Essays On The Determinants Of Growth Rates Differences Among Economies
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Essays On The Determinants Of Growth Rates Differences Among Economies
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Author : André Lorentz
language : en
Publisher:
Release Date : 2005
Essays On The Determinants Of Growth Rates Differences Among Economies written by André Lorentz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Understanding why growth rates differ among economies is an age-old issue in economics. The developments of the New Growth Theory brought this issue back at stake in the economic debate. The aim of our work is to provide an alternative analysis relying on both Post-Keynesian and Evolutionary approaches. The Kaldorian concept of cumulative causation provides the Evolutionary analysis with a more embracing macro-economic framework able to capture the macro-constraints affecting micro-dynamics, while the Evolutionary approach provides Kaldorians with a micro-founded analysis of the dynamics underlying the process of technological change. After this first introductive part, the second part of this work focuses on the analysis of increasing returns and productivity dynamics by relying on the use of the Kaldor-Verdoorn Law. We first, make use of empirical analysis to show that the law still holds. We then revert to an evolutionary micro-founded model of technical change to show that this Law emerges as an aggregated property of these micro dynamics. In the third part of the work, we translate the combination of the two streams of literature into macro simulation models. The models developed draw on evolutionary micro-foundations for technical change. These micro-dynamics are then integrated within macro-frames inspired by the cumulative causation models. Macro-dynamics rely on demand dynamics, affecting firms' ability to invest and therefore to mutate but being themselves subject to the micro-level productivity dynamics. The macro-components act on the micro-dynamics as macro-constraints. These macro-constraints are themselves directly affected by micro-dynamics. Our models therefore integrate to the evolutionary frame a set of feedback mechanisms from macro-to-micro but also from micro-to-macro.
Essays In The Theory Of Economic Growth
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Author : Joan Robinson
language : en
Publisher: Springer
Release Date : 1965-01-01
Essays In The Theory Of Economic Growth written by Joan Robinson and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1965-01-01 with Business & Economics categories.
Essays In The Theory Of Economic Growth
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Author : Evsey D. Domar
language : en
Publisher:
Release Date : 1957
Essays In The Theory Of Economic Growth written by Evsey D. Domar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1957 with Economic development categories.
Essays On The Determinants Of Income And Wealth Inequality In The United States
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Author : Shin Chang
language : en
Publisher:
Release Date : 2018
Essays On The Determinants Of Income And Wealth Inequality In The United States written by Shin Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This study investigates the relevant factors that drive income and wealth inequality in the United States with the aim of facilitating a better understanding of the dynamic relationships between inequality and key macroeconomic variables. This can serve as a prerequisite to the ability of policymakers to restrain the negative externalities associated with increasing inequality and implement measures to reduce the unexpected effects. The thesis consists of five independent papers corresponding to five chapters. As economic growth is a primary goal of every country and widely accepted tool for reducing economic inequality, our study starts with economic growth. The first paper examines the relationship between the U.S. per capita real GDP and income inequality over the period 1917 to 2012. The literature uncovers a complex set of interactions, which depends on the specific research method and sample, between inequality and economic growth and highlights the difficulty of capturing a definitive causal relationship. Inequality either promotes, retards, or does not affect growth. Most existing studies that examine the inequality-growth nexus exclusively utilize time-domain methods. We use wavelet analysis which allows the simultaneous examination of correlation and causality between the two series in both the time and frequency domains. We find robust evidence of positive correlation between the growth and inequality across frequencies. Yet, directions of causality vary across frequencies and evolve with time. In the time-domain, the time-varying nature of long-run causalities implies structural changes in the two series. These findings provide a more thorough picture of the relationship between the U.S. per capita real GDP and inequality measures over time and frequency, suggesting important implications for policy makers. Inflation targeting is a monetary policy where the central bank sets a specific inflation rate as its goal. The federal government spurs economic growth by adding liquidity, credit, and jobs to the economy and inflation stimulate the demand needed to drive economic growth. The second paper investigates the effects of the inflation rate on income inequality to see whether monetary policy and the resulting inflation rate can affect income inequality and improve the well-being of individuals. Our analysis relies on a cross-state panel for the United States over the 1976 to 2007 period to assess the relationship between income inequality and the inflation rate, employing a semiparametric instrument variable (IV) estimator. By using cross-state panel data, we minimize the problems associated with data comparability often encountered in cross-country studies related to income inequality. We find that the relationship depends on the level of the inflation rate. A positive relationship occurs only if the states exceed a threshold level of the inflation rate. Below this value, inflation rate lowers income inequality. The results suggest that a nonlinear relationship exists between income inequality and the inflation rate. The researchers also examine the relationship between income inequality and growth in personal income, since personal income exerts a large effect on consumer consumption, and since consumer spending drives much of the economy. The third paper investigates the causal relationship