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An essay on economic growth: classical determinants, convergence and financial development

Vieira, Paulo Jorge Baptista
Fonte: Universidade da Madeira Publicador: Universidade da Madeira
Tipo: Dissertação de Mestrado
Publicado em 03/10/2013 ENG
Relevância na Pesquisa
85.69%
This dissertation surveys the literature on economic growth. I review a substantial number of articles published by some of the most renowned researchers engaged in the study of economic growth. The literature is so vast that before undertaking new studies it is very important to know what has been done in the field. The dissertation has six chapters. In Chapter 1, I introduce the reader to the topic of economic growth. In Chapter 2, I present the Solow model and other contributions to the exogenous growth theory proposed in the literature. I also briefly discuss the endogenous approach to growth. In Chapter 3, I summarize the variety of econometric problems that affect the cross-country regressions. The factors that contribute to economic growth are highlighted and the validity of the empirical results is discussed. In Chapter 4, the existence of convergence, whether conditional or not, is analyzed. The literature using both cross-sectional and panel data is reviewed. An analysis on the topic of convergence using a quantile-regression framework is also provided. In Chapter 5, the controversial relationship between financial development and economic growth is analyzed. Particularly, I discuss the arguments in favour and against the Schumpeterian view that considers financial development as an important determinant of innovation and economic growth. Chapter 6 concludes the dissertation. Summing up...

Investment in construction and economic growth: a long-term perspective

Lopes, Jorge
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: Parte de Livro
ENG
Relevância na Pesquisa
85.68%
The role of construction in economic growth and development has been addressed by various writers and international bodies, many of whom have focused in developing countries (Turin, 1973; World Bank, 1984; Wells, 1986; Bon, 1990). Bon (1992), analysed the changing role of the construction sector at various stages of economic development and presented a development pattern for the industry based on the stage of development of a country’s economy. The main aspects of the proposition were that, in the early stages of the economic development, the share of construction in gross domestic product (GDP) increases but ultimately decreases in industrially advanced countries. Turin and Wells, using cross-country comparisons, both found an association between construction investment and economic growth. That finding was consistent with the classical approach in growth theory in which physical capital formation is the main engine of economic growth and development. In the aftermath of the !979-980 oil-shock and the international financial crisis that followed in 1981, most of Sub- Saharan African countries experienced until the mid-1990s a decreasing growth in per capita national income, despite heavy investment in construction and other physical capital over the preceding decade.

Fluxos de capitais externos, crescimento e desenvolvimento econômico: evidências de causalidade; External Capital Flows, Economic Growth and Development: Evidences of Causality.

Pimentel, Luciano Aparecido dos Santos
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 30/03/2007 PT
Relevância na Pesquisa
85.67%
A redução da pobreza é um problema amplamente discutido no mundo. Por meio do crescimento econômico, os países podem melhorar seu padrão de vida e alcançar maiores níveis de desenvolvimento. Com a abertura promovida no contexto da globalização, houve aumento no fluxo de bens e capitais externos para os países em desenvolvimento, favorecendo seu crescimento econômico. Este trabalho buscou identificar relações de causalidade entre fluxos externos, crescimento e desenvolvimento econômico. Foram utilizados indicadores trimestrais e anuais sugeridos na revisão teórica. Os dados trimestrais foram utilizados para construir um modelo de auto-regressão vetorial (VAR), que verificou relações de causalidade entre as variáveis. Os dados anuais foram utilizados para a análise de regressão. Os resultados sugerem que o crescimento econômico apresenta relações de causalidade com investimento interno, poupança, abertura econômica e produtividade. A produtividade, por sua vez, é influenciada pelo capital humano, investimento estrangeiro direto e progresso tecnológico. O desenvolvimento econômico apresentou relações de causalidade com educação e renda (aumento e distribuição de renda).; The poverty reduction is widely discussed around the world. Through the economic growth...

