we present an extension of...
Persistent link: https://www.econbiz.de/10010263207