This paper tries to take into account two contrasted points of view that can be found the literature: the first one showing that financial development has a positive effect on economic growth, and the second one stressing the unfavourable effect of financial crisis. Our main assumption is that...

This paper tries to take into account two points of view of the litterature, the first one shows that financial development has positive effect on economic growth, and the second one stresses on the unfavourable effect of financial crisis. Our main assumption is that financial instability is...

This paper addresses the relationship between financial development and poverty, taking into account the direct link and the indirect link through economic growth. Using a panel of 81 developing countries over 1988-1997, we find evidence that financial development reduces the headcount poverty...

Macroeconomic instability has been increasingly considered as a factor lowering average income growth and by this way is a factor slowing down poverty reduction. But it can also result in slower poverty reduction for a given average rate of growth, due to poverty traps, often examined at the...

We examine cross-sectional empirical evidence on the determinants of economic growth in light of an instrumental variables estimator, based on sample moments of order higher than two, which does not require extraneous instruments and which remains consistent, under quite reasonable assumptions,...

In this article, we present an overview of the theoretical and empirical literature on infrastructures and growth. We review the different approaches of this link, starting from the earlier themes of the Big Push and of exogenous growth, to the recent renewal of growth theories and of spatial...

This paper investigates the current state of growth accounting in China. The growing empirical literature on Chinese economic growth is based on several stylised facts which stress high but erratic long-term economic growth, strong accumulation of capital and rapid population growth. From these...

Is the big push hypothesis consistent with capacity constraints in the study of aid effectiveness? Big push hypothesis suggests the existence of a minimum threshold below which aid is not effective, while the constraints referred to by the concept of absorptive capacity suggests the existence of...

This paper uses micro-data to define aggregate human capital stock indicators and proposes various specifications to test for the role of human capital accumulation on economic growth. An empirical evaluation on the Taiwanese experience over the 1975-96 period suggests that: (i) the use of...

In their already-famous 2010 article “Growth-in-a-Time-of-Debt” (AER-100(2)-pp.-573-78), Carmen Reinhart and Kenneth Rogoff show that average post-WW2 economic growth is dramatically declining in advanced economies, once the debt-to-GDP ratio is above a 90% threshold. We explore the...