Dissertations / Theses: 'Macroeconomic determinants of economic growth'

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Apostolova-Mihaylova, Maria R. "MACROECONOMIC EFFECTS AND MICROECONOMIC DETERMINANTS OF FERTILITY." UKnowledge, 2014. http://uknowledge.uky.edu/economics_etds/16.

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This dissertation focuses on the relationship between the education-based fertility gap and economic growth and on policy as a determinant of fertility. In the first essay I evaluate the impact of differential fertility (the difference between fertility rates of women with high educational attainment and women with low educational attainment) on economic growth by accounting for critical marginal effects and the general level of educational attainment in a given country. I also examine the possibility that this effect varies based on level of inequality and income levels. I find that for a less developed country with high income inequality, higher fertility rates of women with lower education has a favorable impact on economic development. In the second essay I examine the transmission and magnitude of the effect of differential fertility on economic growth at the subnational level. I explore the relationship between differential fertility and economic growth in a cross-U.S. state context. I find that a larger gap in fertility rates between highly-educated and less-educated women is strongly associated with a decrease in the rate of long-run economic growth across U.S. states, even after accounting for the levels of inequality and overall fertility. In the third essay I explore policy as a determinant of the education-based fertility gap. I use the 2007 Massachusetts healthcare reform which provides a good setting for evaluating the effect of an exogenous policy on the fertility. I find that fertility increases among young married women and decreases among young unmarried women but that there is no asymmetrical fertility response based on the education level of the mother.

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Nach, Marida Nephertiti. "Determinants of economic growth in South Africa: an economic analysis of the Keynesian macroeconomic model." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/12459.

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A country’s performance is commonly measured by its Gross Domestic Product (GDP). The Gross Domestic Product in Developing Countries (DCs) can be seen confusing and unbalanced, with regular and unconditional falls and booms. This study aims at examining the factors that affect the Gross Domestic Product (GDP) of Developing Countries (DCs) whereby South Africa is being selected as a representative. An econometric analysis of the Keynesian model is adopted to test the South African Gross Domestic Product (GDP) over a decade (10 years). The methodology conducted uses quarterly time series data from the South African Reserve Bank (SARB) where the South African Gross Domestic Product (GDP) is modelled as a function of consumption expenditure, domestic investment, government spending and export/import of the country. This is in order to determine which of these factors best explain South African economic growth dynamics. The variables in the model are tested for stationary and the result shows that the variables become stationary at 1st difference, except for consumption which become stationary at 2nd difference. The Ordinary Least Squares (OLS) results confirm that consumption, investment, government spending and net export all have a positive impact on Gross Domestic Product (GDP). The findings suggest that the South African Gross Domestic Product is mainly influenced by consumption, followed by investment. In the recommendation context, the study recommends that South Africa should continue to maintain price stability while at the same time endeavour to attract more investment to the country. Moreover, Developing Countries need to maintain a fiscal discipline without necessarily losing sight of the international dynamics. For further areas of studies, the study recommends more analysis on macroeconomic policies that are comprehensive and can cover all aspects related to the Keynesian model of economic growth. Finally, it is necessary to remind that the findings and recommendations drawn from the study are limited to the concept of South Africa and are based only on the results from the empirical analysis conducted.

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Gheeraert, Laurent. "Financial systems: essays on the cultural determinants and the relevance for economic development." Doctoral thesis, Universite Libre de Bruxelles, 2009. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210212.

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The thesis analyzes macro-economic determinants and roles of financial sector development.

The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system.

We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows.

This thesis is made up of three essays.

The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005.

The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors.

The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly.

The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./

Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde.

Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort.

Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants.

Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005.

Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux.

Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux.

En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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Hori, Katsuhiko. "Determinants of Economic Growth." Kyoto University, 2009. http://hdl.handle.net/2433/124105.

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Downing, Gareth Martin. "Decentralisation, corruption and economic growth : a macroeconomic perspective." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/decentralisation-corruption-and-economic-growth-a-macroeconomic-perspective(d56fc93e-4dcc-473b-b22f-611e4c544c43).html.

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This thesis represents a contribution to the literature on the relationship between decentralisation, corruption, and economic growth. This relationship is analysed both theoretically and empirically. The first chapter investigates one of the channels through which decentralisation can potentially affect corruption and economic growth. The analysis uses a dynamic general equilibrium model to gain further insights into the effects of decentralisation on the structure of corruption. The results suggest that decentralisation, by bringing the people closer to government, can enable corrupt local government officials to internalise the effects of their behaviour. It thereby generates an incentive for officials to moderate their bribe demands. This has positive effects for investment and economic growth. The second chapter examines a potential trade-off that may occur when countries embark on a program of decentralisation. On the one hand decentralisation may improve the information problems that plague overly centralised governments, but at the same time it can potentially lead to a loss of control as discretionary power is granted to local officials without implementing the required accountability mechanisms. The results of the analysis suggest that while decentralisation can potentially reduce corruption an aid economic performance in the long run, it may inevitable lead to increased corruption in the short-run. A key idea is that extra care must be taken to introducing accountability structures at the local level, but that these will likely take time before becoming effective, so that in the near term corruption may increase. In the third chapter the relationship between decentralisation, corruption and economic growth is analysed empirically, using panel data techniques. While previous studies have looked at the relationship between decentralisation and corruption, or between decentralisation and growth, or between corruption and growth, few have looked at the joint relationship between the three. Moreover, previous studies often suffer from endogeneity problems. To overcome this, the Generalised Method of Moments technique is employed; an approach that has not been used on this topic before. It is shown that, while there is evidence that corruption hampers economic growth, the effects of decentralisation are ambiguous. The chapter highlights the inherent difficulties in analysing the effects of decentralisation, which is a complex and multifaceted concept that is impossible to fully capture in the data. This suggests that empirical studies will inevitably be limited in their ability to fully assess a relationship as nuanced as this. The implication is that further investigation at the theoretical level is required. Overall, the thesis provides support for the idea that decentralisation can potentially lead to beneficial outcomes, both in terms so of combating corruption and in wider economic terms. However, it also suggest that care must be taken when implementing reforms as these beneficial outcomes a far from certain.

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Navajas, Alvaro Ruiz. "Socio-political determinants of economic growth." Thesis, University of Manchester, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.499872.

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Jha, Sailesh Kumar. "Three essays on macroeconomic policy and endogenous growth /." Thesis, Connect to this title online; UW restricted, 1997. http://hdl.handle.net/1773/7483.

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Castro, Vítor Manuel Alves. "Growth, cycles and macroeconomic policy in the European Union." Thesis, University of Warwick, 2008. http://wrap.warwick.ac.uk/1046/.

