18 results
Search Results
2. DOES ICT GENERATE ECONOMIC GROWTH? A META‐REGRESSION ANALYSIS.
- Author
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Stanley, T. D., Doucouliagos, Hristos, and Steel, Piers
- Subjects
INFORMATION & communication technologies ,ECONOMIC development ,REGRESSION analysis ,ECONOMETRICS ,INTERNET & economics ,ECONOMICS - Abstract
Abstract: Despite phenomenal technological progress and exponential growth in computing power, economic growth remains comparative sluggish. In this paper, we investigate two core issues: (1) is there really no connection between ICT and national economic growth? and (2) what factors moderate the ICT–growth relationship? We apply meta‐regression analysis to 466 estimates drawn from 59 econometric studies that explore the Solow or Productivity Paradox that there is little impact of ICT on economic growth and productivity. We explore the differential impact of ICT on developed and developing countries and the differential impact of different types of ICT: landlines, cell phones, computer technology and Internet access. After accommodating potential econometric misspecification bias and publication selection bias, we detect evidence that ICT has indeed contributed positively to economic growth, at least on average. Both developed and developing countries benefit from landline and cell technologies, with cell technologies’ growth effect approximately twice as strong as landlines. However, developed countries gain significantly more from computing than do developing countries. In contrast, we find little evidence that the Internet has had a positive impact on growth. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
3. Publication Bias in the Economic Freedom and Economic Growth Literature.
- Author
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Doucouliagos, Chris
- Subjects
ECONOMICS ,ECONOMIC development ,LIBERTY ,PUBLICATIONS ,COMMUNICATION - Abstract
The impact of institutions on economic performance has attracted significant attention from researchers, as well as from policy reformers. A rapidly growing area in this literature is the impact of economic freedom on economic growth. The aim of this paper was to explore publication bias in this literature by means of traditional funnel plots, meta-significance testing, as well as by bootstrapping these meta-significance tests. When all the available estimates are combined and averaged, there seems to be evidence of a genuine and positive economic freedom – economic growth effect. However, it is also shown that the economic freedom – economic growth literature is tainted strongly with publication bias. The existence of publication bias makes it difficult to identify the magnitude of the genuine effect of economic freedom on economic growth. The paper explores the differences between aggregate and disaggregate measures of economic freedom and shows that selection effects are stronger when aggregate measures are used. [ABSTRACT FROM AUTHOR]
- Published
- 2005
- Full Text
- View/download PDF
4. Research Joint Ventures.
- Author
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Caloghirou, Yannis, Ioannides, Stavros, and Vonortas, Nicholas S.
- Subjects
INTERNATIONAL competition ,JOINT ventures ,ECONOMIC development ,INTERNATIONAL relations ,ECONOMICS - Abstract
Abstract. Inter-firm collaboration is not new. What is new is that such collaboration has exploded during the past couple of decades, in parallel to the intensification of international competition. Moreover, the nature of collaboration has changed, shifting from peripheral interests to the very core functions of the corporation, and from equity to non-equity forms of collaboration. Importantly, cooperation focusing on the generation, exchange, and/or adaptation of new technologies has risen at very fast rates. Research joint ventures, the focus of this paper, belong in the latter category. The proliferation of RJVs has created extensive interest among economists, business analysts, and policy decision-makers and led to the profusion of literature on the topic. This paper critically reviews the literature in industrial economics and strategic management that deals with RJV partner motives and RJV outcomes. The paper categorizes the different streams of this literature and indicates the state-of-the-art, synthesizes important understandings, and suggests key nodes of a future research agenda. [ABSTRACT FROM AUTHOR]
- Published
- 2003
- Full Text
- View/download PDF
5. What have We Learnt from the Convergence Debate?
- Author
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Islam, Nazrul
- Subjects
ECONOMIC convergence ,ECONOMIC development ,ECONOMICS ,BUSINESS cycles ,DEVELOPMENT economics - Abstract
This paper surveys the convergence literature. It begins by laying out different definitions of convergence and by showing the link between the convergence issue and the growth theory debate. The paper then follows the convergence research conducted along four different approaches, namely the cross-section, panel, time-series, and distribution approaches. The paper shows the association of these methodological approaches with various definitions of convergence and highlights the connections among the convergence results. It shows that, despite some impressions to the contrary, there is considerable agreement among the results. Although the convergence research might not have solved the growth debate entirely, it has helped both the neoclassical and the new growth theories to adapt and evolve. The research on convergence has established new stylized facts regarding cross-country growth regularities. It has brought to fore the existence of large technological and institutional differences across countries and has given rise to new methodologies for quantifying and analyzing these differences. This is providing a new information base for analysis of technological and institutional diffusion and for further development of growth theory in general. [ABSTRACT FROM AUTHOR]
