International analysis of economic growth has confirmed the theoretical assumption that international variations in per capita income can to a large extent be explained by differences in the accumulation of capital and human capital and by differing rates of technological progress. However,...

The paper describes tests of hypotheses from economic history concerning the significance of financial development as a determinant of economic growth. It goes beyond the existing studies in drawing on a large panel data set covering 93 countries from 1970-90 and includes a new proxy for the...

This report constitutes the first deliverable of the project ENGIME - Economic Growth and Innovation in Multicultural Environments, financed by the European Commission - FP5 - Key Action: Improving socio-economic knowledge base. Contract HPSE-CT2001-50007

The experience of the Philippines shows that FDI spillover effects are not automatically generated. Opening up the economy to FDI has contributed to the country's exports of high-technology products and overall economic growth. However, the spillover effects of FDI to domestic firms have...

Growth empirics with institutional measures is performed for 25 transition countries overthe period 1990-95. Estimation results suggest that (particularly state) institutions aresignificant for growth and, especially, foreign direct investment (FDI), the latter in turnbeing important for the...

We investigate the extent to which the investment slowdown in many Asian countries since the Asian Financial Crisis is attributable to changes in governance institutions. In the process we test the more general hypothesis that different aspects of governance will become relevant constraints to...

We show that the most important barriers to investment and growth in the Philippines are structural and institutional problems that are characteristic of limited access societies, which can be more effectively and efficiently overcome by prioritizing 'first-order' market reforms that increase...

The Philippines now appears well poised for an economic take off and sustained long-run growth. It recently posted an impressive 6.4% growth in the first quarter of 2012, up from 4.9% in the same period last year, has experienced a surge in merchandise exports, and is on the brink of an...

This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member...