Dissertations / Theses on the topic 'Endogenous growth (Economics) – Mathematical models'

This PhD. dissertation consists of three essays to fill some gaps in the recent research in international trade and endogenous growth theory. The first essay explores the dynamic effect of interaction of research and development (R&D) activities among countries on endogenous economic growth. It attempts to fill the gap between the current endogenous growth research focused on independent R&D activities and decision-making in the international competition and the interdependent R&D competition in reality. This paper finds that the growth rates, welfare, and investment on R&D in the world do differ between independent R&D activity and interdependent R&D activities among countries. The welfare for each country in the open-loop Nash equilibrium is higher than that of the Markov-perfect Nash equilibrium, and both are lower than that in the cooperative game. The model shows that the ability to commit turns out to make every country better off. The interesting results are that when an increase in the number of countries does increase the growth rate in the open-loop Nash equilibrium, it is very possible to have the negative effect on the growth rate in the Markov-perfect equilibrium. Particularly, the model shows that the tendency of free-ride rises with more countries in the competition. The more general models with durable physical capital, and with the endogenous rate of time preference following Uzawa-Epstein tradition, also prove these conclusions.
The second essay turns to the Samuelson-Diamond overlapping generation paradigm, a finite-horizon overlapping generations model with education proposed by Michel (1993). The focus is shifted to the effect of trade on growth. It turns out that when trade affects the formation of human capital, endogenous growth is possible even in the simplest economy with a single sector and constant returns to scale technologies, which is opposite from Boldrin's (1992) and Jones and Manuelli's (1992) results.
While the existing theory of trade under oligopolistic competition is mostly static in nature, the third essay fills this gap by modeling international trade under oligopoly in a dynamic setting. This essay adopts the dynamics in the model provided by allowing the demand curve to shift over time as a result of "habit formation". It shows that when the importing country is committing to a policy of voluntary import expansions (VIEs), in the certain condition (i.e. k > 1), VIEs can improve the global welfare, the welfare of the importing country, and the profit of both firms. So, in a sense, voluntary import expansion is truly voluntary.

This thesis presents a survey of the development of economic growth theory, including the latest developments in the relationship between international economic integration through international flows of goods and/or knowledge and endogenous economic growth. Based on the following literature review, a new and more reasonable model for the research and development (i.e., the R&D) sector--a sector which is considered the source of long-run growth--is offered in order to develop and improve the framework built by Rivera-Batiz and Rome (1991), i.e. the RBR model. This new model will make the RBR framework more complete and rational. In this new model, it is proved that any form of economic integration will increase the long-run rate of growth, and these results are compared with those of the RBR. Moreover, Devereux and Lapham's efforts to find some dynamic analysis along the transitional path under two different situations: knowledge flows only, and both goods and knowledge flows, are continued in the same model. It is found that when only knowledge is allowed to flow across borders, economic integration generates corner solutions for the production of the R&D sector, while this does not happen when complete goods and knowledge flows exist. However, the real balanced growth rates in these diverse situations are higher than they are in autarky.

Elections---often to a considerable degree---influence the fiscal policies pursued by governments installed on the basis of their results. Nonetheless, government behaviour is typically modelled exogenously, usually by means of a benevolent, permanently installed "social planner." However, since fiscal policies, devised by democratically elected governments, complement the decentralised pricing system, which---as shown by Samuelson (1954)---is incapable of optimally allocating both private and public goods, the social-planner approach is viewed as being an unsatisfactory tool for the purpose of describing the political aspects of economic decisions.
In the absence of a "first-best," Pareto-optimal tax system, fiscal policies are implemented as a result of inter-household "conflicts" over tax rates and public spending. In order to be able to overcome the theoretical difficulties encountered in previous contributions to the Economic Theory of Politics, this text will propose a model that explicitly depicts---"democratically aggregated"---political decisions made on the level of every individual.
In this thesis, it will be shown that (i) a country's overall budget can be derived endogenously without relying on the theoretical shortcut of interpersonal preference aggregation, (ii) electoral fluctuations be explained on the basis of the changes to the individuals' particular income and wealth situations, (iii) political behaviour be described in terms of votes and abstentions as well as party membership and ideology, and (iv) the crucial importance of a country's wealth distribution be discussed in the context of economic stability and the role of government.

