The present study examines the relationship between openness (trade-GDP ratio) and growth. Our cross-country panel data analysis of a sample 51 countries of the South during 1981-2002 shows that for only 11 rich and highly trade-dependent countries a higher real growth is associated with a...

This paper analyses the relationship between financial development (as measured by expansion of domestic credit to private sector relative to GDP) and growth for a sample of 65 less developed countries over a long period, 1980-2006. Using causality tests at various lag-orders we find a strong...

According to Paolo Sylos Labini (1920-2005), it is vital for an economist to be acutely conscious of the responsibility to study society for the sake of promoting progress—the economic, social and civil progress of society—and not for personal interest. In his last book, Ahi serva Italia...

In this paper I consider the 1991 Grossman-Helpman model which analyses the role of innovation on growth. The model assumes constant returns to scale. I intend to show what happen in this model if I assume strong increasing returns. In particular, under the assumption of increasing returns of...

Due in part to 40 years of cyclical violence, economic growth in Burundi has remained well below the sub-Saharan Africa average, and Burundi is now the third poorest country in the world. The status quo is unacceptable, and it is essential that the Government drive the changes needed to achieve...

Due in part to 40 years of cyclical violence, economic growth in Burundi has remained well below the sub-Saharan Africa average, and Burundi is now the third poorest country in the world. The status quo is unacceptable, and it is essential that the Government drive the changes needed to achieve...

Our panel data analysis (1988-2002) of a sample of 31 less developed countries (LDCs) shows that the stock market capitalization as a percentage of GDP- an important indicator of stock market development- has no relationship with the growth rates of gross fixed capital formation (GGKF). Our time...