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177
Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform,” The
- Journal of Economic Literature
"... Life used to be relatively simple for the peddlers of policy advice in the tropics. Observing the endless list of policy follies to which poor nations had succumbed, any welltrained and well-intentioned economist could feel justified in uttering the obvious truths of the profession: get your macro b ..."
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Cited by 141 (2 self)
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Life used to be relatively simple for the peddlers of policy advice in the tropics. Observing the endless list of policy follies to which poor nations had succumbed, any welltrained and well-intentioned economist could feel justified in uttering the obvious truths of the profession: get your macro balances in order, take the state out of business, give markets free
Productive government expenditures and long-run growth
- Journal of Economic Dynamics and Control
, 1997
"... The purpose of this paper is to review some of the recent developments in endogenous growth models. Specifically, our focus is on the growth effects of productive government spending in dynamic general equilibrium models. We use a simple overlapping genera-tions model as our basic framework and illu ..."
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Cited by 113 (5 self)
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The purpose of this paper is to review some of the recent developments in endogenous growth models. Specifically, our focus is on the growth effects of productive government spending in dynamic general equilibrium models. We use a simple overlapping genera-tions model as our basic framework and illustrate the role of taxes and spending. We then examine several related issues: nonrivalry in publicly provided goods, existence and uniqueness of competitive equilibrium, endogenous public policy, ways of financing public expenditures, composition of publicly provided goods and services, and private alternatives. Finally, we review some empirical results related to output elasticity of public capital and educational expenditures.
The real exchange rate and economic growth
- Brookings Papers on Economic Activity
, 2008
"... I show that undervaluation of the currency (a high real exchange rate) stimulates economic growth. This is true particularly for developing countries. This …nding is robust to using di¤erent measures of the real exchange rate and di¤erent estimation techniques. I also provide some evidence that the ..."
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Cited by 89 (0 self)
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I show that undervaluation of the currency (a high real exchange rate) stimulates economic growth. This is true particularly for developing countries. This …nding is robust to using di¤erent measures of the real exchange rate and di¤erent estimation techniques. I also provide some evidence that the operative channel is the size of the tradable sector (especially industry). These results suggest that tradable goods su¤er disproportionately from the government or market failures that keep poor countries from converging towards higherincome levels. I present two categories of explanations as to why this may be so, focusing on (a) institutional weaknesses, and (b) product-market failures. A formal model elucidates the linkages between the level of the real exchange rate and the rate of economic growth. 1
Public Spending and Outcomes: Does Governance Matter?" World Bank Policy Research Working Paper 2840. Washington D.C
, 2002
"... This paper examines the role of governance---measured by level of corruption and quality of bureaucracy--- and ask how it affects the relationship between public spending and outcomes. Our main innovation is to see if differences in efficacy of public spending can be explained by quality of governan ..."
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Cited by 68 (0 self)
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This paper examines the role of governance---measured by level of corruption and quality of bureaucracy--- and ask how it affects the relationship between public spending and outcomes. Our main innovation is to see if differences in efficacy of public spending can be explained by quality of governance. We find that public health spending lowers child and infant mortality rates in countries with good governance. Our results also indicate that as countries improve their governance, public spending on primary education becomes effective in increasing primary education attainment. These findings have important implications for enhancing the development effectiveness of public spending. The lessons are particularly relevant for developing countries, where public spending on education and health is relatively low, and the state of governance is often poor. Keywords: Child mortality; Education attainment; Governance; Infant mortality; Public spending.
The Real Exchange Rate and Economic Growth: Theory and Evidence,” Kennedy School of Government manuscript
- Center for Global Development
, 2007
"... I provide evidence that undervaluation (a high real exchange rate) stim-ulates economic growth. This is true particularly for developing countries, suggesting that tradable goods su¤er disproportionately from the distortions that keep poor countries from converging. I present two categories of expla ..."