The dissertation suggests that geographical, institutional, religious and cultural links may be determinants of growth. We address a number of issues in this thesis. The starting point is naturally a study on growth, while the main focus is on the analysis of inequalities between countries with respect to their environment, and also on inequalities within countries.

The very first step of the study, presented in Chapter one, is to build such non-physical relations between countries. In this chapter, we present both the choices and methods used to model the institutional and cultural weights matrices. Chapter 1 also presents a comparative study between the different matrices built. The final aim of this chapter is to identify the differences between the geographical, institutional and cultural environment.

The following chapter incorporates these innovative new types of matrices in a study on growth. An externality growth model is therefore developed that takes proximities between entities into account, whether geographical, institutional or cultural. The purpose of the chapter is threefold. First, it compares the results obtained from spatial econometrics methods with classical regression, where observations of growth are considered as independent. Second, it examines whether the development of an externality model improves the quality of the estimation. Third, it investigates whether the institutional and cultural types of proximity make sense compared to the geographical one.

Chapter 3 narrows the analysis of countries’ dependency with regard to their neighborhood, whether geographical, institutional or religious, and a quintile regression approach allows us to check whether the countries' wealth level matters. Do the poorest countries react in the same way as richer ones regarding the wealth of their geographical, institutional and religious neighbors? The gross impact of neighboring wealth on a country’s wealth is then estimated, and some relative effects of the three matrices combined are also shown, as well as the robustness of the estimates.

Finally, Chapter 4 analyzes the dependence of poverty regarding neighborhood. The relative wealth and poverty of the neighborhood are examined as factors that can influence a country’s poverty level. The poverty index used is the proportion of people living on less than one or two dollars a day. The study only considers the developing countries as data for the developed countries on the proportion of this variable is near zero. Once again, the final aim is to check whether a country’s poverty is exacerbated by its geographical, institutional and religious neighborhood poverty or if it takes advantage of neighborhood wealth to manage its own poverty issues.

Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

O presente trabalho tem como objetivo descrever o sistema produtivo e quantificar as fontes de crescimento da orizicultura no Mato Grosso, em competição com a cotonicultura, a milhocultura e a sojicultura, no período de 1980 a 2001. Nota-se grandes avanços tecnológicos empregados na cultura do arroz sob o sistema terras altas, diminuindo a diferença produtiva entre este e o arroz irrigado. Diante destas alterações e da carência de informações no tocante ao cultivo de terras altas, são necessários estudos que demonstrem essas alterações de forma sistematizada. Utilizou-se a metodologia “shift-share” na mensuração das fontes de crescimento das atividades agrícolas, tendo como fatores explicativos da evolução da produção os efeitos área, rendimento, composição da produção e localização geográfica. As alterações na área cultivada das culturas foram quantificadas pelos efeitos escala e substituição, realizadas na análise individual por cultura. Com enfoque no arroz, as demais culturas estudadas foram o algodão, o milho e a soja, escolhidas por competirem em maior grau com o arroz na ocupação da área agrícola. Apesar das pastagens apresentarem grande relação com a orizicultura, estas não foram incluídas no estudo, devido à ausência de informações referentes à área e ao rendimento para as microrregiões em todo o período. Verificou-se que o arroz de terras altas continua carregando o estigma de abertura de área para domesticação da terra e posterior substituição pela cultura da soja ou pastagens. A orizicultura tem seu uso também relacionado à recuperação de pastagens e rotação com soja. As culturas do algodão e do milho pouco se relacionam diretamente com o arroz, ao contrário da soja e das pastagens. Constataram-se alguns entraves ao desenvolvimento da orizicultura no estado, como a oferta insuficiente de sementes, problemas de mistura varietal na principal variedade cultivada no estado, assim como a falta de estrutura de secagem e armazenagem própria dos produtores, ocasionando dificuldades na comercialização. Todas as culturas analisadas tiveram crescimento da produção de 1980 a 2001. A cultura do arroz apresentou crescimento da produção à taxa de 2,4% a.a., devido aos efeitos rendimento e localização geográfica, enquanto o efeito área foi negativo à taxa de 0,99% a.a.. A cultura do arroz foi a única a ceder área agrícola para as demais culturas (208.003 ha), na década de 1980. Os efeitos composição da produção (4,56% a.a.) e área (4,04% a.a.) foram os mais importantes na explicação do crescimento do valor da produção das culturas no estado no período de 1980 a 2000; os efeitos rendimento e localização geográfica também foram positivos. Esses resultados indicam que o crescimento do valor da produção decorre de uma alteração na composição das culturas, ao se substituir ou aumentar a área plantada com culturas mais rentáveis, e decorre também da incorporação de novas áreas, verificada na década de 1990. A elevação do rendimento (3,83% a.a.) indica o aumento da produtividade das culturas e o efeito localização geográfica (0,72% a.a.) denota a mudança de cultivo para regiões que apresentam melhores condições de cultivo, como solo e condições climáticas.
The current study aims to describe the rice production system and to quantify its sources of growth in the state of Mato Grosso, while competing with cotton, corn and soybean crops, between 1980 and 2001. Great technological advances have been observed in upland rice growing, reducing productive differences between the upland and the irrigated rice. In face of these changes and the lack of information regarding the upland rice, studies showing these alterations in a systematized way are required. The shift-share approach was used to measure the sources of growth of agricultural activities, having as determining factors of production increase the area, yield, crop combination and geographical location effects. Changes in the cultivated area were quantified by the scale and substitution effects, in the individual analysis by culture. Cotton, corn, soybean and rice were the cultures studied, with emphasis to the last one. They were chosen due to the large degree of competition with rice in the utilization of the agricultural area. Despite the strong relation between rice and pastures, they were not included in this study. It is due to the lack of information regarding the area and the yield of pastures in those micro-regions, during the analyzed period. It was observed that the upland rice still has a stigma of opening up rural areas, for domestication of land and following substitution by soybean plantation or pasture. Rice growing is also related to pasture recovery and soybean rotation. Its relation with corn and cotton growing, in turn, is not as direct. Some obstacles to the development of rice cultivation in the state of Mato Grosso were detected. As examples: the insufficient supply of seeds; varietal mixture problems in the major variety cultivated in the state; the lack of drying and storage structures for the growers, which hampers commercialization. All of the cultures analyzed registered an increase of production from 1980 to 2001. Rice production grew at an annual average rate of 2.4%, due to yield and geographical location effects, while the area effect was negative by 0.99% per year. Rice was the only culture that transferred agricultural area to the others (208,003 ha) in the eighties. The crop combination (4.56% per year) and the area (4.04% per year) effects were the most important effects in the explanation of production value growth of these crops, from 1980 to 2000, in Mato Grosso. Yield and geographical location effects were also positives. These results indicate that the production value growth derives from an alteration in crops combination – when the plantation is substituted or the area cultivated with a more profitable culture is expanded. It derives, as well, from the aggregation of new areas, as observed in the nineties. The increase of yield (3.83% per year) indicates the growth of these crops productiveness. The geographical location effect (0.72% per year) denotes a move of the cultivation to regions that present better growing conditions, as soil and weather conditions.