Integração financeira internacional, fluxos internacionais de capitais e crescimento economico : teoria e evidencia; International financial integration, international capital flows and economic growth : theory and evidence

Aderbal Oliveira Damasceno
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 19/12/2008 PT
Relevância na Pesquisa
85.65%
O objetivo desta Tese é realizar uma análise crítica da abordagem convencional acerca das relações entre Integração Financeira Internacional, fluxos internacionais de capitais e crescimento econômico nas economias nacionais. Pretende-se responder às seguintes questões: existe consenso relativo aos fundamentos teóricos suficiente para fundamentar a hipótese de que a Integração Financeira Internacional e os fluxos internacionais de capitais estimulam o crescimento econômico? As evidências empíricas corroboram a hipótese de que a Integração Financeira Internacional e os fluxos internacionais de capitais estimulam o crescimento econômico? A análise da literatura teórica, realizada no Capítulo 1, explicita a ausência de consenso teórico e a fragilidade dos fundamentos teóricos quanto à hipótese de que a Integração Financeira Internacional e os fluxos internacionais de capitais estimulam o crescimento econômico. A análise da literatura empírica, realizada no Capítulo 2, mostra que as evidências existentes não são suficientes para corroborarem a hipótese de que a Integração Financeira Internacional e os fluxos internacionais de capitais estimulam o crescimento econômico. Por fim, no Capítulo 3, faz-se uma ampla investigação econométrica acerca das relações entre Integração Financeira Internacional...

Financial development and economic growth:a panel data approach

Leitão, Nuno Carlos
Fonte: General Association of the Economists in Romania Publicador: General Association of the Economists in Romania
Tipo: Artigo de Revista Científica
Publicado em //2010 ENG
Relevância na Pesquisa
105.66%
The relationship between financial development and economic growth has been studied long time in economics (Adam Smith and Schumpeter). Structural reforms and the integration of financial markets have been attracting the interest of the academic community. This manuscript examines the link between financial development and economic growth. The European Union Countries (EU-27), and BRIC (Brazil, Russia, India and China) were examined, between 1980 and 2006. Using a static and dynamic panel data approach, the results demonstrate that the financial development contribute to economic growth. Our study also consider productivity and trade, these proxies confirm the positive effect on economic growth.

Does financial development promote economic growth?

Venâncio, Sara Filipa Meixedo
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2013 ENG
Relevância na Pesquisa
95.65%
Mestrado em Economia Monetária e Financeira; This study investigates the relationship between financial development and economic growth, using two panel of 17 and 19 developed countries, covering the period from 1980 to 2011 and 2000 to 2011, respectively. This study includes variables that measure the development of the financial sector in order to explain the GDP per capita growth, using modified ordinary least squares, fixed and random effects estimations. The results indicate that domestic credit provided by banking sector and domestic credit to the private sector are (in most estimations) negatively correlated with growth. This may be explained by poor and inefficient credit allocation. The results also show that gross domestic savings and M2 play a significant role in economic growth. Moreover, the ratio non-performing loans/total loans is positively correlated with GDP, particularly for estimations where credit variables were excluded. Little evidence was found from the relationship between liquidity provided by the banking system and capital markets, and economic development.

Financial deepening and economic growth in Mozambique

Emídio, Salvador Vítor de Jesus
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2008 ENG
Relevância na Pesquisa
85.65%
JEL-Codes: O16; F43; In this empirical research, based on Mozambican time series data, we examine the causality between financial deepening and economic growth, in a multivariate VAR structure over a period covering 24 years, from 1980 to 2003. Financial deepening is measured by the ratio of bank deposit liabilities to nominal GDP and is modeled with real per capita income as a proxy of economic development. Specifically, three analyses were undertaken. First, the time series properties of the variables were ascertained with the help of augmented Dickey-Fuller (ADF) unit root procedure. Second, the long run relationship between the variables was examined in the context of VAR and VECM framework, developed by Johansen and Juselius (1990). Finally, weak exogeneity test and Granger-causality tests were undertaken to determine the direction of causality between economic development and financial deepening. The results of the ADF tests indicate that all variable contain a unit root in their level but are stationary at their first differences. The cointegration test suggests that there is a long-run relationship between economic growth and financial deepening and weak exogeneity tests and Granger-causality tests indicate that economic development is causally dependent of financial deepening in Mozambique.; Neste trabalho de pesquisa empírica...

