Given the role renewable energy is likely to play in the context of sustainable development, it is important to understand the relationship between renewable energy and economic growth. Therefore, this paper examines the relationship between renewable energy consumption and economic growth in a panel of sub-Saharan Africa countries from 1990-2011. Using a production function framework, the depe...

We use panel data on a cross section of countries to estimate an aggregate production function including infrastructure capital. We find that the productivity of physical and human capital are close to the levels suggested by microeconomic evidence on their private returns, while electricity generating capacity and transportation networks have roughly the same marginal productivity as capital a...

We test Uncovered Interest Parity (UIP) using LIBOR interest rates for a wide range of maturities. In contrast to other markets, LIBOR markets have minimal frictions which could lead to rejecting UIP. Using panel unit root test suggested by Palm, Smeekes, and Urbain (2010) and cointegration techniques by Westerlund (2007), we find that UIP holds for shortterm maturities, when market-specific he...

A country’s political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multidimensional. We use panel unit root and cointegration tests to examine the time-series properties of several institutional measures to answer two questions. First, do institutional changes tend to be permanent? Second, ...

We consider cointegration tests in the situation where the cointegration rank is deficient. This situation is of interest in finite sample analysis and in relation to recent work on identification robust cointegration inference. We derive asymptotic theory for tests for cointegration rank and for hypotheses on the cointegrating vectors. The limiting distributions are tabulated. An application t...

Bir ülke ekonomisinin global düzeyde teknolojiye ulaşabilmesi, Ar-Ge ve teknoloji yaratmaya ilişkin odağında inovasyonun bulunduğu bir büyüme stratejisini uygulamasıyla mümkün hale gelebilmektedir. Yeni ürün üretim süreçlerinin oluşturulması veya mevcut ya da iyileştirilmesi şeklinde ekonomik açıdan yarar elde edilmesini ifade eden inovasyon kavramı, ülkelerin sürdürülebilir rekabet gücü edebil...