Lee Sui Fung.
Thesis (M.Phil.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 59-62).
Abstract also in Chinese.
Declaration --- p.i
Acknowledgement --- p.ii
Table of Contents --- p.iii
List of Illustrations --- p.v
Notation --- p.vi
Chapter Chapter 1 --- Introduction
Chapter 1.1. --- Chapter Preview --- p.1
Chapter 1.2. --- Literature Review --- p.1
Chapter 1.2.1. --- The Development of Research on Endogenous Growth Model --- p.1
Chapter 1.2.2. --- The Development of Research on Dependent-Economy Model --- p.3
Chapter 1.2.3. --- The Development of Research on Capital Accumulation and Economic Growth --- p.4
Chapter 1.3. --- Thesis Objectives --- p.6
Chapter 1.4. --- Organization of the Thesis --- p.7
Chapter 1.5. --- Chapter Summary --- p.8
Chapter Chapter 2 --- The Endogenous Growth Model
Chapter 2.1. --- Chapter Preview --- p.10
Chapter 2.2. --- Theoretical Framework --- p.10
Chapter 2.3. --- Determination of Macroeconomic Equilibrium --- p.16
Chapter 2.3.1. --- Static Allocation Conditions --- p.17
Chapter 2.3.2. --- Macrodynamic Equilibrium --- p.18
Chapter 2.4. --- Chapter Summary --- p.21
Chapter Chapter 3 --- The Steady-State Equilibrium
Chapter 3.1. --- Chapter Preview --- p.24
Chapter 3.2. --- Conditions for Steady-State Equilibrium --- p.24
Chapter 3.2.1. --- Existence and Uniqueness of Balanced Growth Equilibrium --- p.25
Chapter 3.3. --- Long-Run Adjustment --- p.26
Chapter 3.4. --- Application of the Model --- p.31
Chapter 3.4.1. --- Increase in the Costs of Borrowing --- p.31
Chapter 3.4.2. --- Increase in the Rate of Time Preference --- p.32
Chapter 3.4.3. --- Increase in Domestic Productivity --- p.33
Chapter 3.5. --- Chapter Summary --- p.33
Chapter Chapter 4 --- The Transitional Dynamics
Chapter 4.1. --- Chapter Preview --- p.35
Chapter 4.2. --- Derivation of Transitional Adjustment Paths --- p.35
Chapter 4.3. --- Characterisation of the Transitional Dynamics --- p.38
Chapter 4.3.1. --- Increase in the Costs of Borrowing --- p.41
Chapter 4.3.2. --- Increase in the Rate of Time Preference --- p.43
Chapter 4.4. --- Chapter Summary --- p.45
Chapter Chapter 5 --- Conclusions --- p.46
Appendix1 --- p.52
Appendix2 --- p.58
References --- p.59

Suen Ming-hon.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 46-49).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iii
Table of Contents --- p.iv
Introduction --- p.1
Chapter Chapter 1 --- The Benchmark Model --- p.9
Chapter 1.1 --- The Model --- p.9
Chapter 1.2 --- Comparative Statics --- p.12
Chapter 1.3 --- Local Stability --- p.13
Chapter Chapter 2 --- Long-Run Relationships Between Money and Growth --- p.14
Chapter 2.1 --- The Money-in-the-Utility-Function (MIUF) Model --- p.15
Chapter 2.2 --- The Cash-in-Advance (CIA) Model --- p.19
Chapter 2.2.1 --- The Clower-Lucas Model --- p.20
Chapter 2.2.2 --- The Stockman Model --- p.22
Chapter 2.3 --- The Pecuniary Transactions Costs (PTC) Model --- p.26
Chapter Chapter 3 --- Transitional Dynamics --- p.31
Chapter 3.1 --- The Money-in-the-Utility-Function (MIUF) Model --- p.31
Chapter 3.2 --- The Cash-in-Advance (CIA) Model --- p.32
Chapter 3.2.1 --- The Clower-Lucas Model --- p.32
Chapter 3.2.2 --- The Stockman Model --- p.33
Chapter 3.3 --- The Pecuniary Transactions Costs (PTC) Model --- p.34
Chapter Chapter 4 --- Conclusion --- p.37
Mathematical Appendix
Chapter A.1 --- The Benchmark Model --- p.39
Chapter A.2 --- The Money-in-the-Utility-Function (MIUF) Model --- p.39
Chapter A.3 --- The Cash-in-Advance (CIA) Model --- p.40
Chapter A.3.1 --- The Clower-Lucas Model --- p.40
Chapter A.3.2 --- The Stockman Model --- p.41
Chapter A.4 --- The Pecuniary Transactions Costs (PTC) Model --- p.43
Table 1 Summary of Findings --- p.45
Reference --- p.45