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The implementation of the Maastricht criteria, establishment of the Stability and Growth Pact (SGP), creation of the European Central Bank (ECB) and the Economic and Monetary Union (EMU) raised several challenges for the European Union (EU) countries. The main aim of this dissertation is to analyse the economic implications of those institutional changes. Chapter 2 provides an empirical answer to the question of whether Maastricht and SGP fiscal rules have affected growth in the EU countries. Results from the estimation of a growth equation show that growth of real GDP per capita in the EU was not negatively affected in the period after Maastricht. The main conclusion of this analysis is that the institutional changes that occurred in some European countries after 1992 were not harmful to growth. Chapter 3 tries to identify the main causes of excessive deficits in the EU. A conditional logit model is estimated over a panel of EU countries, where an excessive deficit is defined as a deficit higher than 3% of GDP. Results indicate that a weak fiscal stance, low economic growth, elections and majority left-wing governments are the main causes of excessive deficits. They also show that the institutional constraints imposed after Maastricht over the EU countries have succeeded in reducing the probability of excessive deficits, especially in small countries and in countries traditionally affected by large fiscal imbalances. A widespread idea in the business cycles literature is that the older is an expansion or contraction, the more likely it is to end. Chapter 4 provides further empirical support for this idea of positive duration dependence controlling simultaneously for the effects of other factors on the duration of expansions and contractions. This study employs for the first time a discrete-time duration model to analyse the impact of some variables on the likelihood of an expansion and contraction ending for a group of EU and non-EU countries. The evidence suggests that the duration of expansions and contractions is not only dependent on their actual age: the duration of expansions is also positively dependent on the behaviour of the OECD composite leading indicator and on private investment, and negatively affected by the price of oil and by the occurrence of a peak in the US business cycle; the duration of a contraction is negatively affected by its actual age and by the duration of the previous expansion. Finally, Chapter 5 raises the question of whether central banks’ monetary policy can be described by a linear Taylor rule or, instead, by a more complex nonlinear rule. This chapter also analyses whether those rules can be augmented with a financial conditions index containing information from some asset prices and financial variables. A forward-looking specification is employed in the estimation of the linear and nonlinear rules. A smooth transition model is used to estimate the nonlinear rule. The results indicate that the behaviour of the Federal Reserve of the United States can be described by a linear Taylor rule, whilst the behaviour of the ECB and Bank of England is best described by a nonlinear Taylor rule. In particular, these two central banks tend to react to inflation only when inflation is above or outside their targets. Moreover, the evidence also suggests that the recently created ECB is targeting financial conditions, contrary to the other two central banks.

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Petkov, Ivan. "Essays on Local Determinants of Economic Growth." Thesis, Boston College, 2016. http://hdl.handle.net/2345/bc-ir:106789.

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Thesis advisor: Fabio Schiantarelli
The fundamental concept unifying this thesis is that outcomes at small geographical units can shed light on key economic questions of interest for both macroeconomics and finance. Some of the questions I explore in my work include whether bank networks facilitate access to financial capital by small businesses in the US, whether lending to small businesses is important for short-term economic growth, and whether different cultural and institutional endowments improve economic outcomes in the long run.\\ Small Business Lending and the Bank-Branch Network: In this chapter, I examine the role of banks in propagating local economic shocks from one area to another through their network of bank branches, by exploiting a newly developed branch-level dataset. Specifically, I examine the change in the geographical distribution of small business loans within each bank network in response to: 1) increases in deposit growth due to presence in areas with new fracking wells; 2) changes in the profitability of real estate loans due to presence in areas experiencing real estate booms. I evaluate how the supply-driven changes in lending following these shocks impact real economic activity. I find that banks export the increase in liquidity from the fracking areas and fund more small business loans at other, more distant branches. Borrowers from banks with a higher exposure to fracking experience faster establishment growth at areas beyond 100 miles from the fracking activity. The results for the real estate booms show that increases in the return of real estate loans contributed to a decrease in small business lending at branches away these booms. Borrowers from banks with high exposure to residential appreciation experienced slower establishment growth even within areas at a significant distance from the real estate booms.\\ Does It Matter Where You Came From? Ancestry Composition and Economic Performance of US Counties, 1850 - 2010: The United States provides a unique laboratory for understanding how the cultural, institutional, and human capital endowments of immigrant groups shape economic outcomes. In this paper, we use census micro-samples to reconstruct the country-of-ancestry composition of the population of US counties from 1850 to 2010. We also develop a county-level measure of GDP per capita over the same period. Using this novel panel data set, we show that the evolution of the country-of-origin composition of a county is significantly associated with changes in county-level GDP. The cultural, institutional, and human capital endowments from the country of origin drive this association. Particularly important are attitudes towards cooperation with others. Using an instrumental variable strategy, we identify a significant effect of changes in the ancestry-weighted endowments on economic development. Finally, our results suggest that while the fractionalization of ancestry groups is positively related to county GDP, fractionalization in attributes such as trust is negatively related to local economic performance. \\ Culture: Persistence and Evolution: This paper presents evidence on the speed of evolution (or lack thereof) of a wide range of values and beliefs of different generations of European immigrants to the US and interprets the evidence in the light of a simple model of socialization and identity choice. The main result is that persistence differs greatly across cultural attitudes. For instance, many family values, political orientation, and most deep personal religious values converge slowly to the prevailing US norm. Others, such as attitudes toward cooperation, children's independence, and sexual matters, converge rather quickly. The results obtained studying higher generation immigrants differ greatly from those found when the analysis is limited to the second generation, as typically done in the literature, and they imply a lesser degree of persistence than previously thought. Finally, we show that persistence is ``culture specific'' in the sense that the country from which one's ancestors came matters for the pattern of generational convergence
Thesis (PhD) — Boston College, 2016
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics

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Ncube, Trinity M. "Determinants of Economic Growth-The Case of Zimbabwe." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30480.

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The paper investigated the determinants of economic growth in Zimbabwe over the period 1980 to 2017 drawing from previously identified factors as discussed in international literature which had been acknowledged as important determinants. The variables included human capital, gross fixed capital formation, unemployment, inflation and government expenditure. The study employed Unit Root Tests. The Auto Regressive Distributed Lag model was used to examine the mixed variable while the Ordinary Least Squares model and the Johansen test were used to examine all stationary and non-stationary variables respectively. In the case of co-integration, the Error Correction Model and the Causality test were run. Ultimately, the results indicated that in the long-run gross fixed capital formation has a positive influence on economic growth while human capital development has a negative influence. ECM found that in the short run there is a positive relationship between lags of economic growth, government expenditure, inflation and human capital with economic growth.

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Hofmarcher, Paul, Cuaresma Jesus Crespo, Bettina Grün, and Kurt Hornik. "Fishing Economic Growth Determinants Using Bayesian Elastic Nets." WU Vienna University of Economics and Business, 2011. http://epub.wu.ac.at/3213/1/Report113.pdf.

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We propose a method to deal simultaneously with model uncertainty and correlated regressors in linear regression models by combining elastic net specifications with a spike and slab prior. The estimation method nests ridge regression and the LASSO estimator and thus allows for a more flexible modelling framework than existing model averaging procedures. In particular, the proposed technique has clear advantages when dealing with datasets of (potentially highly) correlated regressors, a pervasive characteristic of the model averaging datasets used hitherto in the econometric literature. We apply our method to the dataset of economic growth determinants by Sala-i-Martin et al. (Sala-i-Martin, X., Doppelhofer, G., and Miller, R. I. (2004). Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach. American Economic Review, 94: 813-835) and show that our procedure has superior out-of-sample predictive abilities as compared to the standard Bayesian model averaging methods currently used in the literature. (authors' abstract)
Series: Research Report Series / Department of Statistics and Mathematics

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Crespo, Cuaresma Jesus, Gernot Doppelhofer, and Martin Feldkircher. "The determinants of economic growth in European regions." Routledge by Taylor & Francis Group, 2014. http://epub.wu.ac.at/3715/1/REGSTUD.pdf.

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This paper uses Bayesian Model Averaging (BMA) to find robust determinants of economic growth in a new dataset of 255 European regions between 1995 and 2005. The paper finds that income convergence between countries is dominated by the catching-up of regions in new member states in Central and Eastern Europe (CEE), whereas convergence within countries is driven by regions in old EU member states. Regions containing capital cities are growing faster, particularly in CEE countries, as do regions with a large share of workers with higher education. The results are robust to allowing for spatial spillovers among European regions.

