|
on Financial Development and Growth |
| By: | Alfonso ARPAIA; Alessandro TURRINI |
| URL: | http://d.repec.org/n?u=RePEc:ekd:000238:23800006&r=fdg |
| By: | R.N. Ghosh; I. Vanden Driesen |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:94-06&r=fdg |
| By: | Barbara Pistoresi; Alberto Rinaldi |
| Abstract: | This paper analyzes the relationship between external constraint and economic growth in Italy from 1861 to 2000. In particular, it investigates whether the persistent current account deficits in the 1861-1913 years constrained output growth. To this aim it studies the genesis of the current account fluctuations, that is whether these were generated by the dynamics of the GDP or by variations in capital inflows. Using integration and co-integration analysis and the Granger causality testing, it shows that in the long run Italy’s external position is sustainable: the Italian economy seems to have used the external deficits (surpluses) to smooth its aggregate consumption. Moreover in the shorter 1861-1913 sub-period, the persistent current account deficits, financed by foreign capital inflows, do not seem to have curbed economic growth. |
| Keywords: | Current account, economic growth, Italy, Granger causality |
| JEL: | F43 O11 N1 N7 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:mod:dembwp:0011&r=fdg |
| By: | Nabil ANNABI; Simon HARVEY; Yu LAN |
| URL: | http://d.repec.org/n?u=RePEc:ekd:000238:23800004&r=fdg |
| By: | Baotai Wang; Ajit Dayanandan |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002721:272100100&r=fdg |
| By: | Muhammad Shahbaz; Sahbi Farhani; Mohammad Mafizur Rahman |
| Abstract: | The present study investigates the relationship between natural gas consumption and economic growth using Cobb-Douglas production function by incorporating exports, capital and labor as additional factors of production. We applied the ARDL bounds testing approach to test the existence of long run relationship between the series. The VECM Granger approach is implemented to detect the direction of causal relation between the variables. Our results show that variables are cointegrated for long run relationship. The results indicate that natural gas consumption, exports, capital and labor are contributing factors to domestic production and hence economic growth in case of France. The causality analysis indicates that feedback hypothesis is validated between gas consumption and economic growth which implies that adoption of energy conservation policies should be discouraged. The bidirectional causality is also found between exports and economic growth, gas consumption and exports, capital and energy consumption, exports and capital. This study opens up new direction for policy makers to formulate a comprehensive energy policy to sustain economic growth for long span of time in case of France. |
| Keywords: | Exports, Gas Consumption, Growth, France |
| Date: | 2014–09–25 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-583&r=fdg |
| By: | Mehmet ULUBASOGLU; Cem KARAYALCIN |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002596:259600166&r=fdg |
| By: | André DRAMAIS |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003306:330600042&r=fdg |
| By: | ISMIHAN Mustafa; METIN-OZCAN Kivilcim; TANSEL Aysit |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003307:330700071&r=fdg |
| By: | Hasan KIRMANOGLU; Nejat ANBARCI |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003306:330600077&r=fdg |
| By: | Klaus Schmidt-Hebbel (Catholic University of Chile); José-Carlos Tello (Catholic University of Peru) |
| Abstract: | This paper develops a dynamic general-equilibrium political-economy model for the optimal size and composition of public spending. An analytical solution is derived from majority voting for three government spending categories: public consumption goods and transfers (valued by households), as well as productive government services (complementing private capital in an endogenous-growth technology). Inequality is reflected by a discrete distribution of infinitely-lived agents that differ by their initial capital holdings. In contrast to the previous literature that derives monotonic (typically negative) relations between inequality and growth in one-dimensional voting environments, this paper establishes conditions, in an environment of multi-dimensional voting, under which a non-monotonic, inverted U-shape relation between inequality and growth is obtained. This more general result – that inequality and growth could be negatively or positively related – could be consistent with the ambiguous or inconclusive results documented in the empirical literature on the inequality-growth nexus. The paper also shows that the political-economy equilibrium obtained under multi-dimensional voting for the initial period is time-consistent. |
| Keywords: | inequality, endogenous growth, multidimensional voting, endogenous taxation |
| JEL: | D72 E62 H11 H31 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:apc:wpaper:2014-019&r=fdg |