본문 바로가기
KERD
논문KCI 등재

Determinants of Economic Growth in the Developing Countries: An Extreme Bounds Analysis

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

주제분류경제학

초록

The present study aimed to test the hypothesis of inadequacy of growth theories in developing countries by identifying the robust determinants of economic growth under uncertainty in model selection. The extreme bounds analysis approach was adopted, and nearly 11 million regressions were estimated. Results showed that in developing countries, the behavior of some potential determinants of growth, such as corruption and bureaucracy quality, is against economic growth theories, and some of other variables are weak determinants of growth. The findings also confirmed the power of variables such as investment and trade proxies.

Abstract

The present study aimed to test the hypothesis of inadequacy of growth theories in developing countries by identifying the robust determinants of economic growth under uncertainty in model selection. The extreme bounds analysis approach was adopted, and nearly 11 million regressions were estimated. Results showed that in developing countries, the behavior of some potential determinants of growth, such as corruption and bureaucracy quality, is against economic growth theories, and some of other variables are weak determinants of growth. The findings also confirmed the power of variables such as investment and trade proxies.

참고문헌 (73)

  1. Acemoglu, D., "The Colonial Origins of Comparative Development : An Empirical Investigation", American Economic Review, 91, pp.1369~1401 (2001)
  2. Acemoglu, D., "Reversal of Fortune : Geography and Development in the Making of the Modern World Income Distribution", Quarterly Journal of Economics, 117(4), pp.1231~1294 (2002)
  3. Aghion, P., "Volatility and Growth" (2005), Oxford University Press
  4. Alesina, A., "The Political Economy of High and Low Growth", Annual World Bank Conference on Development Economics 1997 (1998), World Bank
  5. Barro, R. J., "Unanticipated Money Growth and Unemployment in the United States", American Economic Review, 67, pp.101~115 (1977)
  6. Barro, R. J., "Unanticipated Money, Output, and the Price Level in the United States", Journal of Political Economy, 86, pp.549~580 (1978)
  7. Barro, R. J., "Democracy and Growth", Journal of Economic Growth, 1(1), pp.1~27 (1996)
  8. Barro, R. J., "Determinants of Economic Growth: A Cross-Country Empirical Study" (1997), MIT Press
  9. Barro, R. J., "Religion and Economic Growth Across Countries", American Sociological Review, 68(5), pp.760~781 (2003)
  10. Barro, R. J., "Public Finance in Models of Economic Growth", The Review of Economic Studies, 59(4), pp.645~661 (1992)
  11. Bayley, D. H., "The Effects of Corruption in a Developing Nation", The Western Political Quarterly, 19(4), pp.719~732 (1966)
  12. Business Cycles in General Equilibrium, "Black, F.", MIT, ~ (1979)
  13. Brock, W. A., "Growth Empirics and Reality", World Bank Economic Review, 15(2), pp.229~272 (2001)
  14. Geography, Demography, and Economic Growth in Africa, "Bloom, D. E.", Harvard Institute for International Development, ~ (1998)
  15. Buchanan, J. M., "The Calculus of Consent: Logical Foundations of Constitutional Democracy" (1962), University of Michigan Press
  16. Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries, "Claessens, S.", The World Bank, ~, pp.Policy Research Working Paper Series, 1618 (1996)
  17. Crain, M. W., "Economic Growth Regressions for the American States : A Sensitivity Analysis", Economic Inquiry, 37, pp.242~257 (1999)
  18. Chenery, H. B., "Interaction between Theory and Observation in Development", World Development, 11(10), pp.853~861 (1983)
  19. Devarajan, S., "The Composition of Public Expenditure and Economic Growth", Journal of Monetary Economics, 37, pp.313~344 (1996)
  20. Dollar, D., "Institution, Trade and Growth", Journal of Monetary Economics, 50(1), pp.133~162 (2003)
  21. Dougherty, C., "Introduction to Econometrics" (2007), Oxford University Press
  22. Durlaf, S. N., "Handbook of Economic Growth, Chapter 8", pp.555~677 (2005), North-Holland
  23. Easterly, W., "Africa’s Growth Tragedy : Policies and Ethnic Divisions", Quarterly Journal of Economics, 112(4), pp.1203~1250 (1997)
  24. Easterly, W., "Tropics, Germs, and Crops : How Endowments Influence Economic Development?", Journal of Monetary Economics, 50(1), pp.3~39 (2003)
  25. Friedman, M., "Capitalism and Freedom" (1962), University of Chicago Press
  26. Gallup, J. L., "Geography and Economic Development", International Regional Science Review, 22(2), pp.179~232 (1999)
  27. Haan, J. D., "Further Evidence on the Relationship between Economic Freedom and Economic Growth", Public Choice, 95, pp.363~380 (1998)
  28. On the Relationship between Economic Freedom and Economic Growth, "Haan, J. D.", University of Groningen, CCSO Centre for Economic Research, ~, pp.CCSO Working Papers, 199903 (1999)
  29. Hall, R. E, "Why Do Some Countries Produce So Much More Output per Worker than Others?", Quarterly Journal of Economics, 114, pp.83~116 (1999)
