Determinants of Economic Growth: A Bayesian Panel Data Approach∗
نویسنده
چکیده
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 countryspecific 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. JEL Classification: C11, C23, O4.
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