The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling … for initial income per capita, population growth, human capital, investment, openness and natural resource dependence … the black box and conditioning the variance of growth shocks on several country characteristics. Natural resource …

and short-term planning horizon can also lead to such underinvestment. Subsequently, banks can stimulate growth …

In this paper, we quantitatively assess the welfare implications of alternative public education spending rules. To … only when the policy instrument is successful in smoothing the growth rate of human capital. …

switch to private provision welfare improving for all agents including public employees. …

welfare. International welfare spillovers depend on the interaction between terms of trade effects and financial frictions and …

lending by nationwide banks and lower GDP growth. We explain these cross-prefectural differences in banking integration by …

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries … financial development does not have a linear positive long-run impact on economic growth in this sample. When we consider a non …-linear relationship between financial development and growth, we find an inverted U-shaped relationship between finance and growth in the …