between personal income and income inequality in a panel data of 48 states for the period of 1929-2012. Although inequality rose almost everywhere between 1980 to present, some states and regions experienced substantially greater increases in inequality than did others. The decentralization allows different state level of policies, however, there is also a cross-state consistency in how those policies respond to the main economic shocks. Since U.S. states are subject to significant spatial effects given their high level of integration, ignoring cross-sectional dependency may lead to substantial bias and size distortions. We employ a causality methodology proposed by Emirmahmutoglu and Kose (2011), as it takes into account possible slope heterogeneity and cross-sectional dependency in a multivariate panel. Evidence of bi-directional causal relationship exists for several inequality measures -- the Atkinson Index, Gini Coefficient, the Relative Mean Deviation, TheiliÌ8℗¿℗ưs entropy Index and Top 10% -- but no evidence of the causal relationship for the Top 1 % measure. Also, this paper finds state-specific causal relationships between personal income and inequality. The level of development of the United States is related to the sophistication of the financial structure which influences the ability to hedge against shocks and to loosen spending constraints. It leads us to investigate if the financial development affects income inequality in the U.S. In the fourth paper, we look into the role of financial development on U.S. state-level income inequality in a panel data of 50 states from 1976 to 2011. To our knowledge, this paper is the first regarding examining the role of financial development on U.S. state-level inequality. We analyze the data using Fixed Effect and Dynamic Fixed Effect regression. We also divide 50 states into two groups-states, with higher inequality measure and states with lower inequality measures than average of the cross-state average of the inequality, to examine the possible nonlinear impact of financial development on income inequality. We find robust results whereby financial development linearly increases income inequality for the 50 states. When we divide 50 states into two separate groups of higher and lower inequality states than the cross-state average inequality, the effect of financial development on income inequality appears non-linear. When financial development improves, the effect increases at an increasing rate for high income inequality states, whereas an inverted U-shaped relationship exists for low-income inequality states.
Determinants Of Economic Growth
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Author : Robert J. Barro
language : en
Publisher: MIT Press
Release Date : 1997
Determinants Of Economic Growth written by Robert J. Barro and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
Summarizes recent research from hundreds of empirical studies on economic growth across countries that have highlighted the correlation between growth and a variety of variables.
Further Essays On Applied Economics
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Author : Nicholas Kaldor
language : en
Publisher: Holmes & Meier Publishers
Release Date : 1978
Further Essays On Applied Economics written by Nicholas Kaldor and has been published by Holmes & Meier Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Business & Economics categories.
Economic Policies In Developing And Emerging Market Economies
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Author : Shengzu Wang
language : en
Publisher:
Release Date : 2008
Economic Policies In Developing And Emerging Market Economies written by Shengzu Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Developing countries categories.
Three Essays On Economic Growth In Singapore
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Author : Yang Song
language : en
Publisher:
Release Date : 2016
Three Essays On Economic Growth In Singapore written by Yang Song and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation is a collection of three relatively independent essays on economic growth in Singapore. In the first chapter, I construct a low-frequency macroeconometric model to investigate the association between eight key macroeconomic variables, consisting of FDI net inflows, gross fixed capital formation, openness to trade, labor compensation, unit labor costs, domestic credit to private sector, real interest rate, and capital stock, and a variety of relevant macroeconomic variables in Singapore for the period 1980-2009. The model contains two submodels: a multivariate autoregressive integrated moving average (ARIMA) model and an enhanced first-order autoregressive distributed lag (ADL) model. My results are broadly consistent with evidence from previous empirical studies, and have important policy implications for characterizing Singapore's medium- and long-term growth path. The second chapter re-estimates the contributions of various inputs to Singapore's output growth for the period 1980-2009. To address the impact of quality-adjusted human capital and time-varying factor shares on these contributions, I extend the translog production function approach developed by Jorgenson et al. (1987) by incorporating human-capital-adjusted labor and the assumption of time-varying shares of physical capital. The results show that a decline in capital deepening is partly offset by improvements in labor quality and procyclical productivity growth. They also imply that estimation of contributions of various inputs without considering quality-adjusted labor input is biased. In the third chapter, I measure the contemporaneous and one-period-lagged effects of the level of economic development, R&D spending, FDI net inflows, and infrastructure on innovation using a unique panel data set of 17 Group of Twenty (G20) countries and the European Union (EU) as a whole for the period 1996-2011. Additionally, I examine and compare the innovation trends in Singapore with the empirical results in different country groups of the G20 to explore the determinants of innovation in Singapore. This essay highlights the economic importance of R&D spending and infrastructure relative to that of FDI net inflows and the level of economic development addressed in traditional studies. It also implies that routinely pooling developed and developing countries can result in misleading conclusions and inappropriate policy recommendations. Besides relying on infrastructure to promote innovation, Singapore ought to apply R&D and technology spillovers to domestic enterprises more efficiently.
