For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries that do not liberalize. The...

For effective mitigation of the current severe economic crisis, developing countries can seize real opportunities for cleaner growth, including low-carbon growth. While complex and long, the process of greening economies can and should be gradually piloted towards selected “poles of clean...

Emerging markets (EM) face their fifth consecutive year of slowing growth and a possibly longer period of sluggish performance than previously thought. This paper presents a comprehensive analysis of the nature of and the appropriate policy responses to the growth slowdown in EM. It reports...

While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is vulnerable to financial frictions. By sheltering...

Even promoted in a systematic manner, the policy of FDI attraction in order to generate economic growth in the Central and Eastern European countries is not totally justified. There are numerous theoretical fundaments but also the empirical evidences that contradict the catalytic role or...

The 1990s have been a decade of minimal growth for the Japanese economy. Examining this record from a growth accounting perspective, this paper argues that a major factor underlying Japan's disappointing growth performance in recent years has been a marked slow-down in total factor productivity...

We ask whether EU membership has been associated with increased domestic economic growth. Using different causal identification strategies, different time periods, different country samples, and different datasets, we are unable to demonstrate the presence of a membership growth premium. This...

We ask whether EU membership has been associated with increased domestic economic growth. Using different causal identification strategies, different time periods, different country samples, and different datasets, we are unable to demonstrate the presence of a membership growth premium. This...

In this paper we present a multi-country, multi-industry agent-based model investigating the different growth patterns of interdependent economies. Each country features a Schumpeterian engine of endogenous technical change which interacts with Keyneasian/Kaldorian demand generation mechanisms....

Over the past decades ASEAN countries have experienced rapid economic growth accompanied by a dramatic fall in poverty rates, but income inequality has not retreated. This research aims at identifying factors which could contribute to more equally distributed growth in ASEAN. To measure...