Do openness to trade and higher levels of human capital promote faster productivity growth? That they do is a key … on productivity growth. If the level of openness of an economy is doubled the underlying rate of technical progress will … implication of several versions of endogenous growth theory. To answer the question we use panel data on 93 countries spanning the …

AK growth model where public spending is utility-enhancing. Having characterized the macroeconomic equilibrium first we … study the impact of risk and the public sector on consumption-wealth ratio, growth and welfare, given the exogenous size of … the public sector. A higher weight of public consumption in the utility function raises the rate of growth due to a fall …

This paper analyzes the expenditure policy of the public sector and risk in a two-country stochastic AK growth model …, provided that public spending is productivity- and volatility-enhancing. First we derive the world macroeconomic equilibrium …. Then we study the impact of changes in exogenous variables on consumption, growth, and welfare. Next, we show that …

motives), in which a low-income economy enjoys a high growth rate relative to a high-income economy, thanks to importing … technologies (or 'machines') invented in the high- income economy. Following Romer (1990), the growth of an economy is sustained by … productivity advances. The model can generate the growth paths of the U.S. and the South Korea. …

sensitivity to lagged region-specific income. Also, excess sensitivity is inversely related to standard measures of openness and …

growth. We explore whether countries with better financial systems can exploit FDI more efficiently. Empirical analysis …, using crosscountry data between 1975- 1995, shows that FDI alone plays an ambiguous role in contributing to economic growth … measures of financial market development, the inclusion of other determinants of economic growth, and consideration of …

in a two-country endogenous growth model. It concludes that, like the heterogeneity of demographic changes, the …