Determinants of Economic Growth: A Bayesian Panel Data Approach

Enrique Moral-Benito

The Review of Economics and Statistics, 2012, vol. 94, issue 2, 566-579

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. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Keywords: growth determinants; model uncertainty; Bayesian Model Averaging; dynamic panel estimation (search for similar items in EconPapers)
JEL-codes: C11 C23 O4 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (181)

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Working Paper: Determinants of economic growth: A Bayesian panel data approach (2010)
Working Paper: Determinants of Economic Growth: A Bayesian Panel Data Approach (2007)
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