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On Explaining Inter-Country Differences in Economic Growth Rates of OECD countries for 1996-2008: Does Regulatory Quality Matter

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  • Sal AMIRKHALKHALI
  • Atul A. DAR
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    Abstract

    This study empirically examines the role of regulatory quality in explaining the differences in economic growth rates of the twenty three OECD countries over the 1996-2008 period. The model we adopt is a generalized version of the growth accounting, production function model of Solow in which the rate of economic growth is a function of capital and labour accumulation and total factor productivity. In this model, the quality of regulation affects economic growth via its impact on total factor productivity. Our findings do lend support for the view that the better the quality of regulation, the higher rate of economic growth. In particular, our empirical results indicate that countries in which the institutional framework is more conducive to the formulation and implementation of effective regulatory policies also more likely to have better macroeconomic performance.

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    Bibliographic Info

    Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

    Volume (Year): 12 (2012)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:eaa:aeinde:v:12:y:2012:i:2_3

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    Related research

    Keywords: economic growth; total factor productivity; regulatory quality; OECD countries;

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    1. Swamy, P A V B & Tavlas, George S, 1995. " Random Coefficient Models: Theory and Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 165-96, June.
    2. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    3. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May.
    4. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc.
    5. Amirkhalkhali, Saleh & Dar, Atul A, 1993. "Testing for Capital Mobility: A Random Coefficients Approach," Empirical Economics, Springer, vol. 18(3), pages 523-41.
    6. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
    7. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
    8. Pratt, John W. & Schlaifer, Robert, 1988. "On the interpretation and observation of laws," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 23-52.
    9. Sal Amirkhalkhali & Atul Dar, 2003. "On Explaining the Differences in Economic Growth Rates in OECD Countries," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 6(2), pages 147-159, Winter.
    10. Scully, Gerald W, 2002. " Economic Freedom, Government Policy and the Trade-Off between Equity and Economic Growth," Public Choice, Springer, vol. 113(1-2), pages 77-96, October.
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