DETERMINANTS OF ECONOMIC GROWTH: A BAYESIAN PANEL DATA APPROACH

• 成果类型: Article
• 署名作者: Moral-Benito, Enrique
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00154
• 发表日期: 2012-05
• 页码: 566-579
• 关键词: cross-section; time-series; models

摘要

Model uncertainty hampers consensus on the key determinants of economic growth. Some recent cross-country cross-sectional analyses have employed Bayesian model averaging to tackle the issue of model uncertainty. This paper extends that approach to panel data models with country-specific fixed effects in order to simultaneously address model uncertainty and endogeneity issues. The empirical findings suggest that in a panel setting, the most robust growth determinants are the price of investment goods, distance to major world cities, and political rights.