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Cited by 58 (2 self)
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I provide evidence that undervaluation (a high real exchange rate) stim-ulates economic growth. This is true particularly for developing countries, suggesting that tradable goods su¤er disproportionately from the distortions that keep poor countries from converging. I present two categories of expla-nations as to why this may be so, focusing on (a) institutional/contractual weaknesses, and (b) market failures. A formal model elucidates the linkages between the level of the real exchange rate and the rate of economic growth. 1
Tax structure and economic growth
- Journal of Public Economics
, 2005
"... Abstract Past theoretical work predicts that higher corporate tax rates should decrease economic growth rates, while the effects of high personal tax rates are less clear. In this paper, we explore how tax policies in fact affect a country's growth rate, using cross-country data during 1970-19 ..."
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Cited by 57 (0 self)
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Abstract Past theoretical work predicts that higher corporate tax rates should decrease economic growth rates, while the effects of high personal tax rates are less clear. In this paper, we explore how tax policies in fact affect a country's growth rate, using cross-country data during 1970-1997. We find that statutory corporate tax rates are significantly negatively correlated with cross-sectional differences in average economic growth rates, controlling for various other determinants of economic growth, and other standard tax variables. In fixed-effect regressions, we again find that increases in corporate tax rates lead to lower future growth rates within countries. The coefficient estimates suggest that a cut in the corporate tax rate by 10 percentage points will raise the annual growth rate by one to two percentage points.
Flight Capital as a Portfolio Choice
- IMF Working Paper WP/99/171. International Monetary Fund
, 1999
"... In this paper we estimate the stock of flight capital held abroad, and compare it with the stock of real (non-financial) capital held within a country. This is of interest for two reasons. At the aggregate level, many of the problems commonly associated with capital flight are more closely associate ..."
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Cited by 51 (0 self)
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In this paper we estimate the stock of flight capital held abroad, and compare it with the stock of real (non-financial) capital held within a country. This is of interest for two reasons. At the aggregate level, many of the problems commonly associated with capital flight are more closely associated with large proportions of real wealth held abroad than with the magnitude of annual
Ownership risk, investment, and the use of natural resources
- American Economic Review
, 2000
"... The effect of insecure ownership on ordinary investment and on the exploitation of natural resources is examined. Insecure ownership is characterized as a positive probability that a typical asset or its future return will be confiscated. For empirical analysis, the probability of confiscation is mo ..."
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Cited by 47 (4 self)
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The effect of insecure ownership on ordinary investment and on the exploitation of natural resources is examined. Insecure ownership is characterized as a positive probability that a typical asset or its future return will be confiscated. For empirical analysis, the probability of confiscation is modeled as a function of observable political attributes of countries, principally the type of government regime in power (democratic versus non-democratic) and the prevalence of political violence or instability. A general index of ownership security is estimated from the political determinants of economy wide investment rates, and then introduced into models of petroleum and forest use. Ownership risk is found to have a significant, and quantitatively important effect. Empirically, increases in ownership risk are associated with reductions in forest cover and with slower rates of petroleum exploration. Contrary to conventional wisdom, greater ownership risk tends to slow rates of petroleum extraction, apparently because the extraction process is capital intensive.
Africa’s Exodus: Capital Flight and the Brain Drain as Portfolio Decisions
- Journal of African Economies
, 2004
"... World Bank. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Centre for the Study of African Economies. ..."
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Cited by 37 (1 self)
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World Bank. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. Centre for the Study of African Economies.
Public Capital and Economic Growth: Issues of Quantity, Finance and Efficiency. Economic Development and Cultural Change 48(2
- Finance and Efficiency’, Economic Development and Cultural Change
, 2000
"... In the past decade, a large body of theoretical and empirical research has considered the importance of the quantity of public capital for economic growth. For the most part, the empirical results of this line of research point to a positive role for public capital in determining steady state levels ..."
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Cited by 32 (0 self)
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In the past decade, a large body of theoretical and empirical research has considered the importance of the quantity of public capital for economic growth. For the most part, the empirical results of this line of research point to a positive role for public capital in determining steady state levels of output per capita and transitional growth rates. At the same tin-~, other work has pointed out the importance