This essay provides a game-theoretic, endogenous view of institutions, and then applies the idea to identify the sources of institutional trajectories of economic development in China, Japan, and Korea. It stylizes the Malthusian-phase of East Asian economies as peasant-based economies in which...

The purpose of this study was to investigate the supplies of entrepreneurship to economic growth: an empirical study on Benadir region in Somalia. To achieve the objectives of the study the researcher employed descriptive research design for analysis; data was collected from 80 respondents from...

Under power utility, a high risk premium implies that the risk-free rate is volatile and that price-dividend ratios fall on good news about future economic growth rates. I show how a simple modification of standard power utility can solve these problems. In the model, individuals evaluate...

The issue of capital flows is considered to be the most accessible route for economic growth whereby investment is regarded as the engine of growth. The worldwide changes have recognized the importance of Foreign Direct Investment (FDI) as one of the possible options to stimulate growth...

This study offers fresh insights on and investigates the effects of corruption on foreign direct investment (FDI) inflow from 1995 to 2009 in 16 Asian economies. The empirical result suggests that a 1 percent increase in corruption level triggers an approximately 9.1 percentage point decrease in...

Small very open economies are different from large economies, in that they face a foreign exchange constraint that cannot be alleviated by depreciation of the real exchange rate or other policy. This constraint affects monetary, fiscal and exchange rate policy; fiscal sustainability and debt...

This paper examines the role tax policy can play in fostering human capital accumulation in a resource constrained dual economy whose population is growing. The study shows how human capital accumulation, in turn, affects intersectoral terms of trade and the economic growth process of a dual...

We use the argument of Lutkepohl (1982), and Ahsan, Kwan, and Sahni (1992) to model causal relation between public expenditure and national income growth in India during the period 1951-1989. The "omitted" variable considered is the rate of growth of Ml. It is revealed that the pattern of...

The central theme of this paper is the character and causes of long term changes in the personal distribution of income. Does inequality in the distribution of income increase or decrease in the course of a country's economic growth? What factors determine the secular level and trends of income...

This paper explores the links among growth, the informal economy, and rent-seeking bureaucracies. The presence of congestion associated with the enforcement of property right implies that informality can be useful. Whether bureaucratic rent-seeking is detrimental to growth then depends on how...