In this paper we try to estimate the impact of Structural Funds on the growth rates of Objective 1 European regions during the two first Programming periods (1989-2000). For that purpose, we develop a ''hybrid'' model of economic growth that partially endogenizes the rate of technical progress...

Este artículo explora a través de un mismo modelo básico las características fundamentales que determinan si es socialmente preferible concesionar versus privatizar un servicio público con características monopólicas. Los principales resultados de este trabajo son que la opción de...

This paper provides an empirical analysis of individual earnings using data from the Encuesta Suplementaria de Ingresos. We find that the predictable component of income is hump-shaped over the life-cycle, and that there are strong education effects. The unpredictable component of income can be...

This paper provides an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. The empirical strategy involves the estimation of simple equations for...

The importance of infrastructure for growth is well established in the macroeconomic literature. Previous research has treated public investment in infrastructure as exogenous. We remedy this shortcoming by providing a political economy analysis of infrastructure choice based upon consumer...

This paper studies subsampling hypothesis tests for panel data that are possibly nonstationary, and cross-sectionally correlated and cross-sectionally cointegrated. The tests include panel unit root and cointegration tests as special cases. The number of cross-sectional units in the panel data...

The relationship between income distribution and economic growth has been found to depend on several factors such as capital markets imperfections, moral hazard, indivisibility in investments, and existence of dual economic characteristics. In recent literature the importance of geography has...

This paper looks into the total factor productivity performance and economic growth of Latin America. A stochastic production frontier function was estimated as a translog leading to technical inefficiency in a set of 19 Latin American countries over the period 1961–1990. Using the...

This paper develops a new simulation estimation algorithm that is particularly useful for estimating dynamic panel data models with unobserved endogenous state variables. The new approach can deal with the commonly encountered and widely discussed ``initial conditions problem,'' as well as the...

In this paper alternative approaches for testing the unit root hypothesis in panel data are considered. First, a robust version of the Dickey-Fuller t-statistic under contemporaneous correlated errors is suggested. Second, the GLS t-statistic is considered, which is based on the t-statistic of...