Introduction to Economic Growth by Charles I. Jones

By Charles I. Jones

Delivering an advent to fiscal development, this textbook starts off by way of outlining the empirical facts, after which describes the main theories of progress. The Solow version, neoclassical versions, the Romer version, and substitute theories of endogenous progress are explicated. The effect of expertise, social infrastructure, and usual assets also are mentioned. Jones teaches economics on the college of California at Berkeley.

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10) ˆ ␪PMG ϭ ␪˜ Another panel-data estimation that allows for heterogeneity but imposes no homogeneity is mean group (MG) estimation proposed by Pesaran and Smith (1995). It is calculated based on the mean (across the individual country) estimates of the long run, the short run and adjustment coefficients. This is consistent even under heterogeneity. However, if the parameters are in fact homogeneous, the PMG estimates are more efficient. The hypothesis of homogeneity of the long-run policy parameters cannot be assumed a priori and is tested empirically in all specifications.

S. s. s. s. s. s. s. s. s. s. s. s. s. s. 2624ϩ **, *, ϩ: significant at 5%, 10%, 15%. Investment and consumption are measured as a share of GDP. All variables have been Hodrick–Prescott detrended. Quarterly time effects removed from consumption. s. ϭ not significant. However, in all cases the sign of correlation is negative. This is a surprising result even in the context of the recent rise of acquisitions in total FDI (see Mattar et al. 2002): if a foreign firm acquires, say, a domestic bank, the operation will generate a positive financial inflow that could be expected to produce a rise in domestic demand (see Trigueros 1998).

These findings suggest support for the Rajan and Zingales hypothesis, even when the alternative proxy for capital inflow is utilized. 02) – – ***, **, *: significance at 1%, 5%, 10% levels, respectively. All equations include a constant country-specific term. Figures in parentheses are t-statistics except for Hausman tests, which are p-values. 40) – – ***, **, *: significance at 1%, 5%, 10% levels, respectively. All equations include a constant country-specific term. Figures in parentheses are t-statistics except for Hausman tests, which are p-values.

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