Funding Economic Development: A Comparative Study of Financial Sector Reform in Vietnam and China

Rosengard, Jay K.; Thế Du, Huỳnh
Fonte: United Nations Development Programme and Fulbright Economics Teaching Program Publicador: United Nations Development Programme and Fulbright Economics Teaching Program
Tipo: Research Paper or Report
EN_US
Relevância na Pesquisa
85.69%
Although there is considerable debate among economists as to the impact of financial sector development on economic growth, empirical evidence indicates a strong, direct link between the two. A recent comprehensive review of both the theory and research on this link between financial sector policies and economic development had a clear and unambiguous conclusion on the causal relationship between the two: A growing body of empirical research produces a remarkably consistent narrative: The services provided by the financial system exert a first-order impact on long-run economic growth. Building on work by Bagehot (1873), Schumpeter (1912), Gurley and Shaw (1955), Goldsmith (1969), and McKinnon (1973), recent research has employed different econometric methodologies and data sets in producing three core results. First, countries with better-developed financial systems tend to grow faster. Specifically, countries with (i) large, privately-owned banks that funnel credit to private enterprises and (ii) liquid stock exchanges tend to grow faster than countries with corresponding lower levels of financial development. The level of banking development and stock market liquidity each exerts an independent, positive influence on economic growth. Second...

Health, Demographic Transition and Economic Growth

Jorgensen, Ole Hagen
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
85.68%
This paper develops a link between four central components of the demographic transition: survival rates; fertility decisions; altruistic intergenerational transfers from workers toward their parents; and economic growth. An increase in child survival is found to reduce the fertility rate and altruistic transfers, and thereby increase the savings rate and the productivity growth rate. The analysis illustrates the key role of child health in the demographic transition.

Endowment Structures, Industrial Dynamics, and Economic Growth

Ju, Jiandong; Lin, Justin Yifu; Wang, Yong
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
85.7%
This paper develops a dynamic general equilibrium model to explore industrial evolution and economic growth in a closed developing economy. The authors show that industries will endogenously upgrade toward the more capital-intensive ones as the capital endowment becomes more abundant. The model features a continuous inverse-V-shaped pattern of industrial evolution driven by capital accumulation: As the capital endowment reaches a certain threshold, a new industry appears, prospers, then declines and finally disappears. While the industry is declining, a more capital-intensive industry appears and booms, ad infinitum. Explicit solutions are obtained to fully characterize the whole dynamics of perpetual structural change and economic growth. Implications for industrial policies are discussed.

Foreign Aid, the Real Exchange Rate, and Economic Growth in the Aftermath of Civil Wars

Elbadawi, Ibrahim Ahmed; Kaltani, Linda; Schmidt-Hebbel, Klaus
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
95.64%
Foreign aid, the real exchange rate (RER), and economic growth are three key variables that shape the aftermath of civil wars in many developing countries. Panel estimations drawn from a sample of 39 conflict and 44 nonconflict countries between 1970 and 2004 indicate that although postconflict countries receive larger aid flows and exhibit moderate RER overvaluation after peace is attained, overvaluation cannot be traced to aid. Yet foreign aid is among the significant determinants of the equilibrium RER. Aid is also an important determinant of economic growth, particularly after peace is reached. Aid exhibits decreasing returns, however, and interacts negatively with RER overvaluation. RER overvaluation reduces growth, but this effect is ameliorated by financial development. Postconflict policies should therefore aim to use aid prudently, avoid RER misalignment, and support financial and capital market development to achieve high and stable growth in the aftermath of war and beyond.

Banking Sector Openness and Economic Growth

Bayraktar, Nihal; Wang, Yan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
85.67%
Banking sector openness may directly affect growth by improving the access to financial services and indirectly by improving the efficiency of financial intermediaries, both of which reduce the cost of financing, and in turn, stimulate capital accumulation and economic growth. The objective of the paper is to empirically reinvestigate these direct and indirect links using a more advanced econometric technique (GMM dynamic panel estimators). An illustrative model is presented to link financial market development with investment. The empirical results confirm the presence of direct and indirect links, and thus provide support for countries planning to open their banking sector for international competition.

Does Gender Inequality Hinder Development and Economic Growth? Evidence and Policy Implications

Bandiera, Oriana; Natraj, Ashwini
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
85.7%
Does the existing evidence support policies that foster growth by reducing gender inequality? The authors argue that the evidence based on differences across countries is of limited use for policy design because it does not identify the causal link from inequality to growth. This, however does not imply that inequality-reducing policies are ineffective. In other words, the lack of evidence of a causal link is not in itself evidence that the causal link does not exist. Detailed micro studies that shed light on the mechanisms through which gender inequality affects development and growth are needed to inform the design of effective policies.

Uganda - Demography and Economic Growth in Uganda

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Other Poverty Study
ENGLISH
Relevância na Pesquisa
85.68%
Uganda has one of the youngest and most rapidly growing populations in the world. The most important demographic issue for Uganda is related to the age structure rather than the overall size of its population. A very young population represents a major challenge for Uganda in the short and medium term. In order to change its population age structure faster, Uganda needs to accelerate the demographic transition, namely the shift from high levels of mortality and fertility to low levels of mortality and fertility. Once mortality (especially infant and child) and fertility rates begin to fall, young age dependency ratio will follow the same trend albeit with some lag. This will have positive - and quite possibly major - implications for the economic growth. Given the high fertility and reduced mortality over the last several decades, Uganda's population will be growing rapidly over the next several decades. Uganda's economic future looks brighter under assumptions of demographic change.

Gender and Economic Growth in Kenya : Unleashing the Power of Women

Ellis, Amanda; Cutura, Jozefina; Dione, Nouma; Gillson, Ian; Manuel, Clare; Thongori, Judy
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
85.67%
This report examines the legal, administrative, and regulatory barriers that are preventing women in Kenya from contributing fully to the Kenyan economy. Building on the 2004 Foreign Investment and Advisory Service (FIAS) report, "Improving the Commercial Legal Framework and Removing Administrative and Regulatory Barriers to Investment," this study looks at the bureaucratic barriers facing women in Kenya through a gender lens. The report makes specific recommendations to address gender-related barriers in the context of ongoing government and donor initiatives to encourage private sector development as the key driver of poverty reduction and economic growth, in line with Kenya's Economic Recovery Strategy for Wealth and Employment Creation 2003-2007 (ERS). Addressing these constraints will not only allow women to make a full contribution to the economy but also improve their livelihoods and those of their families and help create a more enabling environment for all businesses in Kenya.

Human development and economic growth as determinants of OECD country's competitiveness

Vaľovská, Zlata
Fonte: CIGEST Publicador: CIGEST
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
85.64%
The competitiveness is often accentuated and its definition in the economic literature review depends on the object. It is evident, that an ability to succeed in the international market is influenced by several factors. Therefore, it is necessary to apply a multidimensional approach to the investigation of a country´s competitiveness and comparing their international position in a competitive ranking. The paper focuses on verification of measured impact of economic growth and also human development of OECD countries on their competitiveness and on the ability to be successful in economic competition. Multivariate classification of OECD countries according selected indicators confirmed a positive relationship between the human development of OECD countries and their competitiveness in the world market. However, the significant impact of economic growth was not confirmed.

What are the mechanisms linking financial development and economic growth in Malaysia?

Ang, James
Fonte: Butterworths Publicador: Butterworths
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
105.6%
This paper estimates a six-equation model of financial development and economic growth for Malaysia to shed light on the mechanisms linking these two variables. The results indicate that financial development leads to higher output growth via promoting bo

Financial sector development and economic growth in Pacific island countries

Chand, Satish
Fonte: Asia Pacific Press Publicador: Asia Pacific Press
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
105.62%
This paper explores the relationship between financial sector development and economic growth in the Pacific island countries. The analysis suggests that the poor state of financial sectors has constrained the mobilisation of savings for growth and therefore restricted economic development in the region. Moreover, past policies to 'assist' financial sector development have been counterproductive. Alternative policy options to achieve the desired results are explored.

Primary commodity export and economic growth in Sub Sahara Africa: Evidence from panel data analysis

Ocran,Matthew Kofi; Biekpe,Nicholas
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2008 EN
Relevância na Pesquisa
95.59%
The paper sought to examine the impact of instability in primary commodity export earnings and the level of commodity dependence on economic growth in Sub Saharan Africa (SSA). Fixed effects panel data estimator was used in the empirical estimation. The findings of the study suggest that there is a negative relationship between instability in export earnings and economic growth. The results also indicate that the level of commodity dependence matter in determining economic growth in the region. The results of the paper have economic development policy implications for SSA economies and these are not farfetched. First, it appears the difficult growth experience of SSA is not solely due to instability in export receipts. The question of continued dependence on a narrow range of primary commodities is also matter of great importance.

Financial development and economic growth: Literature survey and empirical evidence from sub-Saharan African countries

Acaravci,Songul Kakilli; Ozturk,Ilhan; Acaravci,Ali
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/04/2009 EN
Relevância na Pesquisa
105.65%
In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.