This paper examines shares of fixed capital formation in GDP and rates of economic growth for more than 100 countries over successive five-year periods between 1965 and 1985 to determine the direction of causality between them. Simple regressions and multiple regressions including several...

Growth and structural transformation of the manufacturing sector in developing countries are generally considered to be the result of the expansion of the `modern' (large-scale) sector relative to the `traditional' (small-scale) sector. Examining the sources of labour productivity growth in...

This paper examines the economic rationale for concern about the falling rate of growth of Europe's population. It also assembles demographic and economic time-series data for the countries of Eastern and Western Europe during the postwar period. The consequences of demographic developments for...

The paper develops two models in which parents support their adult child’s human capital investment through financial transfers and/or coresidence. In one, parents are altruistic, and in the other they make loans to children for purely selfish reasons. Econometric estimates using the first...