It is widely accepted that research in the high-tech sector is considered a key to maintain advanced economies’ competitiveness at the face of their emerging counterparts’ rising technological sophistication. Yet, the impact of research on high-tech output has never been...

This paper re-examines the impact of demographic factors on the current account balance. To this end, we develop an analytical framework that is more general than the one commonly used in the literature in three aspects. First, it accounts for the facts that the world current account balance...

Sri Lanka allocates considerable resources to maintaining universities each year; however, there has not been any empirical investigation of the impact of university education on national output. The paper covers the period 1959-2008, a period that includes substantial changes in economic...

This paper investigates empirically whether the natural resource curse exists and if institutions can help alleviate this curse. Both cross-country and dynamic panel regressions confirm the important role of institutional quality (measured by either institutional design or institutional...

While earlier empirical studies found a negative saving effect of old-age dependency rates without considering longevity, recent studies have found that longevity has a positive effect on growth without considering old-age dependency rates. In this paper, we first justify the related yet...

Economic development may feature entry into high-tech industries (�high-tech industrialization�), or expansion along low-tech trajectories (�low-tech industrialization�). By endogenizing technological capability within a coordination failure framework, we uncover mechanisms...

This paper examines whether monetary policy shocks have asymmetric effects on output in Australia. Using methods similar to Cover (1992) together with some other simple threshold models, evidence is found of certain types of asymmetries when comparing monetary contractions to monetary policy...

A Bayesian model averaging procedure is presented within the class of vector autoregressive (VAR) processes and applied to two empirical issues. First, stability of the Great Ratios in U.S. macro-economic time series is investigated, together with the presence and effects of permanent shocks....

Can financial development play a role in abating the natural resource curse? What are the channels via which financial development may negate the potential detrimental effects of natural resources on economic growth? To attempt to answer these questions, the paper employs panel unit root,...

This study examines the impact that technological diffusion and international migrants� remittances have on the economic development of developing countries. The hypothesis that skilled workers, living and working overseas, can effectively channel technological knowledge back to their home...