turn, slowed down growth. In this essay a preliminary reconstruction of the balance of payments on current account allows …

. There is a growth externality in the tradable sector and agents have imperfect access to international financial markets. By … the tradable sector that boosts growth. Financial frictions generate imperfect substitutability between private and public … reserve accumulation, growth and current account surpluses. The possibility of using reserves to provide liquidity during …

the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

According to the Washington Consensus, developing countries’ growth would benefit from a reduction in tariffs and other … barriers to trade. But a backlash against this view now suggests that trade policies have little or no impact on growth. If … treatment, liberalizing tariffs on imported capital and intermediate goods, did lead to faster GDP growth, and by a margin …

Many papers have explored the relationship between average tariff rates and economic growth, when theory suggests that … the structure of protection is what should matter. We therefore explore the relationship between economic growth and … 1913. Industrial tariffs were positively correlated with growth. Agricultural tariffs were negatively correlated with …

countries. The empirical evidence from cross-country growth regressions points to important transitional growth effects related … to trade policy reforms. The paper employs a simple growth model to examine these effects, formally developing the …