Many factors inhibiting and facilitating economic growth have been suggested. Will international income data tell which matter when all are treated symmetrically a priori? We find that growth determinants emerging from agnostic Bayesian model averaging and classical model selection procedures...

This paper addresses the mechanisms by which trade openness affects growth volatility. Using a diverse set of export concentration measures, we present strong evidence pointing to an important role for export diversification in conditioning the effect of trade openness on growth volatility....

The empirical analysis of the micro links between trade and knowledge diffusion allows us to distinguish among the key predictions of the theoretical literature on endogenous growth. This literature postulates that total factor productivity (TFP) is higher when trade gives access to a wider or...

Im Jahr 2015 werden die BRIC-Staaten ein höheres weltwirtschaftliches Gewicht als die Euroländer haben. Im Zeitraum 2002 bis 2010 waren Brasilien, Russland, Indien und vor allem China eine globale Konjunkturlokomotive. Die Importzuwächse dieser vier Länder waren in diesem Zeitraum mit...

We provide an overview of China's economic rise through time. Over the past decade, China has maintained 10% growth in GDP, albeit with a GDP per capita at the low level of a developing country. Its tremendous economic development has overlooked the growing social inequalities and rising...

Globalisation, being the trend towards increasing global economic integration, is one of the largest forces, if not the largest force, affecting world economies at present. The current period of global economic integration is unprecedented and the pace and extent of globalisation will continue...

Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find...