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Review of International Economics 21(4)
Democracy and Economic Growth in an Interdependent World

We model dynamic interdependence in cross-country economic growth processes by allowing it to vary according to democratic distance among economies. Stochastic distributional dynamics and temporal effects of democracy on economic growth are studied, and spatial variation in economic growth is explored. Among important results, democratic poverty trap is found to exist indicating the possibility of…

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A Note on Shock Persistence in Total Factor Productivity Growth

We study implications of persistence of shocks in total factor productivity (TFP) growth under Bayesian framework for a set of African countries over the period 1970-2003. Contrary to convention, we find that stochastic unit root is present for most of the African countries and that there is time-varying dependence structure in the underlying processes. The…

Shock Persistence in Output and the Role of Stochastic Population Growth

This paper illustrates both analytically and empirically that stochastic long-memory in economic growth arises due to the presence of a long-memory in population growth. Specifically, we show that the long-run conditional mean and variances of economic growth are functions of stochastic long-memory in demographic system. This is well-supported by an empirical example.

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A Bayesian Analysis of Total Factor Productivity Persistence

This paper studies persistence properties of total factor productivity (TFP) from Bayesian perspective. Emphasizing that classical unit root test for TFP cannot determine the probability whether a stochastic shock to the series is permanent, we design a Bayesian unit root test for TFP. Examination for a set of African economies’ TFP data show that the…

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Age-structured Human Capital Dynamics and Economic Growth: A Note on Interdependence, Coordination and Welfare

In this chapter, we critically review the role of age-structured human capital in economic growth in the space-time domain and suggest (i) a theoretical framework for modeling growth interdependence across countries due to cross-country human capital accumulation and (ii) construct an empirical test for dynamic spatial growth correlations. Although (aggregate) human capital has been widely…