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Author/Editor:
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Mirestean, Alin ; Tsangarides, Charalambos G.
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Publication Date:
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December 01, 2009
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Electronic Access:
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Free Full text
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper revisits the cross-country growth empirics debate using a novel Limited Information Bayesian Model Averaging framework to address model uncertainty in the context of a dynamic growth model in panel data with endogenous regressors. Our empirical findings suggest that once model uncertainty is accounted for there is strong evidence that initial income, investment, life expectancy, and population growth are robustly correlated with economic growth. We also find evidence that debt, openness, and inflation are robust growth determinants. Overall, the set of our robust growth determinants differs from those identified by other studies that incorporate model uncertainty, but ignore dynamics and/or endogeneity. This underscores the importance of accounting for model uncertainty and endogeneity in the investigation of growth determinants.
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Order a print copy
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Series:
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Working Paper No. 09/268
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Subject(s):
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Cross country analysis | Economic conditions | Economic growth | Economic models | Human capital
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Author's Keyword(s):
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Economic growth | growth regressions | Bayesian Model Averaging | dynamic
panel estimation | limited information estimation. |
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English
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Publication Date:
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December 01, 2009
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Format:
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Paper
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Stock No:
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WPIEA2009268
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Pages:
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33
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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