This paper empirically investigates the potential determinants of business-sector R&D intensity using a panel of OECD countries for the period of 1970-2002 with data measured as five-year year averages. Estimates using a system GMM estimator controlling for endogeneity show a high degree of...

This paper empirically investigates the potential determinants of business-sector R&D intensity using a panel of OECD countries for the period of 1970-2002 with data measured as five-year year averages. Estimates using a system GMM estimator controlling for endogeneity show a high degree of...

In August 2022, the US Congress passed the Inflation Reduction Act (IRA), a comprehensive piece of legislation aiming to stimulate the US economy and to increase its resilience. At an estimated 430 billion euros, it is a massive government investment and spending program in the welfare state,...

Cross-country growth regressions have in recent years become a major growth industry. The most common purpose of this work has been to investigate the determinants of economic growth. But it is also possible to use the existing growth data to determine the extent to which policy choices help or...

After the Great Depression and throughout the rest of the twentieth century, Latin American countries basically approached economic development following two successive and quite opposed strategies. The first one was import substitution industrialization. The second was the so-called Washington...

Cross-country growth regressions have in recent years become a major growth industry. The most common purpose of this work has been to investigate the determinants of economic growth. But it is also possible to use the existing growth data to determine the extent to which policy choices help or...

This paper assesses why the 2008–2009 global economic recession impacted East Asia less than it did the United States (US) and the European Union (EU). The paper utilizes a “growth-with-resilience” (GWR) index aimed at measuring the extent to which a country can absorb or counteract...

This is the supplemental material to the paper titled "Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income." It includes additional theoretical and quantitative results. It also includes illustration for the numerical algorithm for our...

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...