We obtain time series estimates of the long run growth rates of 17 OECD countries, and test the hypothesis that these are the same across countries. We find that we cannot reject this hypothesis for the first and last three decades of the 20th century. We conclude that: (i) there are few, if...

In this paper we develop two simple discrete-time Ramsey models augmented with migrant workers to assess the impact of migration on per-capita domestic consumption. In one model we assume perfect substitutability between migrants and natives while in a second model we explore the effect of...

This paper examines how much financial development facilitates economic growth by nonparametrically estimating the effect of financial development on reducing the costs of external finance to firms. The data reveal substantial evidence of diminishing returns to improvement in financial development.

“Growth is good for the poor” is a ubiquitous statement and one generally backed by theory, research and history. In the long-run, growth reduces poverty. Yet, growth in output - per se - is neither a necessary nor a sufficient condition for poverty reduction in the short-term. The paper...

Given the decline in growth momentum in the manufacturing sector in many OECD countries, the role of knowledge-based capital has emerged as a key driver for sustained growth. While empirical studies on estimating knowledge spillovers have usually been undertaken at the country level, the...

Liberia has been the victim of 14 years of civil war due to which GDP experienced a downfall by over 90% making the economic growth process halted. This paper traces the extent of Liberia’s collapse, and examines the patterns of post-conflict recovery as a model which can be followed by other...

This paper tests the causal relationship between electricity consumption per capita and gross domestic product (GDP) per capita for Brazil, India, Indonesia, China and South Africa for the period 1971–2009. To reach this goal, we use panel cointegration analysis and Granger causality tests....

Impact of 2008 crises was visible in the whole world: GDP shrank; unemployment rose and many debts could not be paid. Crises in Croatia, unlike many other EU economies, prolonged although new political steps followed such as becoming a new EU member and getting a bigger opportunities. Paper...

This short paper uses a newly compiled cross-country panel data on income distribution to explore the impact of inflation on income distribution and economic growth. We have found that inflation (1) worsens income distribution; (2) increases the income share of the rich; (3) has a negative but...

This short paper uses a newly compiled cross-country panel data on income distribution to explore the impact of inflation on income distribution and economic growth. We have found that inflation (1) worsens income distribution; (2) increases the income share of the rich; (3) has a negative but...