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Sipuka, Msingathi. "Determinants of economic growth in China: 1978-2013." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/11181.

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On 1 October 1949, the Communist Party of China under the leadership of Mao Zedong proclaimed the establishment of the People’s Republic of China. Mao was to lead the People’s Republic of China for the next twenty seven years until his death in 1976. During this twenty seven year period under Mao’s leadership the Communist Party of China consolidated its position as the leader of Chinese society and in so doing consolidated communist ideology as the central perspective that guided social and economic planning in China. In 1978, two years after Mao’s death, Deng Xiaping assumed the leadership of the Communist Party of China and this period marked the beginning of far reaching economic and social reforms in China. Over the next thirty years these reforms were to transform China’s economy from the tenth largest to the second largest in the world by the end of 2013. During this period China grew its manufacturing base to the extent that the country has become the world’s largest manufacturer and the world’s leading exporter. This transformation of China’s economy has translated to the country experiencing a period of high levels of economic growth over a sustained period of over 30 years. Estimates suggest that the country’s gross domestic product grew at an average annual rate of nearly 10% over a thirty year period from 1978. These high levels of economic growth have significantly contributed to the overall reduction of poverty levels in the country, with some estimates suggesting that between 300 million to 500 million of the country’s citizens have been lifted out of poverty over a period of thirty years. China’s economic growth has had an impact beyond its own borders, as growth in many developing countries has been inextricably linked to developments in the Chinese economy in particular its demand for raw materials.For developing countries that continue to grapple with high levels of poverty among its citizens, China’s experience of lifting such large numbers of its own citizens out of poverty at the back of high levels of economic growth over a period of thirty years must serve as a basis for some learnings. The primary purpose of this research is aimed at contributing towards building the basis for such learnings, particularly with regards to building an understanding of how China has been able to grow its economy at such high levels over a sustained period of time. This research aims to identify the determinants of China’s growth post 1978. The determinants of growth are studied particularly from 1978 because the year marks the beginning of the period of economic reforms.

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Castro, José Luis. "Determinants of the Economic Growth in Mexico : An Exogenous Growth Model." Thesis, Jönköping University, JIBS, Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-7369.

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This bachelor thesis aims to uncover the determinants of the economic growth in Mexico with an exogenous growth model. The study is based in an Augmented Solow Model em-ployed by Mankiw, Romer and Weil in

"A contribution to the Empirics of the Economic Growth" (1992). The model uses annual data of Mexico from 1960-2007 and the regressions and tests are developed in the econometric package Stata 10 for eight different periods. The thesis not only uses the Effective Labour and Physical Capital as Inputs in the production Function, but also employs the variable of Human Capital as an economic determinant of growth in the production function. The results of the model correspond with the actual scenario in Mexico; more weight to the Effective Labour (76.34%) rather than to Human Capital (2.12%) or Physical Capital (21.54%) as determinants of growth.

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Andersson, Guadalupe. "Determinants of economic growth across Sweden : An analysis of exogenous and endogenous economic growth and convergence." Thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-89291.

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The purpose of this study is to examine the exogenous and endogenous growth theories in order to determine the factors that generate economic growth across the Swedish national areas during2000-2016. This analysis is made through the estimation of the Solow model, the augmented Solow model and the Romer model using the econometric methods fixed effects and random effects. Moreover, a convergence analysis across these Swedish regions is presented in this research, which is carried out using a random effects model. The results indicate that investment explains 94 percent of the variation in regional income per capita when random effects and regional time trends are taken into account. This finding suggests that investment is the determinant of economic growth in the short run, which is consistent with the predictions of the Solow model and the exogenous growth theory. Furthermore, the estimation of the Romer model yields misleading results, which are not consistent with the predictions of the endogenous growth theory. Nevertheless, the fact that the available dataset to study the Romer model is limited due to the difficulty of finding Swedish R&D data and the assumption that R&D is undertaken in the main offices of the firms typically situated in Stockholm, while the R&Dspillovers are used in production facilities in other regions of Sweden may be responsible for obtaining such inaccurate results. Additionally, the study of convergence reports that there is conditional convergence across the Swedish national areas during 2000-2016. This indicates that the differences in income per capita across these regions have decreased during the analysed period.

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Röhn, Oliver. "Three Empirical Essays on the Determinants of Economic Growth." Diss., lmu, 2008. http://nbn-resolving.de/urn:nbn:de:bvb:19-81150.

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Röhn, Oliver. "Three empirical essays on the determinants of economic growth." kostenfrei, 2008. http://edoc.ub.uni-muenchen.de/8115/.

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Berardi, Andrea. "Term structure of interest rates, non-neutral inflation and economic growth." Thesis, London Business School (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266078.

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Sheridan, Brandon James. "THREE ESSAYS CONCERNING THE RELATIONSHIP BETWEEN EXPORTS, MACROECONOMIC POLICY, AND ECONOMIC GROWTH." UKnowledge, 2012. http://uknowledge.uky.edu/economics_etds/7.

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This dissertation consists of three essays that collectively investigate the relationship between exports, macroeconomic policy and economic growth. The first essay investigates the relationship between disaggregated exports and growthto address why many developing countries rely on primary goods as their main source of export income when evidence suggests they could earn higher returns by exporting manufactured goods.Using regression tree analysis, I find that although increasing manufacturing exports is important for sustained economic growth, this relationship only holds once a threshold level of development is reached. The results imply that a country needs a minimum level of education before it is beneficial to transition from a reliance on primary exports to manufacturing exports. Thesecond essay explores the impact of fiscal episodes on the extensive and intensive margins of exports for a sample of OECD countries. In general, a fiscal stimulus in an exporting country is associated with a substantial decrease in each margin. However, a fiscal consolidation in an exporting country is associated with a large increase in the extensive margin, yielding a positive net effect on total exports. This positive effect of a consolidation disappears when an importing country simultaneously experiences a fiscal episode. Overall, the effect of fiscal episodes on total exports and the export margins yield important ramifications for policy-makers. The third essay takes a broad perspective in characterizing the relationship between disaggregated exports, macroeconomic policy, and economic growth. Few studies consider that macroeconomic policy may influence growth, at least partly, through the export channel and none consider that this impact may differ for primary and manufacturing exports. I first explore the determinants of disaggregated exports to empirically test whether macroeconomic policy influences the size of the export sector in a country. Second, I use simultaneous equations methods to identify the impact of macroeconomic policy and exports on economic growth. Indeed, there appears to be some evidence that macroeconomic policy may affect the level of exports. Moreover, exports appear to exert an influence on growth, but the role of macroeconomic policy in the growth process seems to be only through its influence on other variables.

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Mallick, Sushanta K. "Modelling macroeconomic adjustment with growth in developing economies : the case of India." Thesis, University of Warwick, 1998. http://wrap.warwick.ac.uk/4262/.

