|
on Financial Development and Growth |
| By: | Douzounet Mallaye; Yogo Thierry Urbain |
| Abstract: | This study addresses the macroeconomic effect of foreign aid on the factors of growth. Specifically, we examine the effects of foreign aid on capital investment (human capital, physical capital) in sub-Saharan Africa. Our methodological approach evaluates |
| Keywords: | foreign aid, physical capital, human capital, panel data, Africa |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2013-103&r=fdg |
| By: | Arndt, Channing; Jones, Sam; Tarp, Finn |
| Abstract: | This paper confirms recent evidence of a positive impact of aid on growth and widens the scope of evaluation to a range of outcomes including proximate sources of growth (e.g., physical and human capital), indicators of social welfare (e.g., poverty and i |
| Keywords: | growth, foreign aid, aid effectiveness, simultaneous equations |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2013-072&r=fdg |
| By: | Fabrizio Patriarca; Claudio Sardoni |
| Abstract: | This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis that the rate of capital depreciation is an increasing function of the degree of capacity utilization. This hypothesis implies analytical results that differ somewhat from those yielded by other Kaleckian models. Our model shows that, in a number of cases, the process of growth can be profit-led rather than wage-led. The model also determines the value to which the degree of capacity utilization converges in the long run. |
| Keywords: | Kaleckian Models of Growth; Capital Accumulation; Capital Depreciation; Income Distribution and Growth |
| JEL: | E12 E25 O40 |
| Date: | 2014–04 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_795&r=fdg |
| By: | Li, Defu; Huang, Jiuli; Zhou, Ying |
| Abstract: | Taking into account the adjustment costs of investment, this paper proves that it is not the neoclassical growth model itself but the specific form of capital accumulation function that requires technical change to exclusively be Harrod neutral in steady state. Uzawa’s(1961)steady-state growth theorem holds only when the marginal efficiency of capital accumulation is constant, which implies that the capital supply is infinitely elastic. Therefore, it is unnecessary to make strong assumptions about the shape of the production function and the direction of technical change for neoclassical growth model to exhibit steady-state growth. |
| Keywords: | Neoclassical Growth Model; Uzawa’s Steady-state Growth Theorem; Direction of Technical Change;Adjustment Cost |
| JEL: | E13 O33 O41 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:55046&r=fdg |
| By: | Österholm, Pär (National Institute of Economic Research); Stockhammar, Pär (National Institute of Economic Research) |
| Abstract: | In this paper, a Bayesian VAR model is used to study the effects of euro area shocks on GDP growth in the small open economy of Sweden. A novel feature is that the new policy uncertainty index of Baker et al.(2013) is introduced in the model. The model behaves well in terms of reasonable impulse response functions. The specific effects of the euro crisis are investigated through a historical decomposition which shows that shocks to euro area GDP growth have been a reasonably important factor for Swedish GDP growth, supporting it during 2010 and holding it back thereafter. Generally, shocks to policy uncertainty have held back Swedish GDP growth during the euro crises. |
| Keywords: | Small open economy; Bayesian VAR; Policy uncertainty index |
| JEL: | C32 F43 |
| Date: | 2014–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nierwp:0134&r=fdg |