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Openness, Human Development, and Fiscal Policies: Effects on Economic Growth and Speed of Adjustment

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  • Delano Villanueva

    (International Monetary Fund)

Abstract

The model developed here postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth. Simulation results confirm the model's faster speed of adjustment, and regression analysis finds that a large part of the divergent growth patterns across countries is related to the extent of economic openness, the depth of human development, and the quality of fiscal policies.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 41 (1994)
Issue (Month): 1 (March)
Pages: 1-29

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Handle: RePEc:pal:imfstp:v:41:y:1994:i:1:p:1-29

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Cited by:
  1. Delano P. Villanueva & Roberto S. Mariano, 2007. "External Debt, Adjustment, and Growth," NBER Chapters, in: Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, pages 199-221 National Bureau of Economic Research, Inc.
  2. Delano Villanueva, 1996. "Social and Political Factors in a Model of Endogenous Economic Growth and Distribution: An Application to the Philippines," IMF Working Papers 96/139, International Monetary Fund.
  3. Aurora Teixeira & Natércia Fortuna, 2003. "Human Capital, Innovation Capability and Economic Growth," FEP Working Papers 131, Universidade do Porto, Faculdade de Economia do Porto.
  4. Tarján, Tamás, 2011. "Egyenes vagy S alakú a Jánossy-féle trendvonal?. Hosszú távú egyensúlyi állapot Maddison adatai és az új növekedéselmélet tükrében
    [A simple or an S-shaped Jánossy trend?. A long-te
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 552-564.
  5. Dilip Dutta & Nasiruddin Ahmed, 2004. "Trade liberalization and industrial growth in Pakistan: a cointegration analysis," Applied Economics, Taylor & Francis Journals, vol. 36(13), pages 1421-1429.
  6. Agenor, Pierre-Richard & Izquierdo, Alejandro & Fofack, Hippolyte, 2003. "The integrated macroeconomic model for poverty analysis : a quantitative macroeconomic framework for the analysis of poverty reduction strategies," Policy Research Working Paper Series 3092, The World Bank.
  7. Roberto S. Mariano & Delano Villanueva, 2005. "Sustainable External Debt Levels: Estimates for Selected Asian Countries," Working Papers 07-2005, Singapore Management University, School of Economics.

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