Showing 1 - 10 of 536
Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The effectiveness of...
Persistent link: https://www.econbiz.de/10005124401
This paper extends the standard growth regression model by adding an assumption that a country follows the global technology frontier either fully or partially. This additional assumption changes significantly the growth regression model and its results in three main ways. First, it shows that...
Persistent link: https://www.econbiz.de/10011083897
We consider a model of policy choice in which appropriate policies depend on a country’s own circumstances, but the presence of a successful leader generates an informational externality and results in too little ‘policy experimentation’. Corrupt governments are reined in while honest...
Persistent link: https://www.econbiz.de/10005136734
We analyse an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow...
Persistent link: https://www.econbiz.de/10005662300
We estimate the respective contributions of institutions, geography, and trade in determining income levels around the world, using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions 'trumps' everything else. Once institutions are...
Persistent link: https://www.econbiz.de/10005667122
We discuss the two-way link between culture and economic growth. We present a model of endogenous technical change where growth is driven by the innovative activity of entrepreneurs. Entrepreneurship is risky and requires investments that affect the steepness of the lifetime consumption profile....
Persistent link: https://www.econbiz.de/10011084260
We use spatial regression discontinuity analysis to test whether the historical partition of Poland among three empires—Russia, Austria-Hungary, and Prussia—has a persistent effect on political outcomes in contemporary Poland and to examine the channels of this influence. We find that the...
Persistent link: https://www.econbiz.de/10011083639
This Paper studies growth and inequality in China and India – two economies that account for a third of the world’s population. By modelling growth and inequality as components in a joint stochastic process, the Paper calibrates the impact each has no different welfare indicators and on the...
Persistent link: https://www.econbiz.de/10005498030
This paper provides estimates of Indian GDP constructed from the output side for the pre-1871 period, and combines them with population estimates to track changes in living standards. Indian per capita GDP declined steadily between 1600 and 1871. As British living standards increased from the...
Persistent link: https://www.econbiz.de/10008642893
Japanese GDP per capita grew at an annual rate of 0.04 per cent between 725 and 1874, but the growth was episodic, with the increase in per capita income concentrated in three periods, 1150-1280, 1450-1600 and after 1730, interspersed with periods of stable per capita income. There is a...
Persistent link: https://www.econbiz.de/10011272718