Lee Man Fai.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2002.
Includes bibliographical references (leaves 34-37).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iii
Table of Contents --- p.iv
List of Propositions --- p.v
List of Appendices --- p.vi
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Literature Review --- p.3
Chapter 3. --- Money-in-the-Utility Function Models --- p.9
Chapter 3.1 --- Simple Sidrauski Model --- p.11
Chapter 3.2 --- Augmented Sidrauski Model --- p.12
Chapter 4. --- Cash-in-Advance Models --- p.14
Chapter 4.1 --- Separable Utility Functions --- p.15
Chapter 4.1.1 --- The Clower-Lucas CIA Model --- p.15
Chapter 4.1.2 --- The Stockman CIA Model --- p.17
Chapter 4.2 --- Non-Separable Utility Functions --- p.20
Chapter 4.2.1 --- The Clower-Lucas CIA Model --- p.21
Chapter 4.2.2 --- The Stockman CIA Model --- p.22
Chapter 4.2.3 --- Special Case --- p.24
Chapter 5. --- Conclusion --- p.27
Chapter 6. --- Appendices --- p.29
Chapter 7. --- References --- p.34

博士
國立中正大學
國際經濟研究所
88
This dissertation uses endogenous growth theories to highlight how the foreign military threat, the government’s resource allocation, and defense spending will effect on economic growth. Chapter two examines the effect of an anticipated foreign military threat on the rate of steady-state growth and the transitional behavior of the economy. It is found that the key factor determining the steady-state and the transitional effects of a rise in the foreign military threat on the home weapon-capital ratio, the consumption-capital ratio, and the rate of economic growth is the degree of relative risk aversion. In chapter three, an endogenous growth model is proposed to examine how the government’s resource allocation between the defense and non-defense sectors will govern both economic growth and social welfare. We demonstrate that there exists an optimal defense expenditure share to maximize the economic growth rate, but this rate is smaller than the welfare-maximizing one. This result can be viewed as a possible vehicle to explain why in many developing countries arms limitation and disarmament negotiations usually have low performance. Chapter four presents an endogenous growth model embodying the view of social status, and uses it to examine the linkage between military expenditures and economic growth. Within the framework, it is found both the desire for social status and the supply-side externality effect will govern the effect of a rise in military spending on the sustained growth rate. Specifically, if the desire for wealth-induced social status is absent, an increase in the defense burden tends to favor the steady-growth rate. On the other hand, when the defense sector has no externality on the private sector but the desire for social status is present, an increase in defense burden will lower the balanced growth rate. However, when both the supply-side effect and the channel of social status are absent, a rise in defense burden has a neutral effect on economic growth. Our results confirm the inconsistent empirical conclusion on the Benoit’s hypothesis.

Chan Chung Yan.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2004.
Includes bibliographical references (leaves 57-59).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iv
Table of Contents --- p.v
List of Figures --- p.vi
Chapter 1. --- Introduction --- p.1
Chapter 2. --- An Illustration with a Small Open Economy Model
Chapter 2.1 --- Review of Obstfeld (1990) --- p.4
Chapter 2.2 --- A Model with Socially-Determined Time Preference --- p.6
Chapter 3. --- Small Open Economy Models with Socially-Determined Time Preference --- p.15
Chapter 3.1 --- The Laursen-Metzler Effect --- p.16
Chapter 3.2 --- Exchange-Rate Dynamics --- p.21
Chapter 3.3 --- Capital Mobility and Devaluation --- p.28
Chapter 4. --- Dynamics of a Small Open Economy Model with Non-Flat Bond Curves --- p.35
Chapter 4.1 --- Downward-Sloping Bond Curve --- p.38
Chapter 4.2 --- Upward-Sloping Bond Curve --- p.38
Chapter 5. --- Investment and Saving in a Small Open Economy Model with Capital Accumulation
Chapter 5.1 --- The Model --- p.41
Chapter 5.2 --- Productivity Shocks --- p.46
Chapter 6. --- Saddle-Path Stability of a Closed Economy Growth Model --- p.49
Chapter 7. --- Conclusion --- p.54
References --- p.57
Appendix --- p.60

