Determinants of Economic Growth: International Economic Research: International Economic Research

Author: Barro
Publisher:
Publish Date: 2004-09-01
Features: For the long-term economic well-being of a country, nothing is more important than the rate of economic growth. Differences in annual growth rates may seem small, but over the years, these subtle differences can lead to significant disparities in living standards. In the past decade, a large number of studies on economic diagrams have emerged, with hundreds of empirical analyses on cross-national economic growth focusing on the correlation between growth and various variables. This book summarizes these key literatures. With a broad research perspective, it explores the various determinants of economic growth, not only economic factors but also political factors. Through the analysis of a vast amount of cross-national data, Barro confirms three fundamental conclusions: cross-national data support conditional convergence; there is a nonlinear relationship between democracy and growth; and the negative impact of inflation on economic growth is more pronounced at high inflation rates but uncertain at low inflation rates. Although this book is a specialized work in the field of economic growth, the literature review in each chapter gives readers a glimpse into the development of growth ideas, and understanding the majority of the content does not require advanced theoretical foundations in growth theory. The book consists of three complete, detailed, and standard empirical studies, providing readers who have mastered intermediate econometric tools with exemplary empirical research. Careful readers can not only appreciate Barro's skill in empirical research from the text but are also likely to be inspired by new research ideas from the broad research perspective.