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An essay on economic growth: classical determinants, convergence and financial development
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| 1.43 MB | Adobe PDF |
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Abstract(s)
This dissertation surveys the literature on economic growth. I review a substantial number of articles published by some of the most renowned researchers engaged in the study of economic growth. The literature is so vast that before undertaking new studies it is very important to know what has been
done in the field. The dissertation has six chapters. In Chapter 1, I introduce the
reader to the topic of economic growth. In Chapter 2, I present the Solow model
and other contributions to the exogenous growth theory proposed in the literature. I also briefly discuss the endogenous approach to growth. In Chapter 3, I summarize the variety of econometric problems that affect the cross-country regressions. The factors that contribute to economic growth are highlighted and the validity of the empirical results is discussed. In Chapter 4, the existence of convergence, whether conditional or not, is analyzed. The literature using both cross-sectional and panel data is reviewed. An analysis on the topic of convergence using a quantile-regression framework is also provided. In Chapter 5, the controversial relationship between financial development and economic
growth is analyzed. Particularly, I discuss the arguments in favour and against
the Schumpeterian view that considers financial development as an important
determinant of innovation and economic growth. Chapter 6 concludes the
dissertation. Summing up, the literature appears to be not fully conclusive about
the main determinants of economic growth, the existence of convergence and
the impact of finance on growth.
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Keywords
Economic growth Convergence Financial development . Centro de Ciências Sociais