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The aim of this research is to understand the current economic scene and the stabilisation policies in historical perspective, and to survey and develop models for analysing issues of macroeconomic adjustment with growth. The topics have been chosen for their continued relevance in the current policy debates. The standard open economy model on which the Bretton Woods macroeconomics is based takes into account neither the endogeneity and decomposition of aggregate government expenditure or investment nor the price formation process in a developing economy. Further, with the opening up of the Indian economy since 1991, macroeconomic policy analysis needs to be examined in a different analytical framework from the essentially closed economy framework that has hitherto characterised policy discussions in India.T he present study investigates the appropriateness of the Fund-Bank approach to macroeconomic adjustment; modifies and analyses the respective effects of the model in light of the structural constraints in the form of low capital formation in the Indian economy after having disaggregated government expenditure into government consumption and investment expenditures. This thesis models trade, inflation and the determinants of long-run growth considering the role of endogenous growth and the demand factors in growth. The modelling procedure follows the VAR-based time series literature as against the traditional Cowles Commission approach to structural macroeconometric modelling. It estimates a macroeconomic model that incorporates the paradigm underlying the IMF's policy recommendations to developing countries, using Indian time series data from 1950-51 to 1995-96. It discusses structural sensitivities, dynamics and deterministic optimal control. This study investigates the effectiveness of three sets of key macroeconomic policy instruments which are typical in financial liberalisation process - namely, a tight credit policy, a depreciation of domestic currency and, a hike in regulated interest rates. Finally this study solves a multi-target and multi-instrument optimal control problem and finds that the two-target two-instrument problem of a standard policy package is not growth inducive and must target output growth in order to make the adjustment program as growth-oriented. This research has focused on explicitly recognising and analysing the operation of a credit or lending channel in the transmission of monetary policy.

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Hossain, Mahabub Akhtar. "Inflation, economic growth and the balance of payments in Bangladesh : a macroeconomic study /." New Delhi ; Oxford ; Bombay(in.) : Oxford university press, 1995. http://catalogue.bnf.fr/ark:/12148/cb37461725s.

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22

Chakrabarti, Debjani. "Economic freedom and social capital determinants on economic growth of developed and developing nations." Diss., Mississippi State : Mississippi State University, 2007. http://library.msstate.edu/etd/show.asp?etd=etd-04232007-164855.

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23

Edvinsson, Rodney. "Growth, Accumulation, Crisis : With New Macroeconomic Data for Sweden 1800-2000." Doctoral thesis, Stockholm : Almqvist & Wiksell International, 2005. http://www.diva-portal.org/diva/getDocument?urn_nbn_se_su_diva-378-1__fulltext.pdf.

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24

Yasar, Pinar. "Macroeconomic Impact Of Workers." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/3/12606261/index.pdf.

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In this study, a demand oriented simultaneous equation macroeconometric model with a dynamic perspective is constructed in order to investigate the impact of workers&rsquo
remittances on output growth via their effects on key macro variables such as private consumption, investment and imports for Turkey. The study covers the period of 1964-2003 on an annual basis. Results of the analysis suggest that workers&rsquo
remittances affect output growth in a positive manner through the multiplier process. It is found that the highest induced growth rate by remittances to output growth belongs to the early 1970s especially the year of 1973, which corresponds to the date of first oil shock and also the end of labour migration to Europe. Thus, it is concluded that although workers&rsquo
remittances have been mostly used for consumption and imports as mentioned in most of the studies both for Turkey and other countries, remittances contributed to economic growth of Turkey positively through the multiplier process especially in the early 1970s.

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25

Koutroumpis, Panagiotis. "Research on futures-commodities, macroeconomic volatility and financial development." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13989.

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This thesis consists of eight studies that cover topics in the increasingly influential field of futures- commodities, macroeconomic volatility and financial development. Chapter 2 considers the case of Argentina and provides a first thorough examination of the timing of the Argentine debacle. By applying a group of econometric tests for structural breaks on a range of GDP growth series over a period from 1886 to 2003 we conclude that there are two key dates in Argentina's economic history (1918 and 1948) that need to be inspected closely in order to further our understanding of the Argentine debacle. Chapters 3 and 4 investigated the time-varying link between financial development and economic growth. By employing the logistic smooth transition framework to annual data for Brazil covering the period 1890-2003 we found that financial development has a mixed (either positive or negative) time- varying effect on growth, which depends on trade openness thresholds. We also find a positive impact of trade openness on growth while a mainly negative one for the various political instability measures. Chapter 5 studied the convergence properties of inflation rates among the countries of the European Monetary Union over the period 1980-2013. By applying recently developed panel unit root/stationarity tests overall we are able to accept the stationarity hypothesis. Similarly, results from the univariate testing procedure indicated a mixed evidence in favour of convergence. Hence next we employ a clustering algorithm in the context of multivariate stationarity tests and we statistically detect three absolute convergence clubs in the pre-euro period, which consist of early accession countries. We also detect two separate clusters of early accession countries in the post-1997 period. For the rest of the countries/cases we find evidence of divergent behaviour. For robustness check we additionally employ a pairwise convergence Bayesian framework, which broadly confirms our findings. Finally, we show that in the presence of volatility spillovers and structural breaks time-varying persistence will be transmitted from the conditional variance to the conditional mean. Chapter 6 focuses on the negative consequences that the five years of austerity (2010-2014) imposed on the Greek economy and the society in general. To achieve that goal we summarize the views of three renowned economists, namely Paul De Grauwe, Paul Krugman and Joseph Stiglitz on the eurozone crisis as well as the Greek case. In support of their claims we provide solid evidence of the dramatic effects that the restrictive policies had on Greece. Chapter 7 analyzes the properties of inflation rates and their volatilities among five European countries over a period 1960-2003. Unlike to previous studies we investigate whether or not the infl ation rate and its volatility of each individual country displayed time-varying characteristics. By applying various power ARCH processes with structural breaks and with or without in-mean effects the results indicated that the conditional means, variances as well as the in-mean effect displayed time-varying behaviour. We also show that for France, Italy and Netherlands the in-mean effect is positive, whereas that of Austria and Denmark is negative. Chapter 8 examines the stochastic properties of different commodity time series during the recent fi nancial and EU sovereign debt crisis (1997-2013). By employing the Bai-Perron method we detect five breaks for each of the commodity returns (both in the mean and in the variance). The majority of the breaks are closely associated with the two aforementioned crises. Having obtained the breaks we estimated the power ARCH models for each commodity allowing the conditional means and variances to switch across the breakpoints. The results indicate overall that there is a time-varying behaviour of the conditional mean and variance parameters in the case of grains, energies and softs. In contrast, metals and soya complex show time-varying characteristics only in the conditional variance. Finally, conducting a forecasting analysis using spectral techniques (in both mapped and unmapped data) we find that the prices of corn remained almost stable while for wheat, heating oil, wti and orange juice the prices decreased further, though slightly. In the case of natural gas, coffee and sugar overall the prices experienced significant defl ationary pressures. As far as the prices of oats, platinum, rbob, cocoa, soybean, soymeal and soyoil is concerned, they showed an upward trend. Chapter 9 examines the effect of health and military expenditures, trade openness and political instability on output growth. By employing a pooled generalised least squares method for 19 NATO countries from 1993 to 2010 we fi nd that there is a negative impact of health and military expenditures, and political instability on economic growth whereas that of trade openness is positive.

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26

Atems, Bebonchu. "Essays in nonlinear macroeconomic modeling and econometrics." Diss., Kansas State University, 2011. http://hdl.handle.net/2097/11985.

