In this paper we estimate a model of the determinants of economic and social development that takes seriously three of the criticisms of panel data models in the existing growth literature: that long run coefficients are biased because the lagged dependent variable is not strictly exogenous; that they are biased because of slope coefficient heterogeneity; and that they are biased because of explanatory variable endogeneity. The model indicates that there are strong causal relationships in both directions between on the one hand, economic development, and on the other, social and political development.
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Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number
99/1.
Length: Date of creation: Dec 1998 Date of revision: Handle: RePEc:lec:leecon:99/1
Contact details of provider: Postal: Department of Economics University of Leicester, University Road. Leicester. LE1 7RH. UK Phone: +44 (0)116 252 2887 Fax: +44 (0)116 252 2908 Email: Web page: http://www.le.ac.uk/economics/
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