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National Policies and Economic Growth: A Reappraisal

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Author Info
William Easterly ()

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Abstract

National economic policies’ effects on growth were over-emphasized in the early literature on endogenous economic growth. Most of the early theoretical models of the new growth literature (and even their new neoclassical counterparts) predicted large policy effects, which was followed by empirical work showing large effects. A reappraisal finds that the alleged association between growth and policies does not explain many stylized facts of the postwar era, depends on the extreme policy observations, that the association is not robust to different estimation methods (pooled vs. fixed effects vs. cross-section), does not show up as expected in event studies of trade openings and inflation stabilizations, and is driven out by institutional variables in levels regressions.

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File URL: http://www.cgdev.org/content/publications/detail/2763
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Paper provided by Center for Global Development in its series Working Papers with number 27.

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Length: 63 pages
Date of creation: May 2003
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Handle: RePEc:cgd:wpaper:27

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Keywords: economic policy; economic growth;

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Find related papers by JEL classification:
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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  14. Vatcharin Sirimaneetham & Jonathan Temple, 2006. "Macroeconomic policy and the distribution of growth rates," Bristol Economics Discussion Papers 06/584, Department of Economics, University of Bristol, UK. [Downloadable!]
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  15. Uwe Sunde, 2006. "Wirtschaftliche Entwicklung und Demokratie: Ist Demokratie ein Wohlstandsmotor oder ein Wohlstandsprodukt?," IZA Discussion Papers 2244, Institute for the Study of Labor (IZA). [Downloadable!]
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  16. Evers, Michael & Niemann, Stefan & Schiffbauer, Marc, 2009. "Inflation, Liquidity Risk and Long-run TFP - Growth," Papers DYNREG48, Economic and Social Research Institute (ESRI). [Downloadable!]
  17. Seethepalli, Kalpana & Bramati, Maria Caterina & Veredas, David, 2008. "How relevant is infrastructure to growth in East Asia ?," Policy Research Working Paper Series 4597, The World Bank. [Downloadable!]
  18. Prüfer, P. & Tondl, G., 2008. "The FDI-Growth Nexus in Latin America: The Role of Source Countries and Local Conditions," Discussion Paper 2008-61, Tilburg University, Center for Economic Research. [Downloadable!]
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  21. Raghuram G. Rajan & Arvind Subramanian, 2005. "Aid and Growth: What Does the Cross-Country Evidence Really Show?," NBER Working Papers 11513, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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