Is growth exogenous? evidence from the 1970s and 1980s

This article assesses the role of external and policy factors for growth variability. The mean group estimator is used to estimate a vector autoregressive system on a panel data set of eighteen developing economies from 1965 to 1992. The main findings are that (i) temporary external shocks are an im...

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Veröffentlicht in:Applied economics
1. Verfasser: Rebucci, Alessandro (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: 2010
Schlagworte:
1965-1992 > Wirtschaftswachstum > Inflation > Schock > Wachstumstheorie > Entwicklungsländer > Aufsatz in Zeitschrift
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Zusammenfassung:This article assesses the role of external and policy factors for growth variability. The mean group estimator is used to estimate a vector autoregressive system on a panel data set of eighteen developing economies from 1965 to 1992. The main findings are that (i) temporary external shocks are an important determinant of medium to long-run growth variability (ii) high inflation countries are more vulnerable to external shocks than others. This evidence is supportive of the conventional view that macro-economic stability is conducive to growth, and casts doubts on the idea that the growth process might be largely exogenous.
ISSN:0003-6846