The design of effective aid programs depends on the diagnosis of the problem. To say that institutional failures are central to Africa's poor economic performance is not to repudiate early interpretations based on policy failures and capital shortages. Institutional failures produce policy...

This paper uses an applied general equilibrium model to investigate the contribution of outward oriented policies to the earlier years of Korean growth, through induced intersectoral resource transfers and impacts on effort and labor supply in agriculture and manufacturing sectors. What seems to...

The causal link between finance and growth is one of the most striking empirical macroeconomic relationships uncovered in the past decade. As this branch of the literature matures, the focus shifts from growth to other aspects of economic prosperity, and from financial depth to multidimensional...

In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. The authors take a...

The authors examine the empirical links between current account deficits and a broad set of economic variables proposed in the literature. To accomplish this, they complement and extend previous research by using a large, consistent set of macroeconomic data on public and private domestic...

This study reviews trends in the process of India's integration into the world economy in the context of the experience of developing countries as a whole, and evaluates the main factors which may hamper the pace at which integration occurs in the future. Based on a consideration of prospects...

The authors investigate the policy and non-policy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions, by: 1) Using the largest data set on...

This paper presents a framework for measuring how the structure of taxation and government spending affect output growth. It is shown that when countries are not following a steady-state growth path, static and dynamic distortions will affect output growth. In particular, taxes can affect output...

Using an economy-wide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary....

The authors find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of...