The Asian financial crisis surprised the world and resulted in steep economic downturns in parts of East and Southeast Asia. Its apparent quick recovery however would imply that there was negligible impact on human development. This paper challenges this notion. Using cross-country data from...

This paper seeks to examine the causal relationship between export instability. income terms of trade instability, investment and economic growth by using the cointegration analysis and the multivariate error correction model. In addition, reverse causality is also tested by examining whether...

Different countries use different methods of estimating net capital stock at the aggregated as well as at the disaggregated levels. While analysing cross-country data, for consistency it is important that capital stock series be estimated by the same method across all the countries in the model....

Purpose – The purpose of this paper is to analyze those conditions which determine whether the state will be developmental or predatory. Design/methodology/approach – A theoretical model is developed to analyze those factors influencing state policy towards agriculture. Then the historical...

The Harrod-Domar growth model is extended in a way that introduces the possibility of persistent excess capacity as a potential source of slow growth. This extended model has five growth rates, which must be equal for there to be a full-employment, full-capacity dynamic equilibrium, instead of...

This paper begins with the presumption that rapid economic development requires an effective state. An effective state is able to act independently of powerful interest groups with the aim of allocating resources so as to maximize long-term economic growth. It will be argued that such states are...

This article analyzes several similarities between the takeoffs to sustained growth in China and in Japan. The takeoff period for Japan was from 1868 to the late 1930s, while for China it has been from 1978 to the present. Prior to takeoff both countries went through periods in which economic...

A multiple equilibriums poverty trap model is developed to analyse the effectiveness of State policy in developing and applying policies aimed at reducing poverty, i.e. pro-poor policies. The implication of this model is that, if poverty is concentrated in agriculture, then a necessary key to...