the relationship between financial development and economic growth in order to give priority to policies that will lead to financial development or addressing other economic priorities to achieve economic growth has attracted the attention of many economics. nonlinear models of causality and causal relationships between variables in the modification of variables in different regimes exist, why ...

Economic growth has helped lift hundreds of millions out of poverty. However, many people remain poor, unable to effectively participate in or benefit from economic growth despite being economically active as workers, producers and consumers. Structural inequalities and other constraints – including policy, legal and cultural environments – mean that they lack the inputs, services, skills devel...

This paper considers some methodological aspects of Joan Robinson’s contribution to post-Keynesian growth theory. Joan Robinson’s criticisms of equilibrium analysis, of the conflation of logical and historical time and of the uses (and misuses) of mathematical formalisation are scathing. But while many of her points are well taken, parts of her argument appear questionable. As a result, her met...

The article investigates sharp reductions seen in current account deficits in transition countries in the 1992-2003 period. By using both descriptive statistical approaches as well as panel regression-based analysis the article focuses on three important aspects of these current account reversals: a) to examine those factors that might have triggered the reversals and to provide some insights i...

This survey sketches the broad landscape of the field of transaction costs measurement. It surveys the main research areas concerning transaction costs and offers a taxonomy: monetary and financial economics, Williamsonian transaction cost economics, the transaction sector, non-market transaction costs, environmental and ecological economics, institutions and economic growth, and the economics ...

This study addresses the apparent puzzle that China achieved sustained and rapid economic growth despite weak institutions. From a World Bank survey of 1,616 manufacturing enterprises in 18 cities, we extracted two measures of institutional quality: property rights protection (share of government officials oriented toward helping rather than hindering business), and contract enforcement (likeli...

In this paper, I address the current process of redistribution of property rights on land and establishing of new economic relations in Ukrainian agricultural sector and assess opportunities for its sustainable development. While agriculture in the Ukraine should be and still has the potential to become an engine for economic growth, the combination of past exploitation and the slow pace of eco...

This paper examines the impact of telecommunications liberalization in Africa on both sectoral performance and economic growth. Besides unilateral measures, we account for WTO commitments fostering the credibility of reforms. Actual regulatory quality plays a major role in bringing down prices and in improving access to telecommunication services in Africa. Competition, notably in the mobile te...

Improved governance and lower start-up costs may not be sufficient for encouraging the type of entrepreneurship that matters for economic growth. Using panel data on 60 countries spanning the period 2003-07 this paper establishes that (i) opportunitymotivated entrepreneurship (as opposed to necessity-motivated entrepreneurship) drives economic growth; (ii) governance and the start-up costs are ...

51 ndonesia has gone a long way in liberalizing its economy, but the task is far from complete. Globalization has given the government a strong justification for undertaking market-oriented reforms that can help maintain high and sustainable rates of exports necessary for strong economic growth. The country’s policy of globalization has been based on pragmatism. It is not grounded on ideologica...