There seems to be a growing consensus among economists and policy makers that investment in knowledge, which is at the center of the endogenous growth process, is a precondition for achieving permanently high economic growth. This paper examines relationship between economic growth and the...

This paper investigates the stochastic properties of GDP series based on purchasing power comparisons for 125 countries from the Penn World Table (PWT) and a GDP series based on exchange rate conversions in 1987 constant dollars for 107 countries from the World Development Indicators (WDI) in...