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The design, implementation, and interpretation of cross- country investigations should be improved. This review of conceptual, methodological, and statistical weaknesses in cross- country studies suggests that existing findings warrant only limited confidence.
CD-ROM contains: World Bank data.
"... Papers presented at a conference held at the Stouffer Wailea Hotel, Maui, Hawaii, January 6-7, 1989. ... part of the Research on Taxation program of the National Bureau of Economic Research." -- p. ix.
Abstract: The authors study the effects of regulation on economic growth and the relative size of the informal sector in a large sample of industrial and developing countries. Along with firm dynamics, informality is an important channel through which regulation affects macroeconomic performance and economic growth in particular. The authors conclude that a heavier regulatory burden-particularly in product and labor markets-reduces growth and induces informality. These effects are, however, mitigated as the overall institutional framework improves.
Correlations across openness measures are sometimes weak, but openness does seem to be positively associated with GDP growth - the more open the economy, the higher the growth.
Cross-country studies provide a weak basis for the formulation of economic policies in developing countries.
"One of the most striking features of economic growth is the process of structural change whereby the share of agriculture in GDP decreases as countries develop. The cross-country growth literature typically estimates an aggregate homogeneous production function or convergence regression model that abstracts from this process of structural change. This paper investigates the extent to which assumptions about aggregation and homogeneity matter for inferences regarding the nature of technology differences across countries. Using a unique World Bank dataset, it estimates production functions for agriculture and manufacturing in a panel of 40 developing and developed countries for the period from 1963 to 1992. It empirically models dimensions of heterogeneity across countries, allowing for different choices of technology within both sectors. The paper argues that heterogeneity is important within sectors across countries implying that an analysis of aggregate data will not produce useful measures of the nature of the technology or productivity. It shows that many of the puzzling elements in aggregate cross-country empirics can be explained by inappropriate aggregation across heterogeneous sectors"--Abstract.
A vast literature uses cross-country regressions to find empirical links between policy indicators and long-run average growth rates. But conclusions from those studies are fragile if there are small changes in the independent variables.