Thesis (Ph.D.)--York University, 2005. Graduate Programme in Economics.
Typescript. Includes bibliographical references (leaves 162-172). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNR11639

Moy Hon-man.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2005.
Includes bibliographical references (leaf 62).
Abstracts in English and Chinese.
Chapter 1 --- Introduction and Literature Review --- p.1
Chapter 1.1 --- Introduction --- p.1
Chapter 1.2 --- Literature Review --- p.4
Chapter 2 --- Non-optimizing Model with Illegal Migrants --- p.9
Chapter 2.1 --- One-sector Non-optimizing Model --- p.9
Chapter 2.1.1 --- Illegal Migrants --- p.9
Chapter 2.1.2 --- Production --- p.10
Chapter 2.1.3 --- Equilibrium Analysis --- p.11
Chapter 2.2 --- Two-sector Non-optimizing Model: Illegal Migrants in Consump- tion Sector --- p.12
Chapter 2.2.1 --- Production --- p.13
Chapter 2.2.2 --- Total Output and Law of Motion for Capital --- p.14
Chapter 2.2.3 --- Equilibrium Analysis --- p.15
Chapter 2.3 --- Two-sector Non-optimizing Model: Illegal Migrants in Invest- ment Sector --- p.17
Chapter 2.3.1 --- Production --- p.17
Chapter 2.3.2 --- Total Output and Law of Motion for Capital --- p.18
Chapter 2.3.3 --- Equilibrium Analysis --- p.18
Chapter 2.4 --- Two-sector Non-optimizing Model: Illegal Migrants in both Sectors --- p.20
Chapter 2.4.1 --- Production --- p.20
Chapter 2.4.2 --- Total Output and Law of Motion for Capital --- p.21
Chapter 2.4.3 --- Equilibrium Analysis --- p.22
Chapter 2.5 --- Parameterizing the Two-sector Non-optimizing Models --- p.24
Chapter 2.6 --- Simulation Results: Two-sector Non-optimizing Models --- p.25
Chapter 3 --- One-sector Optimizing Model with Illegal Migrants --- p.28
Chapter 3.1 --- One-sector Optimizing Model with Exogenous Wage --- p.28
Chapter 3.1.1 --- Production --- p.28
Chapter 3.1.2 --- The Maximization Problem --- p.29
Chapter 3.2 --- One-sector Optimizing Model with Endogenous Wage: The Hazari Sgro Model with Illegal Migrants --- p.32
Chapter 3.2.1 --- The Basic Structure --- p.32
Chapter 3.2.2 --- Equilibrium Analysis --- p.34
Chapter 3.2.3 --- Parameterizing the Model --- p.36
Chapter 4 --- Two-sector Optimizing Model with Illegal Migrants --- p.38
Chapter 4.1 --- Two-sector Optimizing Model with Exogenous Wage: Illegal Migrants in Consumption Sector --- p.38
Chapter 4.1.1 --- Production --- p.38
Chapter 4.1.2 --- The Maximization Problem --- p.39
Chapter 4.2 --- Two-sector Optimizing Model with Exogenous Wage: Illegal Mi- grants in Investment Sector --- p.42
Chapter 4.2.1 --- Production --- p.42
Chapter 4.2.2 --- The Maximization Problem --- p.43
Chapter 4.3 --- Two-sector Optimizing Model with Exogenous Wage: Illegal Mi- grants in both Sectors --- p.45
Chapter 4.3.1 --- Production --- p.46
Chapter 4.3.2 --- The Maximization Problem --- p.46
Chapter 4.4 --- Analytical Insights --- p.49
Chapter 4.5 --- Two-sector Optimizing Model with Endogenous Wage: Illegal Migrants in Consumption Sector --- p.50
Chapter 4.6 --- Two-sector Optimizing Model with Endogenous Wage: Illegal Migrants in Investment Sector --- p.52
Chapter 4.7 --- Two-sector Optimizing Model with Endogenous Wage: Illegal Migrants in both Sectors --- p.53
Chapter 4.8 --- Parameterizing the Models --- p.55
Chapter 4.9 --- Simulation Results --- p.55
Chapter 4.9.1 --- Simulation Results: Two-sector Optimizing Model with Exogenous Wage --- p.55
Chapter 4.9.2 --- Simulation Results: Two-sector Optimizing Model with Endogenous Wage --- p.57
Chapter 5 --- Concluding Remarks --- p.60
Figures and Tables --- p.64