- Published
- 2003
- Full Text
- View/download PDF
6. The Long-Run implications of Growth Theories.
- Author
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Temple, Jonathan
- Subjects
ECONOMIC development ,ECONOMICS ,ECONOMIC policy ,STATICS & dynamics (Social sciences) ,BUSINESS cycles - Abstract
This paper draws attention to some possible misunderstandings concerning the place of long-run outcomes in growth theory. It argues that the traditional emphasis on these outcomes is often misguided. As a result of this emphasis, too much attention is paid to the role of knife-edge assumptions, and researchers may be led to interpretations of the evidence, or models of the growth process, that are not wholly sensible. [ABSTRACT FROM AUTHOR]
- Published
- 2003
- Full Text
- View/download PDF
7. SURVEY OF ECONOMIC IMPLICATIONS OF MARITIME AND TERRITORIAL DISPUTES.
- Author
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Mendoza, Ronald Umali, Siriban, Charles, and Ty, Tea Jalin
- Subjects
ECONOMIC impact ,ECONOMIC surveys ,LITERATURE reviews ,ECONOMIC development ,ECONOMICS - Abstract
Drawing on studies on the economics of conflict, this paper reviews the literature on maritime and territorial disputes; and it examines an array of economic implications associated with territorial and maritime disputes. These include adverse effects on certain economic and development outcomes arising from possible armed confrontation, with some of these possibly lingering in the aftermath of conflict. There are also various economic disruptions and costs associated with these disputes, emphasizing how they also affect the livelihoods of resource users in the disputed areas. A clearer understanding of these economic links could help inform and motivate policymakers on mitigating the risks of conflict. Based on the review of evidence herein, the economic implications of conflict in terms of foregone average trade among the country pairs considered in the West Philippine Sea/South China Sea (in 1985 dollars) – which differ in important ways but hint at some common channels of impact – could range from US$ 909.3 million to US$ 98.8 billion. More broadly, the impacts on a disrupted global production chain can easily amplify these results even further, affecting global growth prospects for many decades, according to experience. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
8. CLIO AND THE ECONOMIST: MAKING HISTORIANS COUNT GREASLEY AND OXLEY CLIO AND THE ECONOMIST.
- Author
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Greasley, David and Oxley, Les
- Subjects
STATISTICAL methods in information science ,ECONOMIC history ,ECONOMICS ,ECONOMIC development ,STATISTICAL methods in historical research - Abstract
Cliometrics reconnected economic history and economics in the 1960s. The deeper foundations of cliometrics research lie in the longer standing traditions of quantitative history and the contemporaneous growth of the social sciences and computing. Early cliometrics research reinterpreted economic history through the lens of neo-classical economics. Over the past half century cliometrics has matured and now utilizes a broad array of theoretical perspectives and statistical methods to help understand the past. The papers introduced here illustrate the achievements of several key areas of cliometrics research and show how new theoretical perspectives, innovative data construction and sophisticated econometric methods are the hallmarks of the discipline. [ABSTRACT FROM AUTHOR]
- Published
- 2010
- Full Text
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9. AUTOREGRESSIVE CONDITIONAL DURATION MODELS IN FINANCE: A SURVEY OF THE THEORETICAL AND EMPIRICAL LITERATURE.
- Author
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Pacurar, Maria
- Subjects
ARCH model (Econometrics) ,INDUSTRIAL organization (Economic theory) ,INFORMATION asymmetry ,ECONOMIC development ,MARKETS ,ECONOMICS - Abstract
This paper provides an up-to-date survey of the main theoretical developments in autoregressive conditional duration (ACD) modeling and empirical studies using financial data. First, we discuss the properties of the standard ACD specification and its extensions, existing diagnostic tests, and joint models for the arrival times of events and some market characteristics. Then, we present the empirical applications of ACD models to different types of events, and identify possible directions for future research. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
10. A SURVEY OF RECENT DEVELOPMENTS IN THE LITERATURE OF FINANCE AND GROWTH.
- Author
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Ang, James B.
- Subjects
ECONOMIC development ,ECONOMIC policy ,ECONOMICS ,ECONOMIC activity ,FINANCIAL liberalization ,FINANCE - Abstract
This paper provides a survey of the recent progress in the literature of financial development and economic growth. The survey highlights that most empirical studies focus on either testing the role of financial development in stimulating economic growth or examining the direction of causality between these two variables. Although the positive role of finance on growth has become a stylized fact, there are some methodological reservations about the results from these empirical studies. Several key issues unresolved in the literature are highlighted. The paper also points to several directions for future research. [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
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11. EVOLUTIONARY AND NEW GROWTH THEORIES. ARE THEY CONVERGING?
