The paper studies the impact of market integration on investment incentives in non-competitive industries. It distinguishes between investment in transportation and production cost-reducing technologies. Each domestic firm is controlled by a national regulator in a common market made of two...

Was the London Stock Exchange (LSE) little more than a Dickensian den of speculation, or did it make a contribution to industrial development in Interwar Britain?  The interwar stock market laboured under problems of weak disclosure, inadequate investor protection and ineffective...

This paper makes a contribution to the study of economic growth in developing countries by analysing the six largest Latin American Economies over 105 years within a two-equation framework. Confirming previous findings, physical and human capital prove to be key determinants of GDP per capita...

This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...

This paper examines shares of fixed capital formation in GDP and rates of economic growth for more than 100 countries over successive five-year periods between 1965 and 1985 to determine the direction of causality between them. Simple regressions and multiple regressions including several...

Empirical evidence seems to indicate that economic growth since 1965 has varied inversely with natural resource abundance across countries. This Paper proposes a linkage between abundant natural resources and economic growth, through saving and investment. When the share of output that accrues...

The paper comprises a thorough survey of the literature on growth in Western Europe since 1950. This experience is put in the context both of long-run historical trends and the ideas emanating from recent work in growth economics. The exceptional nature of the Golden Age (c.1950-73) is confirmed...