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Doctor of Philosophy
Department of Economics
Lance J. Bachmeier
This dissertation consists of three essays in nonlinear macroeconomic modeling and econometrics. In the first essay, we decompose oil price movements into oil demand (stock market) shocks and oil supply (oil-market) shocks, and examine the response of the stock market to these shocks. We find that when oil prices are “net-increasing”, a stock market shock that causes the S&P 500 to rise by one percentage point will cause the price of oil to rise approximately 0.2 percentage points, with a statistically significant positive effect one day after the stock market shock. On the other hand, the response of the stock market to an oil market shock is a decline of 6.8 percent when the price of oil doubles. For other days, the initial response of the oil market to a stock market shock is the same as in the net oil price increase case (by construction). We then analyze the response of monetary policy to the identified stock market and oil market shocks and find that short-term interest rates respond to the stock market shocks but not the oil market shocks. Finally, we evaluate the predictive power of the decomposed stock market and oil shocks relative to the change in the price of oil. We find statistically significant gains in both the in-sample fit and out-of-sample forecast accuracy when using the identified stock market and oil market shocks rather than the change in the price of oil. The second essay revisits the statistical specification of near-multicollinearity in the logistic regression model using the Probabilistic Reduction approach. We argue that the ceteris paribus clause invoked with near-multicollinearity is rather misleading. This assumption states that one can assess the impact of near-multicollinearity by holding the parameters of the logistic regression model constant, while examining the impact on their standard errors and t-ratios as the correlation (\rho) between the regressors increases. Using the Probabilistic Reduction approach, we derive the parameters (and related statisitics) of the logistic regression model and show that they are functions of \rho , indicating the ceteris paribus clause in the traditional account of near multicollinearity is unattainable. Monte carlo simulations in the paper confirm these findings. We also show that traditional near-multicollinearity diagnostics, such as the variance inflation factor and condition number can fail to detect near-multicollinearity. Overall, the paper finds that near-multicollinearity in the logistic model is highly variable and may not lead to the problems indicated by the traditional account. Therefore, unexpected, unreliable or unstable estimates and inferences should not be blamed on near-multicollinearity. Rather the modeler should return to economic theory or statistical respecification of their model to address these problems. The third essay examines the correlations between income inequality and economic growth using a panel of income distribution data for 3,109 counties of the U.S. We examine the non-spatial dynamic correlations between county inequality and growth using a System GMM approach, and find significant negative relationships between changes in inequality in one period and growth in the subsequent period. We show that this finding is robust across different sample sizes. We further argue that because the space-specific time-invariant variables that affect economic growth and inequality can differ significantly across counties, failure to incorporate spatial effects into a model of growth and inequality may lead to biased results.We assume that dependence among counties only arises from the disturbance process, hence the estimation of a spatial error model. Our results indicate that the bias in the parameter for inequality amounts to about 2.66 percent, while that for initial income amounts to about 21.51 percent.

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Christie, Tamoya A. L. "Essays on Fiscal Policy and Economic Growth." Digital Archive @ GSU, 2011. http://digitalarchive.gsu.edu/econ_diss/75.

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This dissertation comprises two essays. The first essay explores how the size of government, as measured by the level of spending, affects growth. Theoretical models suggest a nonlinear relationship; however, testing this hypothesis empirically in cross-country studies is complicated by the endogeneity of government spending and the accurate identification of turning points. This paper examines the nonlinear hypothesis by incorporating threshold analysis in a cross-country growth regression. Using a broad panel of countries over the period 1971-2005, the results show evidence in favor of a nonlinear effect, but not of the form predicted by theory. When total government spending is low, there is no statistically significant effect on economic growth. However, after passing a certain threshold government spending exhibits a negative effect on growth. The second essay develops a dynamic macroeconomic model to explore how variations in the composition and financing of government expenditures affect economic growth in the long-run. The model is used to analyze how public investment spending funded by taxes or borrowing affects long-term output growth. The model is calibrated to reflect economic conditions in the seven largest Latin American economies during the period 1990 to 2008. We find that, where tax rates are not already high, funding public investment by raising taxes may increase long-run growth. If existing tax rates are high, then public investment is only growth-enhancing if funded by restructuring the composition of public spending. Interestingly, using debt to finance new public investment compromises growth, regardless of the initial fiscal condition.

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28

Tasic, Nikola. "Financial Intermediation and Economic Growth: Bank Credit Maturity and Its Determinants." Digital Archive @ GSU, 2008. http://digitalarchive.gsu.edu/econ_diss/47.

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This dissertation is an investigation into one of the important functions of the banking system: to transform short-term liquid deposits into long-term illiquid financial assets that can fund long gestation activities and, thus, raise the rate of economic growth. To investigate this function empirically, the dissertation uses two new data sets on the maturity of bank credit to the private sector. First data set contains yearly observations covering 74 countries during the period from about 1990 to 2005, while the second data set contains quarterly observations covering 14 transition countries from about 1995 to 2006. Using the data on a broad set of countries, the dissertation shows that economic growth is enhanced in countries where the financial system extends more long-term credit. This finding is the first empirical confirmation of the theoretical predictions regarding the liquidity transformation function of banks. Furthermore, using the same data set, the dissertation shows that credit maturity depends on a number of institutional and economic factors. The determinants of credit maturity have an impact on economic growth via their influence on the availability of long-term external financing. Credit maturity is longer in countries with strong legal institutions, with low inflation, with deeper financial markets, and with schemes for sharing credit information between financial institutions. From a policy perspective, the institutions for sharing credit information probably present the most interest because their establishment is a policy choice. Findings from the broad set of countries are confirmed in the second data set using several definitions of maturity. Additional results from the second data set suggest that credit maturity is longer in countries at the higher level of economic development, with less liquid stock markets, and with more privately owned domestic banks. Furthermore, the results suggest that credit information sharing mechanisms lengthen the maturity of credit if credit information sharing institutions are privately owned or have greater quality of information.

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29

Tasic, Nikola. "Financial intermediation and economic growth bank credit maturity and Its determinants /." unrestricted, 2007. http://etd.gsu.edu/theses/available/etd-11302007-000122/.

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Thesis (Ph. D.)--Georgia State University, 2007.
Title from file title page. Neven T. Valev, committee chair; Sally Wallace, Vassil T. Mihov, Felix K. Rioja, Shiferaw Gurmu, committee members. Electronic text (105 p. : ill.) : digital, PDF file. Description based on contents viewed June 19, 2008. Includes bibliographical references (p. 98-104).

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30

Ekman, Diana. "Determinants of economic growth in Tunisia and the role of women." Diss., Connect to the thesis, 2009. http://hdl.handle.net/10066/3623.

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31

Kamana, Pascal. "Proximate Determinants of Sustainable Economic Growth in Rwanda : -An empirical investigation." Thesis, Umeå universitet, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172570.

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This study analyses proximate determinants of sustainable economic growth in Rwanda. The study asks whether growth of agriculture, foreign aid and change in climate conditions are drivers of a sustainable economic growth experience in Rwanda. The Solow growth model is used as theoretical framework and TFPG is derived as the Solow residual. The study specified TFPG and GDP value added functions, and crop production growth, temperature, and rainfall changes, as well as foreign aid growth and the square of foreign aid growth as explanatory variables. Both foreign aid growth and foreign aid growth squared are included in the two models to take account of positive but diminishing marginal returns to foreign aid in developing countries. The results from the study’s empirical analysis showed that crop production and foreign aid growth are sources of aggregate productivity growth in Rwanda. The study concludes that agricultural growth and foreign aid growth are determinants of sustainable aggregate output growth rates and as well as of TFPG rate. The study recommends that agriculture with its present structure contributes to aggregate productivity in Rwanda and hence sustainable growth rates. Moreover, initiatives to hedge against aggregate productivity losses from climate shocks potentially due to effects on agricultural growth should form a core part of the agricultural development policy in Rwanda. It is also important that policy initiatives on engendering aggregate productivity growth should address adverse effect of climate shocks on the contribution of foreign aid to productivity.

