The main objective of this paper is to identify the causal relationship that exists between agricultural value added per worker and Gross Domestic Product per capita in Europe. More specifically, the role of agriculture in economic growth is examined with special emphasis to the differences and...

According to the Washington Consensus, developing countries' growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc; results are typically not judged against models; policies are poorly measured; and...

The balance of payments can act as a constraint to the rate of growth of output, on putting a limit to the growth in the level of demand to which supply can adapt. This effect might be even stronger for regional economies, presumably more integrated among them. In this paper, we examine this...

The present study aims to verify whether the balance-of-payments constrained growth approach is suitable for explaining the Portuguese growth performance during the last decades. For that, we adopt "Thirlwall's Law" that predicts actual growth by the ratio of the exports growth relative to the...

Is tourism an opportunity for lagging countries in the elusive quest for growth (Easterly, 2002)? Recent empirical evidence suggests that the answer is a cautious yes. Aggregate cross-country data show that tourism specialization is likely to be associated with higher per capita GDP growth rates...

Recently, there has been wide interest in the "economics" of population aging. Demographic change has crucial consequences for economic behavior; it e.g. implies that consumption and investment decisions vary over the life-cycle. The latter has important implications for economic growth, whereas...

The process of European integration has introduced a valuable empirical example on the impact of economic integration on income convergence. Many empirical papers confirm the income convergence within the new member states and between the new and old members. At the same time it is found that...

This article shows - on both conceptual and empirical grounds - the importance of business cycles in affecting key relationships between innovation and international performance. While periods of upswing are characterised by a well documented 'virtuous circle'. between innovation inputs, new...

In the paper, I explored links between inflow of FDI, natural resource abundance and economic growth. The paper is an attempt to analyze a lager sample of 106 countries and investigate the impact of FDI inflow on the economic growth of the host country. Further, natural resource abundance is...

This paper makes two contributions to the literature on the impact of trade on income. First, we use heterogeneous panel cointegration techniques that are robust to omitted variables and endogenous regressors to estimate the effect of trade on income for 81 developed and developing countries,...