The paper shows how the original semi endogenous and balanced growth model of , and my extended version of it (), could be useful in explaining the key "stylized facts" of global long-term growth so far, and in predicting its dynamics in the future. During the last two centuries the sector of...

The per capita real GDP growth rate has been remarkably stable for many decades in most developed countries. To explain the balanced growth, however, existing endogenous growth theories typically need to assume a knife-edge degree of externality, which is not yet confirmed by micro-level...

The per capita real GDP growth rate has been remarkably stable for many decades in most developed countries. To explain the balanced growth, however, existing endogenous growth theories typically need to assume a knife-edge degree of externality, which is not yet confirmed by micro-level...

The relationship between high levels of FDI and of economic growth has been of enduring interest in the development literature, particularly in the context of economies like China which have enjoyed exception inflows of foreign capital as well as experiencing unprecedented economic growth. The...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary.  Standard policy advice follows the permanent income...

A windfall of foreign aid or natural resource revenue faces government with choices of how to manage public borrowing, public asset accumulation, and the distribution of funds to households (across time and household types), particularly when the windfall is both anticipated and temporary. These...

This paper shows, first, that non-commodity revenues are more volatile in oil- and mineral-rich countries and that quality of institutions is associated with lower volatility. We investigate the channels through which oil and mineral revenue volatility lead to non-commodity revenues volatility,...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...

A windfall of foreign aid or natural resource revenue faces government with choices of how to manage public borrowing, public asset accumulation, and the distribution of funds to households (across time and household types), particularly when the windfall is both anticipated and temporary. These...