Openness, Human Development, and Fiscal Policies: Effectson Economic Growth and Speed of Adjustment
The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustm...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1993
|
Schriftenreihe: | IMF Working Papers
Working Paper No. 93/59 |
Online-Zugang: | BSB01 FAN01 FHA01 FKE01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 Volltext |
Zusammenfassung: | The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth is faster, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. Simulation results confirm the model's faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies |
Beschreibung: | 1 Online-Ressource (36 p) |
ISBN: | 1451965788 9781451965780 |
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spelling | Villanueva, Delano Verfasser (DE-588)170728919 aut Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment Villanueva, Delano Washington, D.C International Monetary Fund 1993 1 Online-Ressource (36 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 93/59 The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth is faster, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. Simulation results confirm the model's faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies Online-Ausg http://elibrary.imf.org/view/IMF001/05048-9781451965780/05048-9781451965780/05048-9781451965780.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Villanueva, Delano Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment |
title | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment |
title_auth | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment |
title_exact_search | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment |
title_exact_search_txtP | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment |
title_full | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment Villanueva, Delano |
title_fullStr | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment Villanueva, Delano |
title_full_unstemmed | Openness, Human Development, and Fiscal Policies Effectson Economic Growth and Speed of Adjustment Villanueva, Delano |
title_short | Openness, Human Development, and Fiscal Policies |
title_sort | openness human development and fiscal policies effectson economic growth and speed of adjustment |
title_sub | Effectson Economic Growth and Speed of Adjustment |
url | http://elibrary.imf.org/view/IMF001/05048-9781451965780/05048-9781451965780/05048-9781451965780.xml |
work_keys_str_mv | AT villanuevadelano opennesshumandevelopmentandfiscalpolicieseffectsoneconomicgrowthandspeedofadjustment |