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32

Duong, N. M. H. "Determinants of US FDI and economic growth in Sub-Saharan Africa." Thesis, University of the West of England, Bristol, 2014. http://eprints.uwe.ac.uk/23425/.

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This thesis consists of two separate studies as follows. The first study uses macro panel data on US FDI in developed countries during 1982-2010 to empirically investigate the influence of host country characteristics on FDI. Differing from earlier panel data studies on FDI determinants which often impose the (standard) restrictions of the homogeneity of slope coefficients on the observed variables and the homogeneity of the factor loadings on the unobserved common factors in the empirical specification, this study uses the recently-introduced Common Correlated Effects Mean Group estimator to allow the effects of observed variables and unobserved common factors to vary across countries. In this research, the data seem to support the empirical specification allowing for slope heterogeneity across countries rather more than the standard ones imposing the restrictions of slope homogeneity. Empirical results indicate that the stock of US FDI in a given FDI recipient is likely to be significantly determined by market size, the fluctuations of the exchange rate, and risks in terms of the investment climate, corruption and the legal environment of the host country. The second study uses an efficient two-step system GMM estimator with Windmeijer-corrected standard errors to test the human-capital augmented Solow model (HCASM). Empirical results in this study confirm conditional convergence as the HCASM predicts. However, the rate of convergence found ranges from about 0.3 to roughly 1 per cent a year, which is slower than found in previous cross-country research. The effect of the investment rate on the level of the growth path is found to be significant while that of the level of human capital is insignificant. Besides, this study finds that the HCASM seems to be unable to fully account for the contrasting growth of countries in sub- Saharan Africa and East Asia even when country-specific effects and endogeneity are taken into account. Further, the evidence indicates that the rates of technological progress between the two regions are likely to be different and this may help to explain the contrasting growth performance experienced by sub-Saharan African and East Asian countries.

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Kani, Felix C. "Shocks, macroeconomic policy and economic growth performance in Zambia, 1964-90 : an econometric analysis." Thesis, University of Sussex, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.318503.

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Public opinion tends to look at Zambia as some mythical land of promise, predestined to enjoy for years to come the same sort of economic bliss as during the copper price boom of 1964 -75. But there can be little doubt that one of the most striking facts of Zambia's economic history since 1964 has been poor macroeconomic performance. Since the mid 1970's Zambia's economy has experienced negative economic growth, high unemployment, rapid inflation and a weak balance of payments. This problem is crucial in the context of two-gap models. This thesis discusses the main facts about this worrying development and advances a line of argument which may well account for most of the observed facts. Prior to the Third Republic Zambian politicians tended to blame external forces for the current problems. My main contention is that that is wrong Economic difficulties arose from a combination of policy failures: growth of 'nonmarketable output', the government's politically induced tendency for crisis management, coupled with its well known propensity to delay taking corrective action, against a background of difficult initial conditions. However, since this is a thesis, both the scope and the method of investigation are limited by the time allowed for the study. What we do is to use historical data and use econometric analysis to shape my arguments, and to make them plausible. Inadequate domestic savings reflected in investment slumps, coupled with foreign exchange shortages, are shown to be the ultimate constraint on economic growth performance. The new government's liberal attitude and the fact that there is export potential in the economy offers some hope for success but the thesis draws attention to the structural rigidities which will remain a major constraint to export diversification in the short to medium term. In the long run, non-traditional exports would have to grow by some 30 percent annually if they were to become the new engine of growth. We stress that success will depend crucially on the government's macroeconomic policies being both conducive to the promotion of investment spending and supportive to the objective of restoring viability in the balance of payments.

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34

Alshami, Eman Y. "Economic Problems in Saudi Arabia: A Study on Determinants of Economic Growth and Youth Unemployment." Ohio University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1524494590738421.

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35

Cancado, Luciana P. "Economic Growth: Panel Data Evidence from Latin America." Ohio University / OhioLINK, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1127143858.

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36

Albarracin, Tania. "A Macroeconomic Approach to the Growth of the Bolivian Informal Sector." Thesis, University of North Texas, 1989. https://digital.library.unt.edu/ark:/67531/metadc501162/.

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This thesis attempts to measure the growth of the Bolivian informal sector. The study estimates the growth of the informal sector by defining it as the difference between the formal sector's reported real gross national product (GNP) and forecasted values of real GNP. The first chapter describes the Bolivian economy, defines its informal sector, and presents reasons for this sector's growth. Related research in informal activity, theoretical discussions, and perspectives are presented in the second chapter. Chapter III describes methodological research used in the analysis of the data. Chapter IV describes the results of the investigation. Conclusions and recommendations for the informal sector are provided in chapter V. The results show that it is possible to measure informal activity in a macro setting

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37

Javed, Omer. "Essays on institutional quality, macroeconomic stabilization, and economic growth in International Monetary Fund member countries." Doctoral thesis, Universitat de Barcelona, 2015. http://hdl.handle.net/10803/319439.

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This study is motivated by the overall poor performance of International Monetary Fund (IMF) programs in recipient countries in terms of economic growth consequences, and tries to explore the relevance of institutional determinants for economic growth in these program countries. The analysis, at the same time, also takes into consideration the claim by New Institutional Economics (NIE) literature, which points out an overall positive consequence of institutional quality determinants on economic growth for countries in general. Taking a panel data of IMF member countries, the thesis primarily focuses on the IMF program countries, during 1980-2009; a time period during which the number of IMF programs witnessed an increasing trend. Firstly, important determinants of economic- and political institutional quality in IMF program countries are estimated by applying the System- GMM approach, so as to find significant determinants among them. Here, a parliamentary form of government, aggregate governance level, civil liberties, openness, and property rights all enhance overall institutional quality. Specifically, greater monetary- and investment freedom are conducive for political institutional quality, while military in power impacts negatively. Moreover, economic growth is conducive for enhancing economic institutional quality. Thereafter, the impact of the significant institutional determinants is then estimated on real economic growth, both directly, and also indirectly, through the channel of macroeconomic stability. Results mainly validate that institutional determinants overall play a positive role in reducing macroeconomic instability, and through it, and also independently, enhance real economic growth. In the last part of the thesis, Pakistan is selected as a representative example of a frequent user of IMF resources. Here, by applying the Vector Autoregression (VAR) model techniques, various counterfactual scenarios are estimated for a period of 1980-2014, to see impact of an institutional determinant, KOF index of globalization on macroeconomic instability and real economic growth. Results highlight that through enhanced focus on institutional reduced, and hence higher growth rate of GDP can be achieved.

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38

Nowotny, Ewald. "The role of macroeconomic policy in overcoming slow economic growth. International comparisons and policy perspectives." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 1999. http://epub.wu.ac.at/1114/1/document.pdf.

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A fundamental point of this paper is, that - given existing structures (!) - the persistent problem of high unemployment in Europe cannot be attributed to tendencies in "jobless-growth" but is mainly caused by the fact that GDP-growth has been - and is still too low. This argument is first based on the pronounced cyclical reagibility of employment and unemployment. A first glance at Figure 1 immediately reveals this cyclical reagibility of European labour-markets - which is, however combined with "hysteresis-effects", thus creating a tendency of increasing long-term unemployment. In the next section the question as to why growth-rates in the 80s and 90s were much lower than compared to the 60s and 70s will be studied. The connections between employment and economic growth will be discussed in more detail in section 3 of this paper. (author's abstract)
Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

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39

Eldarassi, Abdella. "The role of economic diversification in controlling macroeconomic volatility and stimulating total factor productivity growth." OpenSIUC, 2020. https://opensiuc.lib.siu.edu/dissertations/1779.

