In a demand-side growth model, we show that a developing economy may experience a steady positive equilibrium growth rate of investment and profit- as long as investment in the economy is responsive to the aspirations of the richer section of the population to match the consumption level of the...

This study looks at some non-conventional determinants of economic growth, with the help of the newly developed economic freedom index datasets of the Heritage Foundation/Wall Street Journal(HF/WSJ), which is a cumulative index derived from several sub-indices (trade freedom index, financial...

Why do some economies grow faster than others? Do economies in the middle-income range face especially difficult challenges producing consistent growth? Using a transition matrix analysis on decade-level growth rates, we find that the data clearly reject the idea that middle-income economies...

This paper analyses real income convergence in central, eastern and south-eastern Europe (CESEE) to the most advanced EU economies between 2000 and 2016. The relevance of this topic stems both from the far-reaching implications of real income convergence for economic welfare and the importance...

At a time of slow growth in several advanced and emerging countries, calls for more structural reforms are multiplying. However, estimations of the short- and medium-term impact of these reforms on GDP growth remain methodologically problematic and still highly controversial. We contribute to...

This paper provides an assessment of Russia's long-term growth prospects. In particular, it addresses the question of the medium- and long-term sustainability of the country's currently high growth rates. Starting from the notion that Russia's fast economic expansion in recent years has...

This paper analyzes the conflicts of interest arising from the "revolving door". The revolving door is a common phenomenon, and it is unlikely that most of it can be explained by "regulatory capture", a practice that is unlawful. Therefore, there is a need for a new framework. This paper...

The role of the state in promoting development is well established in the institutional economics literature. Yet, in recent decades the attention has been turned to the opposite side of the spectrum. Facing high levels of poverty and showing a slower progress in achieving development outcomes,...