The empirical growth literature has focused on capital accumulation but largely ignored productivity growth. To address … importance of efficiency changes for economic growth. Using a sample of 26 OECD countries from 1965-90, we find convergence and … important source of economic growth. …

growth through capital accumulation. This paper contributes to this literature. As opposed to the previous studies, which …, and tests of Granger non-causality are performed within the estimated systems. The main results show that the causal … chains linking saving and output differ across countries, and also that causality associated with adjustments to long …

-run relationship between financial development and economic growth. An augmented form of Granger causality analysis is implemented to … 1968 to 2005. The bounds testing approach to cointegration is conducted to establish the existence of a long … identify the direction of causality among the variables both in the short-run and the long-run. The empirical findings suggest …