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This dissertation consists of three chapters dealing with a vital economic issue, especially in developing countries, namely diversification. The first chapter deals with the effect of economic diversification on the effectiveness of policies and governance to control macroeconomic volatility. Besides, we test the effect of the MENA region on these relationships. We employed a Generalized method of moments and fixed effect methods to estimate the model using data from 63 developing countries including 16 MENA. The results suggest that conservative monetary and fiscal policies, and more openness help to reduce volatility. Similarly, good governance helps developing countries to achieve more macroeconomic stability. As the role of diversification, the findings show that more diversified countries have less volatility, and diversification promotes the effectiveness of policies and governance to reduce volatility. However, this role will be less if the country belongs to the MENA region. The second chapter studies the relationship between economic diversification and total factor productivity in Arab economies from 1995 to 2016. also, we try to find out whether governments' attempts to influence TFP are affected by the degree of economic diversification? This paper also highlights differences, in terms of the type and magnitude, between oil-exporter and non-oil-exporter countries. We use dynamic panel data, GMM, and fixed effect estimations. the main findings show that economic diversification has a positive impact on TFP, this effect differs between countries according to the level of FDI, institutional quality, policies، and the size of the oil sector. The third chapter addresses one of the most important potential determinants of economic diversification, which is the foreign direct investment? We investigate the ability of foreign investments to help Arab countries to diversify their economies in terms of both output and export diversification. Similarly, we try to investigate the role of oil existence on the relationship between foreign direct investment and economic diversification. The results suggest that, in general, whereas FDI has a positive effect on export diversification, it may hurt output diversification.

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40

Sisay, Ambachew Mekonnen. "Economic growth, trade and investment in sub-Saharan Africa : nexus and determinants." Thesis, University of Kent, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.633828.

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The original contribution of this thesis is to provide some empirical evidence to the debate on the investment, trade and growth connections. The thesis as a whole is designed to flow in a deductive manner. It starts by investigating the growth process and the contribution of trade to Sub-Saharan Africa (SSA) economic growth. It is· shown that exports and imports have a significant and positive influence on the growth process. Moving on, it identifies the determinants of the trade performance of SSA benchmarked to a bloc of some well-performing South-East Asian (SEA) economies. The investigation identifies supply side factors, particularly low and declining investment, as the critical constraints of trade in SSA. Then, it focuses on the investment-trade-growth connections and comes out with evidence for a full cycle of positive impact flowing from trade (export-to-import)-to-investment-to-growth and back to-trade (export). However, manufacturing in SSA is not found trade enhancing. Hence, policy to support a manufacturing led-re-industrialization is the proposed future path for SSA growth, involving the promotion of private investment. The thesis, lastly, identifies the main constraints of private investment based on a case study of Ethiopia and recommends a future investment policy. Key elements are enhancing domestic demand and the return to investment, encouraging trade liberalization, improving infrastructure and maintaining macroeconomic and political stability. A similar private investment story can be told about other SSA economies. Furthermore, the operations of the public sector and other institutions will need new thinking.

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41

Sha, Ran. "The determinants of national and provincial economic growth in China / Sha Ran." Thesis, North-West University, 2005. http://hdl.handle.net/10394/1171.

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This dissertation investigates the determinants of economic growth in China since 1978, with a focus on the determinants of spatial growth. A study of the theories of economic growth shows that both proximate and fundamental factors can contribute to economic growth. In the case of China, institutional changes are the keys to the Chinese transitional economy. Given the special nature of China's economy, the main institutional reforms since 1978 are examined, together with the gradual transition process. Furthermore, from the overview of empirical literature, it is found that the proximate determinants such as initial gross domestic product (GDP), investment, population growth, human capital and openness are determinants of economic growth in China based on the findings in cross-country growth literature. From growth accounting exercises, capital formation and total factor productivity (TFP) growth can be seen to play important roles in the rapid economic growth in China. However, while the nationwide economic growth is impressive, the pace of reform and economic development has been uneven across provinces. In the existing literature, geography and preferential policy are emphasised as particular factors that affect coastal-interior disparity. This study incorporates the economic variables identified as important stimulants to growth, drawing on major findings in the study of convergence and economic growth to estimate the determinants of regional economic growth in China. To address the weaknesses of using ordinary least squares (OLS) for cross-country regression analyses, fixed-effects ordinary least squares (OLS) and random-effects generalised least squares (GLS) panel data estimators are applied to provincial data from 1994 to 2003. It is concluded that the convergence hypothesis does not hold in China, and that export, investment, education, foreign direct investment (FDI) growth and coastal dummy have a positive effect on regional GDP per capita growth in China while population growth affects the annual growth rate negatively.
Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2006.

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42

Lo, Wai Lun. "Foreign investment in Guangdong : effects on economic growth and regional distribution determinants." HKBU Institutional Repository, 2005. http://repository.hkbu.edu.hk/etd_ra/633.

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43

Masan, Saleh S. S. "Oil and macroeconomic policies and performance in Oman." Thesis, Loughborough University, 2016. https://dspace.lboro.ac.uk/2134/23320.

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This thesis investigates the relationship between oil revenue and macroeconomic policies and performance in Oman. The thesis contains five empirical chapters along with introduction, literature review and conclusion. The first empirical chapter looks into the dynamic relationship between oil revenue, government spending and economic activities. The results indicate oil revenue has immediate and significant impact on both the country s GDP and the government expenditure. The government expenditure also has significant impact on the GDP. The second empirical chapter examines the validity of the Wagner s Law and the Keynesian hypothesis in regards to the relationship between the government spending and economic performance. The chapter uses both aggregated and disaggregated government expenditure where the data are divided into recurrent and capital investment. The findings show that there is a long run-relationship between the government spending and the GDP for the period covered. The causality analysis suggests that public investment causes economic growth, but the recurrent expenditure is insignificant. The third empirical chapter investigates the impact of government spending on economic performance where the government spending was decomposed into health, education and militaryexpenditure. The results of these components of the government expenditure and along with an index of openness have long-run relationship with GDP. The short-run coefficient on military spending is insignificant and that of health is negative and significant. However, the long-run coefficients are all positive and significant, except that of military. The fourth empirical chapter analyses the relationship between government expenditure and oil revenue in Oman. The disaggregated government expenditure of health, education and military are used for the analysis in order to see the response of each component to oil revenue changes. The results show that, although all the components responded positively to a positive oils revenue shock, it is the military component that has recorded highest response with more persistence. The fifth chapter investigates the relationship between the current account and the fiscal deficits in Oman. The chapter uses a threshold cointegration technique that is capable of capturing non-linearity and asymmetric adjustment between the series. The estimated results show that there is a long-run relationship between the current account and fiscal deficits in Oman and that adjustment between the series is asymmetric. It is found that upward adjustment is much faster than downward adjustment.

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44

Oyebanjo, Olawale. "Determinants of economic growth In Sub-Saharan Africa: decomposition of exports and imports." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27475.

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This dissertation examines the impact of export and import components on economic growth in 18 Sub-Saharan African countries over the period of 1995-2015. This study uses a neoclassic economic growth model containing GDP, export components, import components, export concentration index, capital and labour force as variables of analysis. The results of fixed effects estimations show that both exports and imports contribute significantly to economic growth. On a specific level, growth in raw material exports, and not manufactured exports, is significantly associated with GDP growth while growth in manufactured imports, and not raw material imports, is significantly associated with GDP growth. The export concentration index is found to have no significant relationship with GDP growth. In addition, the results find that capital formation has a more significant influence on economic growth than labour does.

