resort to stochastic frontier analysis. Results show that private capital is important for growth, although public and human …

and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time …-varying relationship between openness and growth over time: countries tend to gain in the short-term, immediately following capital account … liberalisation, but may not grow faster or even experience temporary growth reversals in the medium- to long-term. The paper finds …

growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …