Shabunina, Anna; Escolano, Julio; Woo, Jaejoon - International Monetary Fund (IMF) - 2011
The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on...