This paper studies the effect of real effective exchange rate (REER) volatility on economic growth as well as the euro’s effect on REER volatility. We first show that, after a plausible endogeneity correction, REER volatility is negatively associated with growth in a 1980~2011 panel of OECD countries. One standard deviation volatility decrease is associated with about two percentage points (0.8...

In order to investigate whether government regulations against corruption can affect the economic growth of a country, we analyze the dependence between Gross Domestic Product (GDP) per capita growth rates and changes in the Corruption Perceptions Index (CPI). For the period 1999-2004 on average for all countries in the world, we find that an increase of CPI by one unit leads to an increase of ...

The important of the demographic dividend to East Asian economic growth is now widely recognized. During the last four decades of the 20 Century the working age populations grew much more rapidly than the dependent populations fueling growth in per capita income. Over the coming decades, however, demographic change is seemingly unfavorable. In the coming decades the working-age populations of m...

In earlier debates on economic development, the agricultural sector’s role was somewhat controversial. While dualistic models highlighted the importance of agriculture, the mainstream literature placed a greater emphasis on the creation of a modern industrial sector. Soon agriculture disappeared from the mainstream development literature to re-emerge recently with a variety of multiple-sector g...

New Zealand’s recent rate of economic growth has remained strong despite a worldwide recession. Policymakers, the press, and the public have nonetheless been concerned that New Zealand’s economic performance has lagged along some important dimensions. This paper presents some new estimates of the rate of technological change in New Zealand and compares them to similar measures for the United St...

Since 1960, the size ofthe government in Liberia has grown considerably, while the rate of economic growth has declined. This study investigates whether growth in government size promotes or retards economic growth. The studyfinds that growth in the size ofgovernment has been associated with a slowdown in economic growth in Liberia over the period 196086. Thus, a lesser role ofgovernment in eco...