Determinants of Economic Growth : A Bayesian Panel Data Approach

• Tác giả: Enrique Moral-Benito
• Ngôn ngữ: eng
• Ký hiệu phân loại: 338.9 Economic development and growth
• Thông tin xuất bản: 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 315954
• Chủ đề: 1. ACCOUNTING; 2. AVERAGE GROWTH; 3. AVERAGE GROWTH RATE; 4. BENCHMARK; 5. CALCULATIONS

Tóm tắt

 Model uncertainty hampers consensus on the key determinants of economic growth. Some recent cross-country, cross-sectional analyses have employed Bayesian Model Averaging to address the issue of model uncertainty. This paper extends that approach to panel data models with country-specific fixed effects. The empirical results show that the most robust growth determinants are the price of investment goods, distance to major world cities, and political rights. This suggests that growth-promoting policy strategies should aim to reduce taxes and distortions that raise the prices of investment goods
  improve access to international markets
  and promote democracy-enhancing institutional reforms. Moreover, the empirical results are robust to different prior assumptions on expected model size.