The Review of Economics and Statistics Vol. 94 No. 2 2012
Determinants of Economic Growth: A Bayesian Panel Data Approach
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.
- DOI
- 10.1162/rest_a_00154
- Volume
- 94
- Issue
- 2
- Pages
- 566-579
- Language
- en
- Sources
- openalex crossref