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Growing like China
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009
This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...
Persistent link: https://www.econbiz.de/10005123794
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Is Fixed Investment the Key to Economic Growth?
Blomström, Magnus; Lipsey, Robert E; Zejan, Mario - C.E.P.R. Discussion Papers - 1993
find no evidence that fixed investment is the only or main source of ignition for economic growth. …
Persistent link: https://www.econbiz.de/10005123986
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Natural Resources and Economic Growth: The Role of Investment
Gylfason, Thorvaldur; Zoega, Gylfi - C.E.P.R. Discussion Papers - 2001
and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …
Persistent link: https://www.econbiz.de/10005504629
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Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields the following results : (i) the finance industry’s share of GDP is high in the 1920s, low in the 1950s and 1960s, and high again in the 1990s and 2000s; (ii) most of these variations can be...
Persistent link: https://www.econbiz.de/10011083657
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Post-war Growth: An Overview
Crafts, Nicholas; Toniolo, Gianni - C.E.P.R. Discussion Papers - 1995
-ante returns on investment. …
Persistent link: https://www.econbiz.de/10005661688
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Telecommunications Infrastructure And Economic Development: A Simultaneous Approach
Röller, Lars-Hendrik; Waverman, Leonard - C.E.P.R. Discussion Papers - 2000
telecommunications developments may have had. We estimate a structural model, which endogenizes telecommunication investment by …
Persistent link: https://www.econbiz.de/10005123589
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The Agricultural Origins of Time Preference
Galor, Oded; Özak, Ömer - C.E.P.R. Discussion Papers - 2014
agricultural investment have had a persistent effect on the distribution of long-term orientation across societies. In particular … return to agricultural investment, triggered selection and learning processes that had a persistent positive effect on the … incentives to delay consumption in favor of lucrative investment opportunities have had a persistent effect on the distribution …
Persistent link: https://www.econbiz.de/10011083828
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A DSGE model of banks and financial intermediation with default risk
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2011
This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium model with banks and financial intermediation is...
Persistent link: https://www.econbiz.de/10009293986
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India's Public Finances: Excessive Budget Deficits, a Government-Abused Financial System and Fiscal Rules
Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2006
Capital formation is a key driver of the growth of potential output. With continuing widespread capital controls and persistently small inward FDI the volume of capital formation in India is constrained by domestic saving. The national saving rate in India (the sum of the saving rates of...
Persistent link: https://www.econbiz.de/10005123636
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Lending Relationships in Germany: Empirical Results from Survey Data
Harhoff, Dietmar; Körting, Timm - C.E.P.R. Discussion Papers - 1998
We examine empirically the role of lending relationships in determining the collateral requirements, costs and availability of external funding. The data originates from a recently concluded survey of small- and medium-sized German firms. In our descriptive analysis, we explore the borrowing...
Persistent link: https://www.econbiz.de/10005123791