This paper challenges the common view that exports generally contribute more to GDP growth than a pure change in export volume, as the export-led growth hypothesis predicts. Applying panel cointegration techniques to a production function with non-export GDP as the dependent variable, we find...

The last 20 years were a period of major political, economic, social, and institutional reform in Brazil. In the first half of the 1990s, reformers opened the economy to foreign trade and both direct and portfolio investment, sold off a number of large and traditional state-owned enterprises,...

This paper examines the long-run relationship between top income shares and economic growth for a panel of nine high-income countries over the period from 1961 to 1996. We use panel cointegration and causality techniques that are robust to omitted variables, slope heterogeneity, and endogenous...