Citation

Discussion Paper Details

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Title: Growth and relative living standards - testing Barriers to Riches on post-war panel data

Author(s): David Meenagh, Patrick Minford and Jiang Wang

Publication Date: May 2007

Keyword(s): bootstrap testing, business regulation, business taxation, government R&D, growth, living standards, public education and structural model

Programme Area(s): International Macroeconomics

Abstract: The effect of business tax and regulation on growth, together with potential effects of government spending on education and R&D, is embodied in a model of a small open economy with growth choices. The structural model is estimated on post-war panel data for 76 countries and the bootstrap is used to produce the model's sampling variation for the analysis of panel regressions of growth. Statistical rejection can occur at either the structural or the growth regression stage. The models featuring government spending on education and R&D are rejected while that with business taxation is accepted.

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Bibliographic Reference

Meenagh, D, Minford, P and Wang, J. 2007. 'Growth and relative living standards - testing Barriers to Riches on post-war panel data'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6288