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Ranciere, Romain; Tornell, Aaron; Westermann, Frank - CESifo - 2005

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Persistent link: https://www.econbiz.de/10005405758

Productive Government Expenditure and Economic Growth

Irmen, Andreas; Kuehnel, Johanna - 2021

We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. Starting with the seminal paper of Robert Barro (1990) we show that an understanding of the core results of the ensuing contributions can be gained from the study...

Persistent link: https://www.econbiz.de/10013316522

Factor Income Distribution and Endogenous Economic Growth - When Piketty Meets Romer

Irmen, Andreas - 2017

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

Persistent link: https://www.econbiz.de/10012965706

Social Security Systems, Human Capital, and Growth in a Small Open Economy

Kaganovich, Michael - 2008

We consider a small open economy in which the level of public education funding is determined by popular vote. We show that growth can be enhanced by the introduction of pay-as-you-go pensions even if the growth rate of aggregate wages falls short of the interest rate. The reason is that the...

Persistent link: https://www.econbiz.de/10012768260

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus K. - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10013028913

The Volatility Curse : Revisiting the Paradox of Plenty

van der Ploeg, Rick - 2013

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. This effect is significant and robust over a wide range of...

Persistent link: https://www.econbiz.de/10012753136

The Pungent Smell of 'Red Herrings' : Subsoil Assets, Rents, Volatility and the Resource Curse

van der Ploeg, Rick; Poelhekke, Steven - 2021

Brunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a “red herring” once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of...

Persistent link: https://www.econbiz.de/10013316217

Natural Resources : Curse or Blessing?

van der Ploeg, Rick - 2013

Are natural resources a “curse” or a “blessing”? The empirical evidence suggests either outcome is possible. The paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a...

Persistent link: https://www.econbiz.de/10013094532

Trade Structure and Growth Effects of Taxation in a Two-Country World

Amano, Daisuke - 2014

This paper explores the long-run impacts of tax policy in a two-country model of endogenous growth with variable labor supply. We focus on international spillover effects of tax reforms under alternative trade structures. It is shown that if the instantaneous utility function of the...

Persistent link: https://www.econbiz.de/10013050465

Fiscal Policy and Dutch Disease

van der Ploeg, Rick - 2021

In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...

Persistent link: https://www.econbiz.de/10013316031

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