Openness, Human Development, and Fiscal Policies - Effects on Economic Growth and Speed of Adjustment
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.(This abstract was borrowed from another version of this item.)
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Paper provided by International Monetary Fund in its series IMF Working Papers with number 93/59.Length: 0
Date of creation: 01 Jul 1993
Date of revision:
Handle: RePEc:imf:imfwpa:93/59
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Related research
Keywords:Other versions of this item:
- Delano Villanueva, 1994. "Openness, Human Development, and Fiscal Policies: Effects on Economic Growth and Speed of Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 41(1), pages 1-29, March.
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- H5 - Public Economics - - National Government Expenditures and Related Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Dilip Dutta & Nasiruddin Ahmed, 2004.
"Trade liberalization and industrial growth in Pakistan: a cointegration analysis,"
Applied Economics,
Taylor and Francis Journals, vol. 36(13), pages 1421-1429.
- Dilip Dutta & Nasiruddin Ahmed, 2001. "Trade Liberalisation and Industrial Growth in Pakistan: A Cointegration Analysis," ASARC Working Papers 2001-01, The Australian National University, Australia South Asia Research Centre.
- 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.
- Roberto S. Mariano & Delano Villanueva, 2005. "External Debt, Adjustment, and Growth," Working Papers 13-2006, Singapore Management University, School of Economics, revised May 2006.
- 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.
- Roberto Mariano & Delano Villanueva, 2005. "Sustainable External Debt Levels : Estimates for Selected Asian Countries," Macroeconomics Working Papers 22468, East Asian Bureau of Economic Research.
- Aurora Teixeira & Natércia Fortuna, 2003. "Human Capital, Innovation Capability and Economic Growth," FEP Working Papers 131, Universidade do Porto, Faculdade de Economia do Porto.
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