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Determinants of economic growth : a bayesian panel data approach

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Issue Date
2010
Physical description
40 p. : tab., gráf.
Abstract
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
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Documentos de trabajo / Banco de España, 1031
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