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Growth empirics: evidence from a panel of annual data


  • Roberto Cellini


The paper shows that the use of annual data pooled into a panel of several countries can be a good choice for analysing the properties of long-term economic growth. Of course, an appropriate regression specification must be considered, to account for the short-run components of such high frequency data. The results point out that conditional convergence is important, as well as physical capital accumulation, in growth process; the human capital accumulation, on the contrary, appears to be no longer significant when country fixed-effects are accounted for. More importantly, the estimates are consistent with very plausible values of the input shares.

Suggested Citation

  • Roberto Cellini, 1997. "Growth empirics: evidence from a panel of annual data," Applied Economics Letters, Taylor & Francis Journals, vol. 4(6), pages 347-351.
  • Handle: RePEc:taf:apeclt:v:4:y:1997:i:6:p:347-351 DOI: 10.1080/135048597355285

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    References listed on IDEAS

    1. Baillie, Richard T & Bollerslev, Tim, 1989. " Common Stochastic Trends in a System of Exchange Rates," Journal of Finance, American Finance Association, vol. 44(1), pages 167-181, March.
    2. Baillie, Richard T & Bollerslev, Tim, 1994. " Cointegration, Fractional Cointegration, and Exchange Rate Dynamics," Journal of Finance, American Finance Association, vol. 49(2), pages 737-745, June.
    3. Diebold, Francis X & Gardeazabal, Javier & Yilmaz, Kamil, 1994. " On Cointegration and Exchange Rate Dynamics," Journal of Finance, American Finance Association, vol. 49(2), pages 727-735, June.
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    Cited by:

    1. Bruno, Giuseppe & De Bonis, Riccardo & Silvestrini, Andrea, 2012. "Do financial systems converge? New evidence from financial assets in OECD countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 141-155.
    2. McDonald, Scott & Roberts, Jennifer, 2006. "AIDS and economic growth: A human capital approach," Journal of Development Economics, Elsevier, vol. 80(1), pages 228-250, June.
    3. Massimiliano Affinito, 2011. "Convergence clubs, the euro-area rank and the relationship between banking and real convergence," Temi di discussione (Economic working papers) 809, Bank of Italy, Economic Research and International Relations Area.
    4. Martín-Mayoral, Fernando, 2008. "¿Existe convergencia entre los países de América Latina?
      [Exist convergence across Latinamerican countries]
      ," MPRA Paper 16039, University Library of Munich, Germany.
    5. Roman Arjona & Maxime Ladaique & Mark Pearson, 2001. "Growth, Inequality and Social Protection," OECD Labour Market and Social Policy Occasional Papers 51, OECD Publishing.
    6. Kazuhiko Kakamu & Mototsugu Fukushige, 2006. "Productivity convergence of manufacturing industries in Japanese MEA," Applied Economics Letters, Taylor & Francis Journals, vol. 13(10), pages 649-653.
    7. Yingqi Wei & Xiaming Liu & Haiyan Song & Peter Romilly, 2001. "Endogenous innovation growth theory and regional income convergence in China," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(2), pages 153-168.
    8. Giuseppe Bruno & Riccardo De Bonis, 2009. "Do financial systems converge? New evidence from household financial assets in selected OECD countries," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring financial innovation and its impact", Basel, 26-27 August 2008, volume 31, pages 383-401 Bank for International Settlements.
    9. Roman Arjona & Maxime Ladaique & Mark Pearson, 2003. "Social Protection and Growth," OECD Economic Studies, OECD Publishing, vol. 2002(2), pages 7-45.
    10. Simon Dixon & Scott McDonald & Jennifer Roberts, 2001. "AIDS and economic growth in Africa: a panel data analysis," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(4), pages 411-426.
    11. Castro, Vitor, 2011. "The impact of the European Union fiscal rules on economic growth," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 313-326, June.
    12. Mansor H. Ibrahim, 2000. "Public And Private Capital Formation And Economic Growth In Malaysia, 1961-1995," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 8(1), pages 21-40, June.

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