Not so much and we should not, at least not yet.

Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute divergence and lower long-run growth, whereas we find...

We describe the relation between welfare growth and productivity growth. We argue that differences in productivity and productivity growth between sectors or countries are irrelevant from a policy perspective. Specialisation is based on the comparative advantages of countries. Since, by nature,...

In this paper, I analyze recent findings by Coe and Helpman (1995) of trade-related international R&D spillovers. I show generally that randomly created bilateral trade shares also give rise to large estimated international R&D spillovers; often, in fact, to larger estimated spillover effects...

This paper discusses some puzzles in the contemporary macroeconomic scene in India, from the perspective of public finance and economic development. These include a fiscal deficit higher than it was during the 1991 crisis, but without a large current account deficit or rise in inflation or...

Empirical evidence shows that capital inflows are often used by developing countries to finance excessive consumption. The existing literature explains these phenomena as resulting from institutional imperfections. In contrast, we argue that they can be fundamental outcomes of open capital...

Para conocer el efecto que la apertura comercial ha tenido en la tasa de crecimiento economico de largo plazo y en el proceso de convergencia real entre los estados de Mexico, el presente estudio revisa el marco teorico y conceptual que parece mas adecaudo para esta finalidad, que no es otro que...

This research argues that the rapid expansion of international trade in the second phase of the industrial revolution has played a significant role in the timing of demographic transitions across countries and has thereby been a major determinant of the distribution of world population and a...

This paper considers a two-country world where the population in one country grows faster than the other, and investigates the implications of the addition of non-stationary population dynamics to a simple 2- commodity, 2-factor model of international trade within an overlapping- generations...

The current research emphasis on institutions as key determinants of economic performance, rather than on resources and resource productivity, has uncovered important questions for further research. For example, if institutions are central to economic performance, then what explains observed...