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How do national policies affect long-run growth? : a research agenda

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Author Info

  • Easterly, William
  • King, Robert
  • Levine, Ross
  • Rebelo, Sergio

Abstract

The authors suggest that there are important opportunities to empirically evaluate the theoretically predicted channels from policy to growth. They propose a research agenda based on the endogenous growth literature, designed to address the questions: How do national policies affect long-run growth? Which policies strongly affect long-run growth? Do policies explain why some poor countries have stagnated and others have advanced? Do policies explain successive periods of rapid growth and stagnation in the same country? And to what extent do national policies rather than external influences explain the stagnation of many countries in Africa, Latin America, and Asia in the 1980s? The authors discuss five national policies: fiscal policy; monetary policy; trade intervention; financial policies; and openness to foreign capital. Their analytical framework is based on the simple idea that all factors of production can be increased by investing in human or physical capital. Economic growth will be related to policies that affect the incentive to invest and the efficient use of capital and intermediate inputs. Such a framework can be used to consider which policies affect the long-run growth rate rather than affecting simply the level of income once and for all.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 794.

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Date of creation: 31 Oct 1991
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Handle: RePEc:wbk:wbrwps:794

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Related research

Keywords: Governance Indicators; Economic Conditions and Volatility; Achieving Shared Growth; Environmental Economics&Policies; Economic Growth;

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Cited by:
  1. Aikaterini Kokkinou, 2005. "Entrepreneurship, Innovation Activities and Regional Growth," ERSA conference papers ersa05p419, European Regional Science Association.
  2. Clarke, George R. G., 1992. "More evidence on income distribution and growth," Policy Research Working Paper Series 1064, The World Bank.
  3. World Bank, 2007. "Uganda - Moving Beyond Recovery, Investment and Behavior Change, For Growth, Volume 2, Overview," World Bank Other Operational Studies 7574, The World Bank.
  4. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
  5. Easterly, William & de Melo, Martha & Ofer, Gur & DEC, 1994. "Service as a major source of growth in Russia and other former Soviet states," Policy Research Working Paper Series 1292, The World Bank.
  6. Patricio Mujica & Jorge Quiroz, 1992. "Los Determinantes del Crecimiento Económico: la Evidencia Empírica y el Problema de Equivalencia Observacional," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(87), pages 307-328.

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