Focused on the case of China’s financial development, the present discursive essay sets out to argue that if the Chinese financial system distorted the allocation of funds then economic growth could not be sustained and financial depth would remain deficient. The essay puts forward selected...

In this paper an effort has been made to unveil some hidden and implicit assumptions that has been used in different models dealing with analysis and measurement of contribution of human capital to economic growth. In order to do it we started from the general production function with...

This paper investigates the hypothesis that economic growth is critical in inducing well-being during economic reforms. The regional (16 Indian states and 28 Chinese provinces) level study of India and China show that the quality of growth has been essential for well-being. We estimate level of...

China’s emergence has raised pointed questions about the future of manufacturing in Latin America. Once saw as its economic future, the viability of this activity in the region has long been challenged by traditional trade theory and, in practical terms, by at least three generations of Asian...

This paper focuses on the question of income convergence among countries. While the methodology used to determine convergence differs from the common cross-sectional approach, it corroborates Baumol's finding of a convergence club among the world's wealthiest countries. It also shows that there...

This paper examines the relationship between trade and income convergence by focusing on groups of countries comprising major trade partners. The majority of these groups exhibited significant convergence. Furthermore, a comparison of the trade-based groups with different, randomly selected,...

Many countries, both industrialized and developing, appear to have experienced a slowdown in economic growth. We examine a large sample of countries and find that a majority exhibit a significant structural break in their post-war growth rates. In nearly all of these cases the break was followed...

For decades, the prevailing sentiment among economists was that growth rates remain constant over the long run. Kaldor considered this to be one of the six important `stylized facts' that theory should address, and until the emergence of endogenous growth models, this was a fundamental feature...

This paper employs ordinary least squares (OLS) estimation to examine the determinants of foreign direct investment (FDI) and the effect of FDI on per capita GDP growth in Bolivia over the period 1990:1-1998:4. The regression results find that the real effective multilateral exchange rate, the...

This paper contributes to the literature on the differences in the transmission processes within Euroland. We start from the proposition that there are 'deep' differences in the nature of social conflicts and in the way countries deal with these conflicts. We empirically test this effect for the...