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Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000

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  • Chirinos Raymundo

    (Banco Central de Reserva del Perú)

Abstract

This paper surveys recent developments in the empirical literature on economic growth as well as presents own estimates on the determinants of growth for the period 1960-2000. The latter is made by standardizing the set of control variables usually included in panel data regressions -those derived from the steady state in the Solow-Swan model-. We find that there is no a single determinant of growth; among the determinants there are policy variables such as macroeconomic stability, provision of credit to the private sector and the degree of institutional development; and exogenous variables such as terms of trade and geographical features -latitude and land locking-. The paper also shows that the conditional convergence hypothesis hold and finds a rate of convergence similar to prior studies.

Suggested Citation

  • Chirinos Raymundo, 2007. "Determinants of economic growth: A survey of recent developments and empirical evidence for the period 1960-2000," Working Papers 2007-013, Banco Central de Reserva del Perú.
    • Handle: RePEc:rbp:wpaper:2007-013
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    More about this item

    Keywords

    determinantes del crecimiento; panel data;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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