In this paper,we assess the role of investment in research and development(R&D)and economic policy uncertainty(EPU)in Sri Lanka’s economic growth experience.We do this by first determining which endogenous growth...In this paper,we assess the role of investment in research and development(R&D)and economic policy uncertainty(EPU)in Sri Lanka’s economic growth experience.We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity(TFP)in the country.Using historical time series data(1980–2018),we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka.This evidence suggests that R&D is critical to the country’s TFP expansion.We find that,through R&D,EPU has a crucial detrimental impact on TFP growth,although it is short-lived.Our findings are robust and have important implications for R&D investment and for moderating EPU.展开更多
For decades,African economies have embarked on financial sector reforms.However,the empirical implications of these reforms have been divergent.This paper investigates the impact of financial development on Economic g...For decades,African economies have embarked on financial sector reforms.However,the empirical implications of these reforms have been divergent.This paper investigates the impact of financial development on Economic growth using time series data in Cameroon.This investigation was carried out using three common indicators of financial development(broad money,deposit/GDP and domestic credit to private sector).Using the Auto Regressive Distributive Lag(ARDL)technique of estimation,it was discovered that there exist a short-run positive relationship between monetary mass(M2),government expenditure and economic growth,a short run negative relationship between bank deposits,private investment and economic growth equally exists.However in the long run,all indicators of financial development show a positive and significant impact on economic growth.This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test.It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.展开更多
Based on the characteristics of urban-rural dual economic structure in China,we build a dynamic endogenous urban-rural dual economic model closely linked to China's reality,and carry out mathematical economics ana...Based on the characteristics of urban-rural dual economic structure in China,we build a dynamic endogenous urban-rural dual economic model closely linked to China's reality,and carry out mathematical economics analysis of optimized conditions for urban and rural sectors. The main results show that:(i) The labor growth rate of urban-rural sectors must be greater than the time discount rate,or else there would be a vicious cycle of diminishing returns in the sectors;(ii) The accumulation rate of physical capital and human capital of urban-rural sectors,and the rate of technological progress,need to be greater than the corresponding depreciation rate plus the time discount rate,otherwise there would be a vicious cycle of diminishing returns in the sectors;(iii) The low accumulation rate in the rural sector,and the occurrence of labor outflow,human capital loss and lack of investment,will expand income gap between urban and rural areas,which is a reason for solidification of urban-rural dual economic structure.展开更多
In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a...In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a more appropriate objective function are suggested. In this new framework we determine the conditions required to ensure exponentially growing, as opposed to declining, consumption. Optimal per capita consumption will be less likely to be incerasing when: the educational efficiency is low; the planner cares little about future; population grows rapidly; and the elasticity of marginal utility is high.展开更多
文摘In this paper,we assess the role of investment in research and development(R&D)and economic policy uncertainty(EPU)in Sri Lanka’s economic growth experience.We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity(TFP)in the country.Using historical time series data(1980–2018),we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka.This evidence suggests that R&D is critical to the country’s TFP expansion.We find that,through R&D,EPU has a crucial detrimental impact on TFP growth,although it is short-lived.Our findings are robust and have important implications for R&D investment and for moderating EPU.
文摘For decades,African economies have embarked on financial sector reforms.However,the empirical implications of these reforms have been divergent.This paper investigates the impact of financial development on Economic growth using time series data in Cameroon.This investigation was carried out using three common indicators of financial development(broad money,deposit/GDP and domestic credit to private sector).Using the Auto Regressive Distributive Lag(ARDL)technique of estimation,it was discovered that there exist a short-run positive relationship between monetary mass(M2),government expenditure and economic growth,a short run negative relationship between bank deposits,private investment and economic growth equally exists.However in the long run,all indicators of financial development show a positive and significant impact on economic growth.This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test.It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.
基金Supported by Chongqing Social Science Planning Project(2010YBJJ13)the Fundamental Research Funds for the Central Universities(XDJK2010C103)+1 种基金Humanities and Social Sciences Youth Project,the Ministry of Education(10YJC630205)Chongqing Key Humanities and Social Sciences Project(SWU 0810026)
文摘Based on the characteristics of urban-rural dual economic structure in China,we build a dynamic endogenous urban-rural dual economic model closely linked to China's reality,and carry out mathematical economics analysis of optimized conditions for urban and rural sectors. The main results show that:(i) The labor growth rate of urban-rural sectors must be greater than the time discount rate,or else there would be a vicious cycle of diminishing returns in the sectors;(ii) The accumulation rate of physical capital and human capital of urban-rural sectors,and the rate of technological progress,need to be greater than the corresponding depreciation rate plus the time discount rate,otherwise there would be a vicious cycle of diminishing returns in the sectors;(iii) The low accumulation rate in the rural sector,and the occurrence of labor outflow,human capital loss and lack of investment,will expand income gap between urban and rural areas,which is a reason for solidification of urban-rural dual economic structure.
文摘In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a more appropriate objective function are suggested. In this new framework we determine the conditions required to ensure exponentially growing, as opposed to declining, consumption. Optimal per capita consumption will be less likely to be incerasing when: the educational efficiency is low; the planner cares little about future; population grows rapidly; and the elasticity of marginal utility is high.