Ho Wing-Kee.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2002.
Includes bibliographical references (leaves 60-66).
Abstracts in English and Chinese.
Abstract --- p.i
Acknowledgement --- p.iii
Table of Content --- p.v
List of Table --- p.vi
List of Appendices --- p.vii
Chapter Chapter 1. --- Introduction --- p.1
Chapter Chapter 2. --- Literature Review --- p.5
Chapter Chapter 3. --- Theoretical Framework --- p.8
Chapter 3.1 --- Regime 1 ( Social Planner Model) --- p.10
Chapter 3.2 --- Regime 2 ( Provision of Indivisible Public Capital by the Government Model ) --- p.14
Chapter 3.3 --- Regime 3 ( Provision of Indivisible Public Capital by the Public Monopoly Model) --- p.19
Chapter Chapter 4. --- Quantitative Comparison --- p.27
Chapter 4.1 --- Calibration --- p.27
Chapter 4.2 --- Numerical Results --- p.29
Chapter Chapter 5. --- Conclusion --- p.31
Appendices --- p.42
References --- p.60

A presente dissertação discute os efeitos do sistema financeiro no crescimento económico em Portugal entre 1980 e 2017. Os resultados empíricos recentes têm encontrado evidências empíricas de que contrariamente ao defendido pela teoria económica convencional, o sistema financeiro afeta negativamente o crescimento económico a longo prazo. Para análise desses efeitos em Portugal recorremos ao modelo ARDL (Autorregressivo de Desfasamento Distribuído) do qual resultaram dois modelos de crescimento linear e dois modelos de crescimento não linear com duas medidas de crescimento económico (PIB real e PIB per capita), quatro medidas de sistema financeiro (o crédito interno, os depósitos, o agregado monetário M3 e o valor acrescentado bruto do sistema financeiro) e quatro variáveis de controlo (a taxa de inflação, o grau de abertura da economia portuguesa, os gastos públicos e a taxa real de escolarização no ensino secundário). Concluímos que independentemente da medida de crescimento económico ou modelo de crescimento utilizado o sistema financeiro demonstra ser prejudicial ao crescimento económico a longo prazo em Portugal.
This paper discusses the effects of the financial system on Portugal´s economic growth between 1980 and 2017. Contrary to what was supported conventional economic theory, the recent empirical evidence has found that the financial system negatively affects long-term economic growth. In order to analyze these effects in Portugal we used the ARDL model (Autoregressive Distributed Lag Model) which resulted in two linear growth models and two nonlinear growth models with two measures of economic growth (real GDP and GDP per capita), four financial system measures (domestic credit, deposits, monetary aggregate M3 and gross value added of the financial system) and four control variables (inflation rate, degree of openness of the Portuguese economy, public expenditure and the actual secondary school enrollment rate). We concluded that regardless of the measure of economic growth or growth model used, the financial system proves to be negative to long-term economic growth in Portugal.

