This paper tests the endogenous relationship between FDI growth and economic growth using a panel dataset for 23 OECD countries for the period 1975-2004. In particular we estimate a two-equation simultaneous equation system with the generalized methods of moments (GMM) that treats economic...

This paper tests the endogenous relationship between FDI and economic growth using a panel dataset for 23 OECD countries for the period 1975-2004. Following the literature, we treat economic growth and FDI as endogenous variables, and estimate a two-equation simultaneous equation system with the...

The validity of the Hotelling’s rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...

The validity of the Hotelling's rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...

In this paper, we extend the Romer (1990) model in two ways. First, we include energy consumption of intermediates. Secondly, intermediates become heterogeneous due to endogenous energy saving technical change. However, aggregate effective capital is still subject to endogenous technical change...

Under the standard neo-classical growth framework, conditional convergence studies assume that a country with a higher initial human capital among others ''performs'' better. Nevertheless the growth implications of health, another component of human capital, compared to education, have not been...

The validity of the Hotelling’s rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...

It is commonly argued that catastrophic effects of physical shocks are recovered consequentially due to internal adjustment mechanisms economies retain. The theoretical literature on growth implications of earthquakes relies on the same premise, by and large, putting relatively minor role on the...