  30. Hicks, J., "Capital and Growth" (1965), Oxford University Press
  31. Hoover, K. D., "Truth and Robustness in Cross-country Growth Regressions", Oxford Bulletin of Economics and Statistics, 66(5), pp.765~798 (2004)
  32. Huntington, S. P., "Political Order in Changing Societies" (1968), Yale University Press
  33. Huntington, S. P., "The Clash of Civilizations and the Remaking of World Order" (1996), Simon and Schuster
  34. Inglehart, R., "Modernization, Cultural Change, and the Persistence of Traditional Values", American Sociological Review, 65, pp.19~51 (2000)
  35. Kormendi, R., "Macroeconomic Determinants of Growth : Cross Country Evidence", Journal of Monetary Economics, 16(2), pp.141~163 (1985)
  36. Landes, D. S., "The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor" (1999), Norton
  37. Leamer, E. E., "Specification Searches" (1978), Wiley
  38. Leamer, E., "Let’s Take the Con out of Econometrics", American Economic Review, 73(1), pp.31~43 (1983)
  39. Leamer, E. E., "Reporting the Fragility of Regression Estimates", Review of Economics and Statistics, 65(2), pp.306~317 (1983)
  40. Leff, N. H., "Economic Development through Bureaucratic Corruption", American Behavioral Scientist, 8(3), pp.8~14 (1964)
  41. Levine, R., "A Sensitivity Analysis of Cross-country Growth Regressions", American Economic Review, 82(4), pp.942~963 (1992)
  42. Levine, R., "What We Have Learned about Policy and Growth from Cross-country Regressions", American Economic Review, 83(2), pp.426~430 (1993)
  43. Lewis, W. A., "The Theory of Economic Growth" (1955), Allen and Unwin
  44. Lucas, R., "On the Mechanics of Economic Development", Journal of Monetary Economics, 22(1), pp.3~42 (1988)
  45. Mankiw, N. G., "A Contribution to the Empirics of Economic Growth", Quarterly Journal of Economics, 107, pp.407~437 (1992)
  46. Masters, W. A., "Climate and Development" (2001), Purdue University
  47. Mauro, P., "Corruption and Growth", Quarterly Journal of Economics, 110, pp.681~712 (1995)
  48. Montesquieu, C. S., "The Spirit of the Laws", Cambridge University Press
  49. Mundell, R. A., "A Theory of Optimum Currency Areas", American Economic Review, 51(4), pp.657~665 (1961)
  50. Myrdal, G., "Economic Theory and Underdeveloped Regions" (1957), Duckworth
  51. Nelson, M. A., "Democracy, Economic Freedom, Fiscal Policy and Growth in LDCs : A Fresh Look", Economic Development and Cultural Change, 46, pp.677~696 (1998)
  52. North, D. C., "Structure and Change in Economic History" (1981), W.W. Norton and Co.
  53. North, D. C., "Institutions, Institutional Change" (1990), Cambridge University Press
  54. North, D. C., "The Rise of the Western World: A New Economic History" (1973), Cambridge University Press
  55. External Debt and Growth, "Pattillo, C.", IMF, ~, pp.IMF Working Paper, WP (2001), 02[DOI]
  56. Pritchett, L., "The Quest Continues", Finance and Development", A Quarterly Magazine of the IMF, 43, pp.7~ (2006)
  57. Determinants of the Long-run Growth Rate in the South-Asian Countries, "Rao, B. B.", University Library of Munich, ~, pp.MPRA Paper, 26493 (2010)
  58. Economic Growth: A Review of the Theoretical and Empirical Literature, "Renelt, D.", Country Economics Department, ~, pp.Country Economics Department, the World Bank, WPS 678 (1991)
  59. Rodrik, D., "Institutions Rule : The Primacy of Institution over Geography and Integration in Economic Development", Journal of Economic Growth, 9, pp.131~165 (2004)
  60. Romer, P., "Increasing Returns and Long-run Growth", Journal of Political Economy, 94(5), pp.1002~1037 (1986)
  61. Rostow, W. W., "The Stages of Economic Growth", pp.1~34 (1960), Cambridge University Press
  62. I Just Ran 4 Million Regressions, "Sala-i-Martin, X.", National Bureau of Economic Research, ~, pp.National Bureau of Economic Research Working Paper, No. 6252 (1997)
  63. Sala-i-Martin, X., "I Just Ran 2 Million Regressions", American Economic Review, 87(2), pp.178~183 (1997)
  64. Shleifer, A., "Corruption", Quarterly Journal of Economics, 108, pp.599~617 (1993)
  65. Smith, A., "An Inquiry into the Nature and Causes of the Wealth of Nations", pp.1937~, Random House
  66. Sturn, N., "The Determinants of Growth", The Economic Journal, 101, pp.122~133 (1991)
  67. Tobin, J., "Money and Economic Growth", Econometrica, 33, pp.671~684 (1965)
  68. Vanssay, X., "Freedom and Growth : Do Constitutions Matter?", Public Choice, 78, pp.359~372 (1994)
  69. Viner, J., "International Trade and Economic Development" (1952), Free Press
  70. Weber, M., "The Protestant Ethic and the Spirit of Capitalism" (1930), Allen and Unwin
  71. Introduction to Developing Country Debt and the World Economy, "Sachs, J. D.", Developing Country Debt and the World Economy, 1~34 (1989)
  72. Zarra-Nezhad, M., "Determinants of Economic Growth in OPEC : An Extreme Bounds Analysis", OPEC Energy Review, 38(4), pp.424~444 (2014)
  73. Zarra-Nezhad, Z., "Trade-Growth Nexus in Developing and Developed Countries : An Application of Extreme Bounds Analysis", Asian Economic and Financial Review, 4(7), pp.915~929 (2014)

이 간행물의 다른 논문 (4건)