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Do Better Schools Lead to More Growth? Cognitive Skills, Economic Outcomes, and Causation
Hanushek, Eric A. - 2010
We provide evidence that the robust association between cognitive skills and economic growth reflects a causal effect of cognitive skills and supports the economic benefits of effective school policy. We develop a new common metric that allows tracking student achievement across countries, over...
Persistent link: https://www.econbiz.de/10012758020
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What Does the Yield Curve Tell Us About GDP Growth?
Ang, Andrew - 2010
A lot, including a few things you may not expect. Previous studies find that the term spread forecasts GDP but these regressions are unconstrained and do not model regressor endogeneity. We build a dynamic model for GDP growth and yields that completely characterizes expectations of GDP. The...
Persistent link: https://www.econbiz.de/10012762604
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Is Trade Good or Bad for the Environment? Sorting Out the Causality
Frankel, Jeffrey A.; Rose, Andrew Kenan - 2021
What is the effect of trade on a country's environment, for a given level of GDP? Some have observed an apparent positive correlation between openness to trade and measures of environmental quality. But this could be due to endogeneity of trade, rather than causality. This paper uses exogenous...
Persistent link: https://www.econbiz.de/10013215340
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Institutions Rule : The Primacy of Institutions Over Geography and Integration in Economic Development
Rodrik, Dani; Subramanian, Arvind; Trebbi, Francesco - 2021
We estimate the respective contributions of institutions, geography, and trade in determining income levels around the world, using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions trumps' everything else. Once institutions are...
Persistent link: https://www.econbiz.de/10013224849
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Globalization, Structural Change and Productivity Growth
McMillan, Margaret - 2011
Large gaps in labor productivity between the traditional and modern parts of the economy are a fundamental reality of developing societies. In this paper, we document these gaps, and emphasize that labor flows from low-productivity activities to high-productivity activities are a key driver of...
Persistent link: https://www.econbiz.de/10013123689
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Financial Globalization, Growth and Volatility in Developing Countries
Prasad, Eswar S. - 2012
This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on …, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions … and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly …
Persistent link: https://www.econbiz.de/10013106022
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The Rise of Middle Kingdoms : Emerging Economies in Global Trade
Hanson, Gordon H. - 2012
-South commerce overtakes North-North flows. China's export specialization evolves rapidly over time, revealing a capacity to speed up … product ladders. Most developing countries hyper-specialize in handful of export products. The emergence of low- and middle …-income countries in trade reveals significant gaps in knowledge about the deep empirical determinants of export specialization, the …
Persistent link: https://www.econbiz.de/10013108243
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Risk, Volatility, and the Global Cross-Section of Growth Rates
Burnside, A. Craig - 2010
We reconsider the empirical links between volatility and growth between 1970 and 2007. There is a strong and significant correlation between individual country growth rates and global factors that are arguably exogenous with respect to their economies. The amount of volatility driven by these...
Persistent link: https://www.econbiz.de/10013151388
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Globalization and the Great Divergence : Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913
Williamson, Jeffrey G. - 2008
W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces growth...
Persistent link: https://www.econbiz.de/10012772451
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Global Trade and the Maritime Transport Revolution
Jacks, David S. - 2010
What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing …
Persistent link: https://www.econbiz.de/10012759104