How many years will the average transition economy need to reach the income level of the average OECD country? The favored methodology in use to answer such questions is referred to as the BLR approach, because it uses specifications from Barro, and Levine and Renelt. The literature has so far...

GMM estimation of autoregressive panel data equations in error-ridden variables when the noise has memory, is considered. The impact of variation in the memory length in signal and noise spread and in the degree of individual heterogeneity are discussed with respect to finite sample bias, using...

Economic theory suggests that sound and efficient financial systems - banks, equity markets, and bond markets - which channel capital to its most productive uses are beneficial for economic growth. Sound and efficient financial systems are especially important for sustaining growth in developing...

Though the environmental Kuznets curve (EKC) was originally developed to model the ambient concentrations of pollutants, most subsequent applications focused on pollution emissions. Yet, previous research suggests that it is more likely that economic growth could eventually reduce the...

Rebalancing growth toward domestic demand has emerged as a key postcrisis challenge for sustaining developing Asia’s rapid growth in the medium and long term. The central objective of this paper is to explore the role of fiscal policy in the region’s rebalancing process. What matters most...