unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is … vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self …

The role of remittances in development and economic growth is not well understood. This is partly because the … economic growth. We test this prediction using panel methods on a large sample of countries. The results indicate that … remittances do have a negative effect on economic growth, which indicates that the moral hazard problem in remittances is severe …

This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to … leaders and followers innovating in few industries with low aggregate growth …

traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation …, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by … recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms' products) is expected to gain …

We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth …, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income … inequality are characterized by dynamism-a drive toward sophisticated export industries, innovation, and creative destruction and …

lead to investment and growth, they reduce the government''s ability to increase supporters'' consumption. The model … predicts that resource abundance is conductive to poor policies and, consequently, to low investment. The implications of the …

result of low investment. Latin America is poorer because of lower human capital levels and lower TFP-not because of a lower … business climate indicators converge rapidly. Poor countries without those attributes do not. We show that low investment is … the result of low TFP and thus GDP growth-not the cause …

We introduce a new suite of macroeconomic models that extend and complement the Debt, Investment, and Growth (DIG …'s properties by analyzing the growth, debt, and distributional consequences of big-push public investment programs with different … mixes of investment in human capital and infrastructure. We show that investment in human capital is much more effective …

After impressive growth in the 2000s, China's productivity has more recently stagnated. We use firm-level data to …'s business dynamism. We show that (i) the revenue share of young firms has declined, (ii) the life-cycle growth of young firms … relative to older incumbents has slowed, (iii) weaker life-cycle growth can be explained by slower productivity growth and …

The fundamental importance of economic institutions for economic growth through their impact on technological change … gap. In the model proposed, economic growth is affected by the efficiency and riskiness of research and development (R …&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence …