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Book
Year: 1993 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Book
Year: 1993 Publisher: National Bureau of Economic Research
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Book
Year: 1993 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Book
Year: 1993 Publisher: Cambridge, Massachusetts : National Bureau of Economic Research,
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This paper describes the empirical regularities relating fiscal policy variables, the level of development and the rate of growth. We employ historical data, recent cross-section data, and newly constructed public investment series. Our main findings are: (i) there is a strong association between the development level and the fiscal structure: poor countries rely heavily on international trade taxes, while income taxes are only important in developed economies; (ii) fiscal policy is influenced by the scale of the economy, measured by its population; (iii) investment in transport and communication is consistently correlated with growth while the effects of taxation are difficult to isolate empirically.
Economic development --- Fiscal policy --- Economic history --- Econometric models. --- Econometric models.
Book
Year: 1993 Publisher: Washington, D.C. World Bank
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Book
Year: 1993 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Book
Year: 1993 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Much of the new growth literature stresses country characteristics, such as education levels or political stability, as the dominant determinant of growth. However, growth rates are highly unstable over time, with a correlation across decades of .1 to .3, while country characteristics are stable, with cross-decade correlations of .6 to .9. Shocks, especially those to terms of trade, play a large role in explaining variance in growth. These findings suggest either that shocks are important relative to country characteristics in determining long-run growth, or that worldwide technological change determines long-run growth while country characteristics determine relative income levels.
Patents --- Prices --- Econometric models.
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