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The Finance–Growth Link Revisited And The Role Of Institutions As A Source Of Finance In Latin America, Luisa Blanco
The Finance–Growth Link Revisited And The Role Of Institutions As A Source Of Finance In Latin America, Luisa Blanco
School of Public Policy Working Papers
In a panel framework that includes 18 countries, this paper studies the short and long run effect of financial development on economic growth and the determinants of financial development in Latin America. Financial development shows a positive effect on economic growth in the long run, but a negative effect in the short run for the full sample. When the sample is divided by income levels, this result holds only for the high income group. For the low income group, financial development has no significant effect on economic growth in the short run or in the long run. In the analysis …
Multiparty Democracies And Rapid Economic Growth: A Twenty-First Century Breakthrough?, Devin K. Joshi
Multiparty Democracies And Rapid Economic Growth: A Twenty-First Century Breakthrough?, Devin K. Joshi
Research Collection School of Social Sciences
This essay examines whether developing countries with competitive multiparty democracies may be just as capable of sustaining rapid economic growth as single-party states. It begins with a literature review identifying political stability and the ability to mobilize labor and capital production inputs as key factors behind sustained rapid growth. It then develops the hypothesis that under certain conditions, multiparty democracies may be strong in these dimensions, but ceteris paribus, single-party states are likely to have an advantage. I test this hypothesis by exploring historical trends in rapid growth over the last five decades. Statistical regression analysis confirms that most sustained …
Public Policy, Human Instincts, And Economic Growth, Jonathan B. Wight
Public Policy, Human Instincts, And Economic Growth, Jonathan B. Wight
Economics Faculty Publications
Alfred Marshall famously insisted that economics is more like biology than physics. Societies are organic ecologies that evolve and produce organized but unplanned complexity (Hayek 1979). Although no public policy reliably produces economic growth across all ecosystems, a key element unites diverse institutions and policies that do seem to work: they all are reasonably compatible with human instinct. Institutions that build on the basic instinct for self-betterment (as in markets) have a much easier time in achieving success than institutions that oppose it (as in communism). Instincts, like gravity, are a force of nature. Adam Smith theorized, for example, …