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Time Series Econometrics of Growth Models: A Guide for Applied Economists

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  • Rao, B. Bhaskara

Abstract

This paper examines the use of specifications based on the endogenous and exogenous growth models for country specific growth policies. It is suggested that time series models based on the Solow (1956) exogenous growth model are useful and they can also be extended to capture the permanent growth effects some variables. Our empirical results, with data from Fiji, show that trade openness and human capital have significant and permanent growth effects. However, these growth effects are small and eventually converge over time.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1547.

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Date of creation: 01 Dec 2006
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Handle: RePEc:pra:mprapa:1547

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Keywords: Endogenous and exogenous growth models; human capital; trade openness; permanent growth effects;

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  1. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers, National Bureau of Economic Research, Inc 3120, National Bureau of Economic Research, Inc.
  2. Neil R. Ericsson & James G. MacKinnon, 2000. "Distributions of Error Correction Tests for Cointegration," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 0561, Econometric Society.
  3. Gene M. Grossman & Elhanan Helpman, 1989. "Quality Ladders in the Theory of Growth," NBER Working Papers, National Bureau of Economic Research, Inc 3099, National Bureau of Economic Research, Inc.
  4. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, Elsevier, vol. 32(3), pages 363-394, December.
  5. Caselli, Francesco & Wilson, Daniel J., 2004. "Importing technology," Journal of Monetary Economics, Elsevier, Elsevier, vol. 51(1), pages 1-32, January.
  6. Kevin Hoover & Harris Dellas, 2003. "Truth and Robustness in Cross-country Growth Regressions," Working Papers, University of California, Davis, Department of Economics 11, University of California, Davis, Department of Economics.
  7. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(2), pages 495-525, May.
  8. William Easterly & Ross Levine & David Roodman, 2004. "Aid, Policies, and Growth: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 94(3), pages 774-780, June.
  9. Simon Feeny, 2005. "The Impact of Foreign Aid on Economic Growth in Papua New Guinea," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 41(6), pages 1092-1117.
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Citations

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Cited by:
  1. Casadio, Paolo & Paradiso, Antonio & Rao, B. Bhaskara, 2011. "Estimates of the Steady State Growth Rates for Ireland," MPRA Paper, University Library of Munich, Germany 30595, University Library of Munich, Germany.
  2. Antonio Paradiso & Saten Kumar & B. Bhaskara Rao, 2011. "The Growth Effects of Education in Australia," Working Papers, Auckland University of Technology, Department of Economics 2011-05, Auckland University of Technology, Department of Economics.
  3. Rao, B. Bhaskara & Antonio, Paradiso, 2010. "How to offset the negative trend growth rate in the Italian economy?," MPRA Paper, University Library of Munich, Germany 26557, University Library of Munich, Germany.
  4. Cooray, Arusha & Paradiso, Antonio & Truglia, Francesco Giovanni, 2013. "Do countries belonging to the same region suggest the same growth enhancing variables? Evidence from selected South Asian countries," Economic Modelling, Elsevier, Elsevier, vol. 33(C), pages 772-779.
  5. Kumar, Saten & Pacheco, Gail, 2012. "What determines the long run growth rate in Kenya?," Journal of Policy Modeling, Elsevier, Elsevier, vol. 34(5), pages 705-718.
  6. Casadio, Paolo & Paradiso, Antonio & Rao, B. Bhaskara, 2011. "Estimates of the steady state growth rates for the Scandinavian countries: a knowledge economy approach," MPRA Paper, University Library of Munich, Germany 31606, University Library of Munich, Germany.
  7. Casadio, Paolo & Paradiso, Antonio & Rao, B. Bhaskara, 2012. "Estimates of the steady state growth rates for some European countries," Economic Modelling, Elsevier, Elsevier, vol. 29(4), pages 1119-1125.
  8. Arusha Cooray & Antonio Paradiso, 2012. "The level and growth effects in empirical growth models for the Nordic countries: A knowledge economy approach," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University 2012-36, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  9. Arusha Cooray & Marcella Lucchetta & Antonio Paradiso, 2013. "A knowledge economy approach in empirical growth models for the Nordic countries," Economics Working Papers, School of Economics, University of Wollongong, NSW, Australia wp13-06, School of Economics, University of Wollongong, NSW, Australia.
  10. Kumar, Saten & Pacheco, Gail, 2010. "What Determines the Long run Growth in Kenya?," MPRA Paper, University Library of Munich, Germany 24338, University Library of Munich, Germany.
  11. Rao, B. Bhaskara & Cooray, Arusha & Hassan, Gazi Mainul, 2011. "Growth effects of education with the extreme bounds analysis: some evidence from Asia," MPRA Paper, University Library of Munich, Germany 32279, University Library of Munich, Germany.

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