WP 2007-13: Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000
WP 2007-13: Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000
WP 2007-13: Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000
N°
WP 2007-13
Title
Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000
Original title
Determinantes 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.