This paper asseses of the role of economic growth in achieving the first target of the Millennium Development Goals (MDGs). The analysis is composed of two parts. First, we address economic growth as the most effective instrument for achieving poverty reduction. In evaluating feasibility we...

We formulate and implement a new empirical procedure to examine the validity of PPP in the long-run for 153 countries by using the familiar cross-country data set of Heston, Summers, and Aten (2002). Unlike the existing studies that rely on mean reversion of real exchange rates, we explicitly...