Esta investigação pretende estimar a relação entre o capital humano e o crescimento económico de diferentes países da OCDE, com base em dados em painel recolhidos entre 2005 e 2015. Para avaliar os efeitos da tecnologia e suas repercussões no capital humano, foi efetuada uma análise exploratória para uma amostra de 12 países, com base na qual foram estimados modelos de regressão linear controlados por efeitos fixos e aleatórios. Concluiu-se que a generalidade dos dados relacionados com o capital humano aponta para um resultado insignificante da percentagem da população com ensino superior para explicar o crescimento económico, como também demonstrado por outros autores, como Henderson (2010) e Durlauf et al. (2008). No entanto, a contribuição do ensino básico e secundário para o desenvolvimento económico é maior do que o convencionalmente percecionado. A análise foi subdividida em dois períodos, a fim de compreender o efeito da educação sobre as economias da OCDE, quer num contexto de crise quer num de recuperação económica. Os resultados sugerem diferentes níveis de influência em relação ao abandono escolar e aos gastos públicos com educação. De um modo geral, a economia parece ser afetada negativamente por essas duas variáveis durante um período de crise, em contraste com um cenário de recuperação, onde os efeitos dessas variáveis são insignificantes. Foi ainda evidenciado o papel fulcral do comércio em ambos os ciclos económicos. Este trabalho mostra que a conexão entre educação, tecnologia e crescimento económico continua a ser um assunto multifacetado, dependendo da abordagem e dos métodos adotados.
This research aims to estimate the relationship between human capital and economic growth of different OECD countries, using panel data collected from 2005 to 2015. To assess the effects of technology and its repercussions in human capital an exploratory analysis was performed for a sample of 12 countries, from which linear regression estimations controlled by fixed and random effects were established. It was found that matters regarding human capital point toward an insignificant outcome of tertiary education for explaining economic growth. This is in accordance with authors such as Henderson (2010) and Durlauf et al. (2008). Nevertheless, the contribution of primary and secondary schooling to economic development is greater than what has conventionally been perceived. The analysis was subdivided into two periods, in order to perceive the education effect on the OECD economies, either in a crisis or in an economic recovery context. The results suggest different levels of influence regarding children out of school and public expenditures on education. In general, economic development appears to be negatively affected by these two variables during a crisis period, in contrast with a recovery scenario where the effects of such variables are meaningless. The important effect of trade over economic growth in every circumstance was also highlighted. This work shows that the connection between education, technology and economic growth remains a multifaceted subject, depending on the approach and the methods adopted.

Este trabalho avalia o impacto do desenvolvimento financeiro no crescimento económico, através da análise de dados de painel. A análise abrange 20 países da União Europeia, na sua totalidade e por regiões, tais como, Europa Ocidental, Europa do Norte, Europa Oriental e da Europa Meridional, para o período compreendido entre o ano 2000 e 2015. Pretende-se concluir se existe uma relação positiva e significativa entre o desenvolvimento financeiro e o crescimento económico, nomeadamente, perceber se quanto maior for o desenvolvimento financeiro, maior será o crescimento económico. Perceber se, com um aumento dos indicadores financeiros selecionados, o PIB per capita aumenta ou não. Para medir o desenvolvimento do sector financeiro usou-se o crédito privado em percentagem do PIB (%), o volume de prémio de seguro de vida em percentagem do PIB (%) e os passivos líquidos em percentagem do PIB (%) ou agregado M3. Os resultados obtidos demonstram que as variáveis financeiras crédito privado e passivos líquidos, ambas em percentagem do PIB, contribuem positivamente e significativamente para o crescimento económico. Já a variável volume de prémio de seguro de vida em percentagem do PIB, mostrou-se não ser relevante para este estudo.
This paper assesses the impact of financial development on economic growth through panel data analysis. The analysis covers 20 countries of the European Union as a whole and by regions such as Western Europe, Northern Europe, Eastern Europe and Southern Europe for the period 2000 to 2015. It is intended to conclude whether there is a positive and significant relationship between financial development and economic growth, namely to understand if the greater the financial development, the greater the economic growth. Realize whether or not, with an increase in selected financial indicators, GDP per capita increases. To measure the development of the financial sector, private credit by deposit money banks to GDP (%), life insurance premium volume to GDP (%) and net liabilities to GDP (%) or aggregate M3. The results show that the financial variables private credit by deposit money banks to GDP (%) and net liabilities or aggregate M3 to GDP (%), contribute positively and significantly to economic growth. Already variable of life insurance premium volume to GDP proved to be not relevant for this study.