This essay reviews the relationship between natural-resource abundance and economic growth around the world, and presents some new results. The principal reasons why resource-based production can inhibit economic growth over long periods are traced to the Dutch disease, neglect of education,...

Foreign aid’s effectiveness in promoting economic growth remains mired in controversy.We examine the impact of the volatility of aid on economic growth, controlling for the level of aid. A four-year panel analysis is conducted encompassing 155 countries over the period 1966-2001. We find that...

Inclusive growth should ensure "broad-based" economic growth which characterizes the pattern of growth. Beyond simple association identification implied by the Kuznets curve and cross-country panel regression analyses, this study attempts to shed light on the dynamic causality relationship and...

In this note we show that the standard, loglinear growth regression specificationis consistent with one and only one model in the class of stochastic Ramsey models. Thismodel is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciationrate and it implies that risk does...

The purpose of this paper is to analyze the relationship between energy consumption and economic growth in Saudi Arabia and United Arab Emirates for the period 1990-2010. The paper will also assess the impacts of changes in energy prices on aggregate energy consumption, and finally, the paper...

To continue its economic growth and create new and better livelihoods, Africa must transform the productive side of its economy. Ongoing globalization - in trade, finance, and technology - opens up new possibilities for structural transformation, but also new risks as Africa's integration with...

The foreign aid landscape has undergone a paradigm shift in the last few decades, with changes in the behaviour of 'traditional' donors and a new focus on selectivity in aid disbursement, as well as 'new' donors and South-South co-operation playing an increasingly important role. Amidst these...

In this paper we show that inconclusive results in previous empirical studies on human capital and growth might be due to omitted variable bias. Using data for about 130 countries, we show that after inclusion of variables related to the social capabilities concept of Abramovitz (1986) i.e....

The main purpose of this study is to investigate empirically the impact of energy consumption and economic growth on the environmental degradation as measured by CO2 emissions. We utilize the cointegration test, the fully modified OLS, and the panel causality to examine the causality between...