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Baafi, Antwi Joseph. "Ghana's Economic Growth in Perspective : A time series approach to Convergence and Determinants." Thesis, Södertörn University College, School of Social Sciences, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-3643.

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Economic growth around the world has not been equal for a long time. Some economics grow faster while others grow slower. But economists have predicted that the slower growing economics will eventually converge with the faster growing economy as some point in the future. This is known as the convergence hypothesis. In this study, we test this hypothesis for Ghana and the Western Europeans countries with UK been a proxy for these countries, using time series data to determine whether or not it holds. We determine how fast or slow this convergence process is by using the returns to scale concept on Ghana’s economy and latter account for factor that determines economic growth in sectors. The study supported the null hypothesis of convergence i.e. Ghana is catching up with the Western European countries. The study also shown that Ghana growth accounting exhibit decreasing returns meaning convergence is relatively slow and also signifies that Ghana is not on a balanced growth path (this refers to the simultaneous, coordinated expansion of several sectors of the economy). The study showed a negative relationship between GDP and labour both in the long run and short run relationship. Again the study showed a positive relationship between GDP and capital, Agric and Industrial sector. Lastly, the study showed a negative relationship between GDP and AID and Service in the long run and positive relationship in the short run.

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Ghalia, Thaana. "Essays on tourism and its determinants." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/12839.

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This thesis is based on four essays dealing with tourism development and its determinants. Chapter Two explores the different definitions of ‘tourism’ and ‘tourist’, as well as the factors that influence tourism arrivals. We discuss traditional and more recent theories that underlie the study of the tourism industry. The third chapter examines the effect of tourism upon economic growth, investigating the effects of tourism specialization within tourism-exporting countries and non-tourism-exporting countries annually over the period 1995–2007, applying panel-data methods in cross-sectional growth regressions. This study finds that tourism does not affect economic growth in either underdeveloped or developed countries. Moreover, tourism might cause Dutch Disease in tourism-exporting countries owing to their over-reliance on the exporting of non-traded goods. Chapter Four seeks to identify how institutional quality and aspects of infrastructure (internet access measured by size of country or per 100 people) influence tourist arrivals in a whole sample of 131 countries and in sub-samples comprising developed and developing countries (as defined by IMF criteria) using static and dynamic panel data. The findings indicate that internet access enhances the tourism industry, and most interestingly, that good governance is one of the most influential factors for improving and developing tourism. Chapter Five diagnoses the determinants of tourism flows using panel-data sets including 134 originating countries and 31 destination countries (selected depending on data availability) focusing on ICRG data for the period 2005–2009. The methodology makes use of basic and augmented gravity equations, together with the Hausman-Taylor and Poisson estimation techniques, whilst comparing the performance of the three gravity-equation methods. The results suggest that lower levels of political risk contribute to an increase in tourism flows. Furthermore, common language (positively), common currency (negatively) and political factors (particularly institutional quality) are the most prominent determinants in promoting (or deterring) tourism. Chapter Six gives concluding remarks.

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Harb, Nermeen Mohamed Abdelaziz. "A study on the non-linearity hypothesis between various macroeconomic variables and economic growth in developing countries." Thesis, University of Leicester, 2017. http://hdl.handle.net/2381/39745.

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This thesis comprises three empirical chapters on the non-linear relationship between different macroeconomic variables and economic growth and employs new developed econometrics techniques. After a short introductory chapter, the second chapter investigates the relationship between inflation and economic growth for 35 countries in the Middle Eastern and Sub-Sahara African countries between 1986 and 2011. We have employed a Panel Smooth Transition Regression (PSTR) approach to estimate a precise threshold level of inflation. We consider, also, the impact of inflation threshold levels between the finance-growth nexus. Additionally we explore whether or not the relationship between inflation and economic growth varies according to the level of institutional quality. The results indicate that, indeed, the inflation-growth nexus relies on the level of inflation. Moreover we confirm the importance of institutional quality level in determining the relationship between inflation and economic growth. Further, we find that the finance-growth nexus varies according to the threshold level of inflation. The third chapter introduces a new estimation approach to the PSTR model; it is defined in the form of State Space system equations. We developed this approach to estimate two different threshold variables simultaneously and to consider the existence of a static and stochastic transition function. We employed this panel econometric investigation to identify the non-linear relationship between government size and economic growth for 5 countries in the Middle East and North Africa (MENA) region, during the period from 1970 to 2014. This chapter’s main finding asserts the existence of a threshold level of government size below which it hurts economic growth. The fourth chapter develops the employed model in the third chapter to provide a new insight into the relationship between foreign aid and economic growth. We developed this model in order to consider the time varying effects of the explanatory variables and to examine further the multiple regime threshold models. In this chapter we study the role of income in determining the non-linear relationship between foreign aid and economic growth for 25 developing countries during the period from 1984 to 2008. Additionally, we detect whether or not corruption levels matter for the effectiveness of aid in the aid recipient countries. Generally, based on their income levels, we recognize various threshold levels of foreign aid for each group of developing countries.

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Nykvist, Marcus, and Eric Månsson. "The Stock Market as a Leading Macroeconomic Indicator." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-106644.

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This article goes on to explain and seek if there is any predictive power in the stock markets toward GDP. Put in other words, this study examines whether or not the stock market can be seen as a leading indicator toward GDP for the ten biggest economies measured by GDP in the year 2020. What can be concluded from the results discussed in the analysis section is that the best predictability is when the stock market leads GDP with three to five quarters. In earlier studies on the same topic, the same results can be concluded. However, these previous studies have all shown an extended predictive period between one and five quarters, compared to our results which showed three to five quarters. One note worth mentioning is that we obtained contradictory results depending on if the tests were implemented for each country individually through time series data analysis, or collectively through panel data analysis. Our conclusion was drawn with the panel data analysis as the underlying truth, as it is viewed as more efficient and informative while also being a more suitable tool for studying the dynamics of change.

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Breece, Dena Dail. "The Determinants of Firm Growth in the U.S. Industrial Sector| A Firm Level Analysis." Thesis, Trident University International, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10641702.

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Why do some firms survive and grow and others do not? Is Gibrat’s Law still valid? This is an ongoing debate in industrial organization and management since Gibrat published in 1931. Gibrat (1931) suggested firm growth is independent of firm size and is by chance. However, recent studies call for chance to be supplemented by deterministic models. We considered determinants of firm growth. Specifically, we examined whether firm growth is explained by firm size, firm profitability, firm leverage, firm agency costs, and firm R&D intensity. Also, persistence of firm growth was considered. Evidence was based on a balanced panel data set obtained from Compustat annually for 1991-2015. Data consisted of 82 surviving U.S. public companies in the industrial economic sector. Empirical analysis involved panel econometric techniques like pooled ordinary least squares, random effects models, fixed effects models, and system Generalized Method of Moments methodology. We find that firm growth is not independent of firm size; therefore, Gibrat’s Law does not hold. We find that a significant, positive relationship exists between firm research and development intensity and firm growth. We find that a significant, negative relationship exists between profitability measured by ROA, firm leverage, firm agency costs and firm growth. Finally, we conclude that firm growth persists.

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Talukdar, Shahidur Rashid. "Social, political, and institutional determinants of investment and economic growth : a cross-country study /." Connect to resource online, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ysu1251877560.

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Dissertations / Theses on the topic 'Macroeconomic determinants of economic growth'

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