Long-Run Economic Growth In Europe: Is It Endogenous Or Neoclassical?
The growth effects of European economic and monetary intergration and the progress of regional convergence across Europe depend on whether economic in Europe is consistent with a neoclassical or an endogenous growth model. Using annual data from the 1950-1992 period for each of 20 European economies, the paper finds that steady-state real growth rates are generally unaffected by changes in the investment rate, population growth, and government consumption, evidence consistent with neoclassical growth theories. This Strengthens the likelihood of regional (perhaps conditional) convergence, and suggests that the effects of greater monetary and economic unification will be in terms of higher incomes per capita, but not in terms of permanently higher growth rates.[O40,F43]
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Volume (Year): 15 (2001)
Issue (Month): 2 (June)
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