Essays On Capital Accumulation Economic Growth Income Inequality And Unemployment
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Author : Iqtiaruddin Md Mamun
language : en
Publisher:
Release Date : 2014
Essays On Capital Accumulation Economic Growth Income Inequality And Unemployment written by Iqtiaruddin Md Mamun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The central theme of this thesis is capital accumulation. The thesis reports that increase in economic growth rate and reduction in income inequality boosts capital accumulation that in turn reduces unemployment. Three essays constitute the thesis. The first essay investigates whether saving has been driven by growth or gowth has been driven by saving using data of Asian Miracle Economies (AME) - India, Indonesia, Singapore, South Korea, and Taiwan - over the period 1870-2011.The second essay explores the effect of income inequality on capital accumulation using the data of 20 OECD countries - Canada, USA, Japan, Australia, New Zealand, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Norway, Portugal, Spain, Sweden, and UK - over the period 1870-2011. The effect of capital accumulation on unemployment in 21 OECD countries - Canada, USA, Japan, Australia, New Zealand, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Norway, Portugal, Spain, Sweden, Switzerland and UK - has been explored in the third essay. Following the neoclassical revival some economists attribute the amazing productivity growth rate in Asian Miracle Economies (AME) to capital accumulation while assign the backseat to the technological progress - the so called Krugman-Young hypothesis in which saving and schooling are independent of growth. However such assumption is questionable as from the perspective of growth accounting using Cobb-Douglas production function, theories of saving and the scenario that in AMEs prior to WWII living standard was close to subsistence level thus leaving less opportunity of saving and only after WWII with the increase in living standard financial saving and education increase it may be shown that saving and education are not exogenous and independent of growth. The first essay addresses this endogeneity and applying a two-way identification strategy and unique data covering the period 1870-2011 for the AMEs finds that financial saving as well as education comes from productivity growth, financial saving has no significant effect on growth but growth is positively related to the change in educational attainment. These results are robust to choice of instrument set, productivity measurement, the choice of growth model, measurement of saving, inclusion of covariates, and to the choice of estimation period. The essay contributes to the literature explaining that productivity growth drives fixed and human capital accumulation as in the growth controversy it has never been asked and the factor accumulation hypothesis never explains from where the savings come and very little work, if any, has investigated whether growth influences education. The findings of the existing empirical literature suggest that the effect of income inequality on savings is either positive or insignificant. The reason for such findings of the existing empirical literature may be that in estimating the coefficient of income inequality on savings the positive feed-back effect from savings to income inequality has not been dealt with adequately. The second essay takes this endogeneity arising from positive feed-back effect of savings to income inequality in to consideration and applies a two-way identification strategy and unique data covering the period 1870-2011 for 20 OECD countries andfinds that income inequality affects savings negatively. The finding is robust to variation in estimation periods, different measures of saving and inequality and the inclusion of important confounding variables such as financial development, growth and education. Following the seminal work of Layard, Nickell, and Jackman (2005) that propounds no linkage between capital accumulation and unemployment based on the assumption of elasticity of substitution between capital and labour equals unity the role of capital accumulation has been deemphasized for long in explaining unemployment. And the emphasis was on labour market deregulation for reducing unemployment as labour market rigidities arising from trade union power; labour taxes, generous welfare benefits, strict employment protection, and other institutional factors were considered to be the main determinants of unemployment. The third essay using the data for the largest number of countries over the longest period of time - 21 OECD countries over the period 1870-2011- with wage push and aggregate demand factors being taken in to account finds that capital accumulation is important in reducing OECD unemployment.
Determinants Of Growth And Interest Rate Differences In Central And Eastern Europe
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Author :
language : en
Publisher:
Release Date : 2013
Determinants Of Growth And Interest Rate Differences In Central And Eastern Europe written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.