tourism industry has been the fastest and the most income-generating industry in the first decade of the third millennium. it has been for many countries including some of oic member countries a source of foreign exchange and contributed into their development. in this paper, we try to test empirically whether tourism expansion has had any significant effect on economic growth of oic member cou...

The main objective of this study is to present a two-step approach to generate estimates of economic growth based on agents’ expectations from tendency surveys. First, we design a genetic programming experiment to derive mathematical functional forms that approximate the target variable by combining survey data on expectations about different economic variables. We use evolutionary algorithms t...

Historical Analysis of National Subjective Wellbeing Using Millions of Digitized Books We present the first attempt to construct a long-run historical measure of subjective wellbeing using language corpora derived from millions of digitized books. While existing measures of subjective wellbeing go back to at most the 1970s, we can go back at least 200 years further using our methods. We analyse...

This paper sheds light on two problems in the Penn World Table (PWT) GDP estimates. First,we show that these estimates vary substantially across different versions of the PWT despitebeing derived from very similar underlying data and using almost identical methodologies; thatthis variability is systematic; and that it is intrinsic to the methodology deployed by the PWT toest...

A transportation network-multiregional CGE model is applied to estimate the network effects of a set of highway projects on the value-added by region and industrial sector for the construction and operation periods. Among nine highways in an east–west direction in Korea, the East–West 9 highway increases the GDP by 0.300% over the 30-period time horizon with 0.016% of the GDP as the network eff...

The Solow-Swan growth model predicts that growth should be uncorrelated with the ratio of national investment to GDP. If capital markets are open, the model predicts instantaneous convergence of GDP per capita across countries. Convergence is achieved by capital flows from rich to poor countries and a consequence of these flows is that the ratio of national savings to GDP in each country should...

A large economic literature discusses the implications of export sanctions for a variety of states around the world. This paper investigates the macro-level consequences of imposing oil export barriers on an oil exporting country. We employ a large real financial computable general equilibrium for Iran. The model is calibrated based on 1999 Social Accounting Matrix for the economy of Iran inc...

In this paper we analyze how the primary surplus to GDP ratio in the US reacts to variations in the public debt-GDP ratio. In contrast to earlier studies we perform non-parametric and semi-parametric estimations. Our results show that the response of the primary surplus to GDP ratio is a positive nonlinear function of the debt-GDP ratio. Further, our estimations demonstrate that the coefficient...

This paper develops a dynamic model of innovation and international trade in which agents can direct their research efforts to specific goods the economy. Trade affects direction through its impact on expected market size for an invention, leading two-way relationship between technology absent standard quantitative Ricardian models. Following theory-consistent strategy estimate extent endogenou...

  This is undoubtedly recognized that economic performance for each country over time is related to a great extent to its political, institutional and legal environment. In fact, these institutions and policies are that determine the governance quality.   In a panel data study, we applied newly developed indices to examine the effects of good governance on FDI for fifteen middle-income countri...