Building upon the general consensus that macroeconomic volatility reduces economic growth since Ramey and Ramey (1995), we empirically show - for over 100 countries during the period 1978-2002 - that a moderate degree of volatility can actually be growth-enhancing while very high volatility is...

We present a survey of the finance-growth nexus that raises a number of qualifications to the mainstream interpretation. Doubts regarding empirical consensus are investigated and we consider the prevalence of cross-section econometrics as dominant in shaping the present theoretical consensus. To...

India has followed an idiosyncratic pattern of development, certainly compared with other fast-growing Asian economies. While the importance of services rather than manufacturing is widely noted, within manufacturing India has emphasized skill-intensive rather than labor-intensive manufacturing,...

This paper considers the potential variables that have determined economic growth in The Gambia during 1964-98. The results indicate that The Gambia`s aggregate production function exhibits increasing returns to scale, thus supporting the endogenous growth-type model. The impact of private...

We use US county level data (3,058 observations) from 1970 to 1998 to explore the relationship between economic growth and the extent of government employment at three levels: Federal, state and local. We find that increases in federal, state and local government employments are all negatively...

A neoklasszikus növekedés- és árelméletből kiindulva vizsgáljuk meg a fizikai és a humán tőke együttes hatását, a humán tényező centrális, determináló szerepét, a növekedési mechanizmus evolúciós jellegét, a technikai haladás és a monopolhelyzetek befolyását az...

Kerala, a southern state in India has consistently outdone other states with regards to human development indicators, with greater welfare and development standards than in the rest of India. Much of this development is fuelled from remittances sent home from Gulf countries. This paper looks...

Over the last decades, there has been a vast amount of literature on the subject of Research and Development (R&D) expenditure as a main driver of economic growth, both at national and sub-national levels. This being so, the main purpose of this manuscript is to investigate the role played by...

When examined in isolation, the 2002-2007 period in Turkey stands out as a high growth period. However, the relative performance of Turkey in this period is weaker compared to China. The service sector in Turkey had the lowest labor productivity growth rate. Counterfactual experiments based on a...

This paper theoretically analyses the dynamics of knowledge accumulation with the aim of understanding how developing economies can effectively engage in the process of knowledge accumulation. The main focus is on the complementarity between competence building and innovation. Our analysis is...