This paper investigates the causal relationship between financial development and economic growth in Libya during the period 1970–2010. The empirical results vary with estimation methodology and model specification, but indicate the lack of long-run relationship between financial...

Bhutan has evolved from a closed economy to a trading nation that exhibits a high degree of dependence on trade. Exports have grown rapidly but overall the country’s trade deficit continues to widen owing to an even faster growth in the value of imports. The manufacturing and industry...

This strategic paper discusses Ethiopia’s growth and transformation plan (GTP) for the periods 2010/2011 and 2014/2015. The Ethiopian government’s main development agenda has been poverty eradication. The government has designed, and is implementing, strategies, policies, and plans...

Rwanda’s Economic Development and Poverty Reduction Strategy provides a medium-term framework for achieving the country’s long-term development goals and aspirations as embodied in Rwanda Vision 2020, the seven-year Government of Rwanda programme, and the Millennium Development...

Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region’s business cycles, and spillovers from regional economies are more important for PICs than from...

The degree of an economy’s monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal...

Rodriguez and Rodrik (2000) argue that the relation between openness and growth is still an open question. One of the main problems in the assessment of the effect is the endogeneity of the relation. In order to address this issue, this paper applies the identification through heteroskedasticity...

This paper has examined Papua New Guinea's historical economic growth patterns through a simple growth accounting framework. The analysis shows that swings in growth are mostly accounted for by a significant slowdown in capital input and lower Total Factor Productivity (TFP) growth. It also...

This paper studies the correlation between output growth and lagged stock returns in a panel of emerging market economies and advanced economies. It finds that the correlation is as strong in emerging market economies as in advanced economies. Asset prices therefore contain valuable information...