Thirlwall's 1979 balance of payments constrained growth model predicts that a country's long run growth of GDP can be approximated by the ratio of the growth of real exports to the income elasticity of demand for imports assuming negligible effects from real exchange rate movements. The paper...

We provide a comprehensive assessment of the relationship between public debt and GDP growth in the postwar advanced economies. We use the timing of changes in public debt and growth to account for endogeneity, and find little evidence of a negative relationship. Semi-parametric estimates do not...

The general policy prescription for resource-rich countries is that, for sustainable consumption, a greater percentage of the windfall from resource rents should be channelled into accumulating foreign assets such as a sovereign public fund as done in Norway and other developed but resource-rich...

The general policy prescription for resource-rich countries is that, for sustainable consumption, a greater percentage of the windfall from resource rents should be channelled into accumulating foreign assets such as a sovereign public fund as done in Norway and other developed but resource-rich...

We provide a comprehensive assessment of the relationship between public debt and GDP growth in the postwar advanced economies. We use the timing of changes in public debt and growth to account for endogeneity, and find little evidence of a negative relationship. Semi-parametric estimates do not...

The present study aims to show an analysis of relationship between gross fixed capital formation and economic growth in Romania, Bulgaria, Czech Republic, Poland and Hungary for the period 2003-2009. For this, the statistical connection analysis method is applied. The used variables are: the...

This paper shows how and why the Solow growth accounting framework is useful for linking entrepreneurship capital to economic growth. The knowledge filter impedes the spillover of knowledge for commercialization, thereby weakening the impact of knowledge investments on economic growth. By...

Economic growth depends not only on how people make decisions but also upon how their decisions are coordinated. Because of this, aggregate outcomes can diverge from individual intentions. I illustrate this with reference to the modern literature on economic growth, and also with reference to an...

We investigate the impact of 20th--century European colonization on growth in Africa. We find that in the 1960--88 period growth has been faster for dependencies than for colonies; for British and French colonies than for Portuguese, Belgian and Italian ones; and for countries with less economic...

How and why does distant political and economic history shape the functioning of current institutions? This paper argues that individual values and convictions about the scope of application of norms of good conduct provide the "missing link". Evidence from a variety of sources points to two...