- Author
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Castellacci, Fulvio
- Subjects
EVOLUTIONARY theories ,STOCHASTIC convergence ,ECONOMIC development ,ECONOMICS ,TECHNOLOGICAL innovations - Abstract
This paper presents a critical review of evolutionary and new growth theories. The purpose is to discuss the often-made claim that the two approaches, both inspired by Schumpeter's seminal work, are becoming more and more similar in terms of the sources and mechanisms of the growth process on which they focus. According to this argument, some kind of theoretical convergence between the two paradigms is taking place. Differently from previous surveys of the field, this paper compares evolutionary and new growth theories by focusing on their major theoretical foundations. The discussion leads to the conclusion that the two approaches greatly differ with respect to all of their main theoretical building blocks, and that no convergence between the two paradigms is therefore taking place. This finding should be welcomed by both evolutionary and new growth scholars, because it is the process of interaction and the fruitful exchange of ideas between different approaches that lead to advances in growth theory, not their convergence to a common paradigm. [ABSTRACT FROM AUTHOR]
- Published
- 2007
- Full Text
- View/download PDF
12. Economic Growth in Transition.
- Author
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George, Donald A. R, Oxley, Les, and Carlaw, Ken
- Subjects
ECONOMIC development ,DEVELOPMENT economics ,ECONOMICS ,ECONOMIC policy ,STATICS & dynamics (Social sciences) - Abstract
This paper sets the contributions to this issue in the context of a large and rapidly growing literature. It argues, on theoretical and empirical grounds, that future research should focus on transitional growth dynamics. [ABSTRACT FROM AUTHOR]
- Published
- 2003
- Full Text
- View/download PDF
13. IS FINANCIAL SUPPORT FOR PRIVATE R&D ALWAYS JUSTIFIED? A DISCUSSION BASED ON THE LITERATURE ON GROWTH.
- Author
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Montmartin, Benjamin and Massard, Nadine
- Subjects
PRIVATE sector ,RESEARCH & development ,ECONOMISTS ,ECONOMIC development ,ECONOMICS literature ,BUSINESS enterprises ,ECONOMICS - Abstract
Many economists have long held that market failures create a gap between social and private returns to research and development (R&D), thereby limiting private incentives to invest in R&D. However, this common belief that firms significantly underinvest in R&D is increasingly being challenged, leading the rationale behind public support for private R&D to be questioned. In this paper, we attempt to clarify the perspectives of two sources: the theoretical literature on endogenous growth, and its recent developments in integrating a geographical dimension, and the empirical literature that measures the social returns to R&D in relation to the private returns. Ultimately, we are able to clearly distinguish among different types of market failures and compare their relative impact on the gap between the private and social returns to R&D. Two main conclusions are reached. First, systematic firm underinvestment in R&D is not demonstrated. Second, even though instances of underinvestment do occur, they are mainly explained by surplus appropriability problems rather than by knowledge externalities. This suggests the need for a new policy mix that employs more demand-oriented instruments and is more concentrated on identifying efficient allocations among activities rather than merely increasing global private R&D investment. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
14. THE EVOLUTION OF THE TERM ‘WASHINGTON CONSENSUS’.
- Author
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Marangos, John
- Subjects
ECONOMIC development ,ECONOMICS ,ECONOMIC policy ,CONSENSUS (Social sciences) ,MONEY supply - Abstract
The term ‘Washington Consensus’, as Williamson conceived it, was the lowest common denominator of the reforms that he judged ‘Washington’ could agree were required in Latin America. The term has evolved to denote a different set of policies from those initially conceived. This paper investigates the different versions and interpretations of this controversial term and assesses whether the term itself is suitable and viable or slowly becoming irrelevant and obsolete. Most importantly, the evolution of the term mirrors the evolution of economic thought on economic development for nearly the last two decades. [ABSTRACT FROM AUTHOR]
- Published
- 2009
- Full Text
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15. A NEW VISION OF THE KNOWLEDGE ECONOMY.
