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How useful is growth literature for policies in the developing countries?

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  • B. Bhaskara Rao
  • Arusha Cooray

Abstract

Growth literature has focused mainly on the long-term growth outcomes, but policy makers of the developing economies need rapid improvements in the short- to medium-term growth rates. In this article, we argue that this widening gap can be reduced by distinguishing between the short- to medium-term growth effects of policies from their long-run growth effects. With data from Singapore, Malaysia and Thailand, we show that an extended Solow (1956) model can narrow this gap. We find that the short to medium term growth effects of an increase in the investment ratio are quite significant and persist for up to 10 years.

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File URL: http://hdl.handle.net/10.1080/00036846.2010.517188
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 44 (2012)
Issue (Month): 6 (February)
Pages: 671-681

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Handle: RePEc:taf:applec:44:y:2012:i:6:p:671-681

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  1. Neil R. Ericsson & James G. MacKinnon, 1999. "Distributions of error correction tests for cointegration," International Finance Discussion Papers 655, Board of Governors of the Federal Reserve System (U.S.).
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  5. Luintel, Kul B. & Khan, Mosahid & Arestis, Philip & Theodoridis, Konstantinos, 2008. "Financial structure and economic growth," Journal of Development Economics, Elsevier, vol. 86(1), pages 181-200, April.
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  7. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
  8. Acemoglu, Daron & Johnson, Simon & Robinson, James & Thaicharoen, Yunyong, 2003. "Institutional causes, macroeconomic symptoms: volatility, crises and growth," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 49-123, January.
  9. Greiner, Alfred & Semmler, Willi, 2002. "Externalities of investment, education and economic growth," Economic Modelling, Elsevier, vol. 19(5), pages 709-724, November.
  10. Greenwood, Jeremy & Krusell, Per, 2007. "Growth accounting with investment-specific technological progress: A discussion of two approaches," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1300-1310, May.
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