To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...

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 paper describes tests of several hypotheses put forward in the literature on the significance of education as a determinant of economic development. It is shown that the generally positive impact of education on economic development is severely impaired by 'educational imbalance' in the...

To clarify the causal links between financial activity and economic growth, a series of path models is estimated for a pooled sample of 93 countries between 1970 and 1990. A multi-wave 2SLQ-analysis shows that during the 1970's and 1980's finance was predominantly a supply-leading determinant of...

To clarify the causal links between financial activity and economic growth, a series of path models is estimated. It is shown that during the 1970s and 1980s finance was predominantly a supply-leading determinant of economic growth. The data suggest, however, that there has been a structural...

How can international trade agreements promote development and how can rules be designed to benefit poor countries? Can multilateral trade cooperation in the World Trade Organization (WTO) help developing countries create and strengthen institutions and regulatory regimes that will enhance the...