The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...

We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factor...

This book applies an economic approach to examine the driving forces behind the dynamic behaviors of developing nations. Taking into account initial conditions and environmental and external factors often oversimplified by historians and anthropologists, Guo finds that the rise and fall of...

This book examines the performance of the Brazilian economy since the Great Financial Crisis of 2007/2008 with focus on both the productive and financial dimensions, along with distributional and social issues. The book will bring to light the causes of the fast recovery over 2009-2010 as well...

Introduction -- The Foundations: Human Needs and Cultural Background -- Culture in Economic Thinking -- Cultural Background and Economic System -- The Effect of Cultural Background on Incentives, Growth and Distribution and Vice Versa -- Cultural Background and Rationality -- The Cultural...

Trade, Development and Political Economy takes fundamental issues in trade and development policy and subjects them to well-based economic analysis in a form that is easily accessible to the non-specialist. Distinguished contributors address some of the following questions: Are critics of...

Alfred Maizels' work on commodity trade and prices documented trends in a major area of international economic relations. This book elaborates the ideas in the tradition of Maizels' contributons, and discusses and extends these theories in relation to current problems.

This book explores the complex relationship between social security and economic development, arguing that social security contributes positively to economic development by promoting social investments that not only foster economic growth but enhance social welfare for all. The contributors...

The financial crisis in advanced economies and its impact on developing countries has put the longer term agenda of development - structural transformation of countries, of their growth, jobs, poverty and distribution - on the analytic and policy backburner. Day to day management of macro...

Foreign driven medium-term oscillations that originate from fluctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale,...