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WP 2007-13: Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000

WP 2007-13
TitleDeterminants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000
Original titleDeterminantes del crecimiento económico: Una revisión de la literatura existente y estimaciones para el período 1960-2000
Author(s) Raymundo Chirinos
Language Spanish
Date 2007/08/31
Abstract

This paper surveys recent developments in the empirical literature on economic growth as well as presents own estimates on the determinants of growth for the period 1960-2000. The latter is made by standardizing the set of control variables usually included in panel data regressions -those derived from the steady state in the Solow-Swan model-. We find that there is no a single determinant of growth; among the determinants there are policy variables such as macroeconomic stability, provision of credit to the private sector and the degree of institutional development; and exogenous variables such as terms of trade and geographical features -latitude and land locking-. The paper also shows that the conditional convergence hypothesis hold and finds a rate of convergence similar to prior studies.

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