The rapid rise in schooling in developing countries in recent decades has been dramatic. However, many cross-country regression analyses of the impact of schooling on economic growth find low and insignificant coefficients. This empirical `puzzle` contrasts with theoretical arguments that...

The paper estimates cross-province growth regressions for China over the period of economic reform.  It first addresses the problem of model uncertainty by adopting two approaches to model selection, Bayesian Model Averaging and the automated General-to-Specific approach, to consider a wide...

In this paper we attempt to explore some indirect determinants of China's growth success including the degree of openness, institutional change and sectoral change, based on a cross-province dataset.  The methodology we adopt is the informal growth regression, which permits the introduction of...

The optimal reaction to a pending climate catastrophe is to accumulate capital to be better prepared for the disaster and levy a carbon tax to reduce the risk of the hazard by curbing global warming. The optimal carbon tax consists of the present value of marginal damages, the non-marginal...

After the global financial crisis, there is greater awareness of the need to understand the interactions between the financial sector and the real economy and hence the potential for financial instability.  Data from the financial flow of funds, previously relatively neglected, are now seen as...

This paper analyzes regime shifts in the stochastic process of economic growth of six major OECD countries over three decades. For the statistical measurement of the underlying global business cycle, we generalize Hamilton's model of the US business cycle to a Markov-switching vector...

The article aims to present and discuss estimates of levels of human and social capital in Italy's regions over the long term, i.e. roughly from the second half of the nineteenth century up to the present day.  The results are linked to newly available evidence for regional value added in order...

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non-overlapping...

This paper examines the evidence for regional convergence or catch-up in levels and growth rates of per capita income among the 16 major states in India between 1960 and 1992. The results - estimated using OLS, the within-group LSDV estimator, Re-Weighted Least Squares, and Least Trimmed Squares...

Recent research has documented a U-shaped industrial concentration curve over an economy`s development path. How far can neoclassical trade theory take us in explaining this pattern? Building on Schott (2003), we estimate the production side of the Heckscher-Ohlin (HO) model with industry data...