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on Financial Development and Growth |
| By: | Jellal , Mohamed |
| Abstract: | We integrate a general social norm function which associates status to accumulation of capital and consumption into a simple model of endogenous growth. We show that societies which place a greater weight on capital as opposed to consumption will experience fast growth.Our results are consistent with those obtained by Baumol(1990) in the context of entrepreneurship and by Fershtman and Weiss (1991 |
| Keywords: | Beliefs ; social incentives; social status; growth |
| JEL: | Z1 D9 O43 Z13 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39157&r=fdg |
| By: | Ulaşan, Bülent |
| Abstract: | In this paper, we revisit the empirical evidence on the relationship between trade openness and long-run economic growth over the sample period 1960-2000. In contrast to previous studies focusing mainly on the period 1970-1990, this paper reassesses the openness-growth nexus over a much longer sample period, enabling us to better account both trade policy stance and long-run growth dynamics. We carry out our empirical investigation by employing various openness measures suggested in the literature rather than relying on a few proxy variables. We also construct three additional composite trade policy indexes directly measuring trade policy stance. Our findings indicate that many openness variables are positively and significantly correlated with long-run economic growth. However, in some cases, this result is driven by the presence of a few outlying countries. Adding to the fragility of the openness-growth association, the significance of openness variables disappears once other growth determinants, such as institutions, population heterogeneity, geography and macroeconomic stability are accounted for. -- |
| Keywords: | Economic Growth,trade openness,outliers,weighted least squares |
| JEL: | F13 F43 O47 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201225&r=fdg |
| By: | Burak Karagöl (Ministry of Development Republic of Turkey); Erkan Erdil (Department of Economics, Middle East Technical University) |
| Abstract: | This paper investigates the effects of ICT on economic growth in Turkey and other OECD member countries. After discussing the theoretical relationships between ICT usage and economic growth, we test the positive impact of ICT revolution on economic growth econometrically. In the empirical part of the study, we perform panel data analyses by employing data sets that belong to 30 OECD member countries for 1999-2008 period as well as carrying out time series analyses for only Turkey by using data between 1980 and 2009. We find out that ICT usage and production have a positive significant effect on economic growth in OECD case. However, due to some methodological difficulties and insufficiency of critical mass regarding ICT area and complementary physical and social infrastructures in Turkey, we cannot find any significant relationship between ICT and economic growth for Turkish case. |
| Keywords: | ICT, economic growth, Turkey, OECD |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:met:stpswp:1205&r=fdg |
| By: | Schimke, Antje |
| Abstract: | This paper investigates empirical evidence on the linkage between entrepreneurial aging of the workforce and firm growth. More precisely, it aims to analyse the impact of aging on employment growth in the context of extreme growth events. Basically, the study is conducted to capture the overall impact of the average age structure and aging effect on employment growth. For the empirical estimation we apply a linked employer-employee dataset providing 2.100 German firms covering the time period from 2001 to 2006. Using quantile regression techniques, the specific quantiles θ of extremely growing (θ 0.90), medium growing (θ 0.50) or shrinking firms (θ 0.10) can be explicitly analysed. The results show, on average, that employment growth seems to decline as the workforce is getting older. Put differently, extreme growth events seem to be less likely when the average aging of the workforce rapidly accelerates. Firm-specific characteristics such as size, industry affiliation and location matter hereby. -- |
| Keywords: | entrepreneurial aging,firm growth,employment growth,extreme growth events,age,workforce |
| JEL: | J11 J21 L26 O33 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kitwps:39&r=fdg |
| By: | Moayedi, Vafa; Aminfard, Matin |
| Abstract: | This study examines the relationship between Japan’s financial structure and the country’s fiscal/monetary policy. Vector Error Correction models are utilized to investigate the effect of policy shocks on financial structure development during a sample period of 48 years. Our findings reveal signs of an existing long-run relationship between policy variables and financial structure. Policymakers in Japan may have effectively influenced Japan’s financial structure development via fiscal and monetary actions. This result strengthens the assumption of a volatile financial structure due to policy interference. This study is the first of its kind and is intended to stimulate further research and debate. |
| Keywords: | Financial Structure; Fiscal Policy; Japan; Monetary Policy; VEC |
| JEL: | E62 E63 |
| Date: | 2011–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39185&r=fdg |