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Author: Young Joon Kim
Publisher:
ISBN: 9781124315850
Category :
Languages : en
Pages :
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Book Description
This dissertation consists of three chapters. Chapter 1 introduces an endogenous growth model, and Chapter 2 and 3 provides empirical evidence in support of the growth model. Chapter 1 presents a simple endogenous growth model. It is based on Romer (1990), but extends the original model by incorporating individual workers skill heterogeneity. Based on the heterogeneity, the model has a labor allocation mechanism between skilled and less-skilled sectors. This labor allocation determines the long-run growth rate of the economy. The model shows how the distribution of human capital affects on the labor allocation, and hence on the economic growth and income distribution. The model can be extended to an open economy. With the heterogeneity, the extended model explains distributional effect as well as growth effect of the economic openness. Chapter 2 provides empirical evidence in support of the model presented in the chapter 1. The human capital measures from the model show better performance in explaining the role of human capital on a country's income per worker. The proposed human capital measures also perform better in growth regressions. When the three specifications based on three different models (Solow, Nelson and Phelps and Romer) are implemented using a panel of 45 countries, the human capital measures based on the Romer-type endogenous growth model provide the most significant relation between human capital and economic growth. Chapter 3 provides empirical evidence in support of the extension part of the model presented in the chapter 1. According to the model, economic openness can affect labor allocation through two channels; knowledge spillover and specialization. First, the openness promotes knowledge spillovers and hence increases the productivity of workers in skilled sectors. This makes the economy employs more workers in skilled sector. Second, the openness causes global specialization which leads more employment in skilled sector for advanced countries, but at the same time less employment in skilled sector for less-advanced countries. The empirical results obtained using cross country panel data support these two effects of knowledge spillover and specialization.
Author: Young Joon Kim
Publisher:
ISBN: 9781124315850
Category :
Languages : en
Pages :
Get Book Here
Book Description
This dissertation consists of three chapters. Chapter 1 introduces an endogenous growth model, and Chapter 2 and 3 provides empirical evidence in support of the growth model. Chapter 1 presents a simple endogenous growth model. It is based on Romer (1990), but extends the original model by incorporating individual workers skill heterogeneity. Based on the heterogeneity, the model has a labor allocation mechanism between skilled and less-skilled sectors. This labor allocation determines the long-run growth rate of the economy. The model shows how the distribution of human capital affects on the labor allocation, and hence on the economic growth and income distribution. The model can be extended to an open economy. With the heterogeneity, the extended model explains distributional effect as well as growth effect of the economic openness. Chapter 2 provides empirical evidence in support of the model presented in the chapter 1. The human capital measures from the model show better performance in explaining the role of human capital on a country's income per worker. The proposed human capital measures also perform better in growth regressions. When the three specifications based on three different models (Solow, Nelson and Phelps and Romer) are implemented using a panel of 45 countries, the human capital measures based on the Romer-type endogenous growth model provide the most significant relation between human capital and economic growth. Chapter 3 provides empirical evidence in support of the extension part of the model presented in the chapter 1. According to the model, economic openness can affect labor allocation through two channels; knowledge spillover and specialization. First, the openness promotes knowledge spillovers and hence increases the productivity of workers in skilled sectors. This makes the economy employs more workers in skilled sector. Second, the openness causes global specialization which leads more employment in skilled sector for advanced countries, but at the same time less employment in skilled sector for less-advanced countries. The empirical results obtained using cross country panel data support these two effects of knowledge spillover and specialization.
Author: Ms.Era Dabla-Norris
Publisher: International Monetary Fund
ISBN: 1513547437
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Author: Philippe Aghion
Publisher:
ISBN: 9780444535467
Category : Economic development
Languages : en
Pages :
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Book Description
"The Handbook of Economic Growth provides a broad review of the research topics, empirical findings, and methods that comprise modern growth economics. The chapters, written by research leaders, summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, volume 2A and 2B upholds the standard for excellence in applied economics set by Volumes 1A and 1B (2005). It offers definitive theoretical and empirical scholarship about growth economics. It presents as a guiding principle the search for a theoretical framework consistent with the theories and data that describe growth economics. It familiarizes readers with common empirical methods and empirical results"--provided by publisher.
Author: John W. Kendrick
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386988
Category : Political Science
Languages : en
Pages : 324
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Book Description
The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an understanding of the economic boom in East Asia. The theory explored in this volume attributes the phenomenal economic success of these countries to, among other factors, the role of an outward orientation—a focus on exporting rather than on protecting home markets. In addition, the importance of exchange rate behavior, of the supportive role of government policy, and of the accumulation and promotion of physical and human capital are explored in detail. This collection also examines the extent to which growth in each country became self-sustaining once it began. Demonstrating the relevance of endogenous growth theory for studying this important region, this fourth volume in the NBER-East Asia Seminar on Economics series will be of interest to observers of East Asian affairs.
Author: Robert E. Baldwin
Publisher: University of Chicago Press
ISBN: 0226036553
Category : Business & Economics
Languages : en
Pages : 560
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Book Description
People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. Challenges to Globalization evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. Baldwin, Winters, and the contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions and present surprising findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with papers on financial opening and on the relationship between international economic policies and national economic growth rates.
Author:
Publisher: Rozenberg Publishers
ISBN: 9051707029
Category :
Languages : en
Pages : 162
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Book Description
Author: Bernhard Eckwert
Publisher: Academic Press
ISBN: 0128031913
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
The Economics of Screening and Risk Sharing in Higher Education explores advances in information technologies and in statistical and social sciences that have significantly improved the reliability of techniques for screening large populations. These advances are important for higher education worldwide because they affect many of the mechanisms commonly used for rationing the available supply of educational services. Using a single framework to study several independent questions, the authors provide a comprehensive theory in an empirically-driven field. Their answers to questions about funding structures for investments in higher education, students’ attitudes towards risk, and the availability of arrangements for sharing individual talent risks are important for understanding the theoretical underpinnings of information and uncertainty on human capital formation. Investigates conditions under which better screening leads to desirable outcomes such as higher human capital accumulation, less income inequality, and higher economic well-being. Questions how the role of screening relates to the funding structure for investments in higher education and to the availability of risk sharing arrangements for individual talent risks. Reveals government policies that are suited for controlling or counteracting detrimental side effects along the growth path.
Author: Martin Zagler
Publisher: Springer
ISBN: 1349271292
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Endogenous Growth, Market Failures and Economic Policy develops, within a rigorous formal framework, innovative and unconventional macroeconomic policy perspectives that can be deduced from the New Growth Theory in the presence of market imperfections, adopting the standard structure of fiscal, monetary and trade policy for the book. For instance, the introduction of monopolistic competition leads to positive growth effects of fiscal policy as well as protection of infant industries.
Author: Mr.Ari Aisen
Publisher: International Monetary Fund
ISBN: 1455211907
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The purpose of this paper is to empirically determine the effects of political instability on economic growth. Using the system-GMM estimator for linear dynamic panel data models on a sample covering up to 169 countries, and 5-year periods from 1960 to 2004, we find that higher degrees of political instability are associated with lower growth rates of GDP per capita. Regarding the channels of transmission, we find that political instability adversely affects growth by lowering the rates of productivity growth and, to a smaller degree, physical and human capital accumulation. Finally, economic freedom and ethnic homogeneity are beneficial to growth, while democracy may have a small negative effect.