- Author
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Chi-ang Lin, Brian
- Subjects
ECONOMIC development ,ENVIRONMENTAL degradation ,SUSTAINABLE development ,ECONOMICS - Abstract
To date, more than half of the output in the major OECD countries has been knowledge based. This paper argues, however, that the current growth-oriented exposition of the knowledge economy rooted in the conventional concept of free competition is insufficient for promoting the long-term development of human societies. Although we now live in a knowledge economy, most countries have been concurrently characterized by serious phenomena such as environmental degradation and growing economic inequality. The prospect of meeting global commitments, for instance, to reducing inequality, as outlined in the 1995 World Summit for Social Development in Copenhagen and endorsed in the United Nations Millennium Declaration, is bleak and the global society as a whole has become less and less sustainable. Indeed, the world is better seen as composed of numerous (but finite) knowledge economies. To take up the challenge of sustainable development of human societies, we have to develop a pluralistic perspective of the knowledge economy and fully acknowledge the characteristics of each unique knowledge system (such as indigenous knowledge possessed by a small tribe). Once we can help each individual knowledge system develop into a specific set of economic institutions that freely exchange concepts and beliefs with each other in a global environment, we will be able to develop a global economy that embodies a value-committed basis that assures a sustainable path of development on earth. [ABSTRACT FROM AUTHOR]
- Published
- 2007
- Full Text
- View/download PDF
16. Financial Markets, Development and Economic Growth: Tales of Informational Asymmetries.
- Author
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Capasso, Salvatore
- Subjects
FINANCIAL markets ,ECONOMICS ,ECONOMIC development ,ECONOMIC indicators ,CONTRACTS ,FINANCIAL institutions ,CAPITAL productivity ,PRODUCTION (Economic theory) ,PRODUCTION functions (Economic theory) ,RESOURCE allocation ,GOVERNMENT productivity ,INDUSTRIAL productivity ,LABOR productivity ,LOANS ,FINANCIAL management ,CHARITABLE uses, trusts, & foundations - Abstract
The development of financial systems is very often characterised by the development of innovative financial contracts which allow a more efficient allocation of resources and a higher level of capital productivity and economic growth. By exploiting the microeconomic theory of the optimal financial contract under asymmetric information, economists have recently managed to shed new light on the well studied issue of the relationship between financial market development and economic growth. This paper reviews the most recent progress of this literature which shows that the amount of information asymmetry in the credit market and the degree of heterogeneity between borrowers (typically firms) and lenders (typically workers or savers) determine the nature of the financial system. Differences in endowments and in the level of information distribution can give rise to very different financial contracts which affect, and in turn are affected, by capital accumulation and growth. [ABSTRACT FROM AUTHOR]
- Published
- 2004
- Full Text
- View/download PDF
17. THE DECADES‐LONG DISPUTE OVER SCALE EFFECTS IN THE THEORY OF ECONOMIC GROWTH.
- Author
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Bond‐Smith, Steven
- Subjects
ECONOMICS ,ECONOMIC development ,ECONOMIES of scale ,RETURNS to scale ,NOBEL Prizes - Abstract
The so‐called "new growth theory" is characterized by the now Nobel Prize winning insight that ideas are a nonrival input to and output from endogenous investment in innovation. Nonrivalry implies increasing returns to scale, but this also unintentionally creates an empirically disputed scale effect that a growing population implies an ever‐increasing growth rate. Empirical evidence supports fully‐endogenous growth without scale effects, but theoretical issues sustain the decades‐long dispute over exactly how to negate the scale effect. This article surveys theoretical approaches to resolving the scale effect and shows how four generations of endogenous growth theory are defined by the maturing of modeling techniques for constraining increasing returns. The synthesis suggests that the dispute over scale effects is really a narrative about how the powerful application of increasing returns has followed a standard theoretical development pattern. This implies that a fourth generation is now emerging that negates the scale effect while retaining fully‐endogenous growth without relying on assumptions of linearity. Instead, the market response to excessive increasing returns to innovation constrains explosive growth by expanding the market, rather than by a linear assumption. This latest class of endogenous growth models may be the final chapter to resolving the long‐running dispute. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
18. How Large Is International Trade’s Effect on Economic Growth?
- Author
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Lewer, Joshua J and Berg, Hendrik Van den
- Subjects
ECONOMIC development ,INTERNATIONAL trade ,GROSS domestic product ,ECONOMICS ,ECONOMIC policy - Abstract
The estimated static welfare gains from international trade are very small, on the order of one percent of GDP. The case for free trade is therefore increasingly linked to trade’s apparent positive effects on economic growth. But how large are these growth effects? The vast empirical literature has emphasized the statistical significance, not the economic significance, of the trade-growth relationship. This survey’s re-examination of the empirical literature focuses on the size of the relationship between trade and growth. Our survey reveals that the many empirical studies are surprisingly consistent in terms of the size of the relationship: A one percentage point increase in the growth of exports is associated with a one-fifth percentage point increase in economic growth. Given the power of compounding, the effect of trade on growth is very important for human welfare. [ABSTRACT FROM AUTHOR]
- Published
- 2003
- Full Text
- View/download PDF
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