This paper re-examines the empirical relationship between financial development and economic growth. It presents evidence based on an updated data set, a variety of econometric methods and two standard measures of financial development: the level of liquid liabilities of the banking system and...

The paper enquires into the short run e¤ect (2001-2005) of China’s entry into the WTOon its economic growth. We conclude there is no economic hazard with a finding that Chinaseconomy would enjoy a higher survival probability of economic growth rate and better protectionof consumer welfare,...

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for investments in the real economy. We study how rapidly...

We show that the volatility of a price process, which is usuallyregarded as an impediment to financial growth, can serve as an en-dogenous factor in its acceleration.

This paper estimates trends in absolute poverty in urban China from 1988 to 2002 using the Chinese Household Income Project (CHIP) surveys. Poverty incidence curves are plotted, showing that poverty has fallen markedly during the period regardless of the exact location of the poverty line...

R&D-based growth theory suggests that a larger population size raises either the long-run rate of economic growth (strong scale effect) or the level of per capita income (weak scale effect), with far-reaching policy implications. However, for modern times there is little empirical support for...

The role of communications and information technology for economic growth has beenemphasized repeatedly. In particular, these technologies have been identified as the drivingforce behind the growth in the service sector. Technological breakthroughs have generatednew forms of services, such as...