TY  - BOOK
AU  - Villanueva,Delano
TI  - Openness, Human Development, and Fiscal Policies: Effectson Economic Growth and Speed of Adjustment 
T2  - IMF Working Papers; Working Paper
SN  - 1451965788 :
SN  - 1018-5941
PY  - 1993///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Economic Growth
KW  - imf
KW  - Equation
KW  - Equations
KW  - Growth Rate of Output
KW  - Growth Rate
KW  - Botswana
KW  - Cameroon
KW  - Dominican Republic
KW  - Iran, Islamic Republic of
KW  - Sri Lanka
N2  - The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, with three major consequences. First, the steady-state growth rate (of output) becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth is faster, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. Simulation results confirm the model's faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies
UR  - http://elibrary.imf.org/view/IMF001/05048-9781451965780/05048-9781451965780/05048-9781451965780.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451965780
ER  -