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Studies on economic growth and inflation

theory and empirics

Adu, George (2012). Studies on economic growth and inflation. Diss. (sammanfattning/summary) Uppsala : Sveriges lantbruksuniv., Acta Universitatis agriculturae Sueciae, 1652-6880 ; 2012:14
ISBN 978-91-576-7650-4
[Doctoral thesis]

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Abstract

This thesis consists of four independent papers. Paper I examines the effect of environmental policy on economic growth in a small open economy in a neoclassical framework with pollution as an input. We show that the effect of environmental policy on growth is stronger in the open economy case relative to the closed economy model if the country has strong aversion to pollution and thus serves as a net exporter of capital in the international capital market. On the other hand, if the agents in the economy have low aversion to pollution and thus import capital, the effect of environmental care on growth is stronger in the closed economy relative to the open economy. Paper II analyses the effect of asymmetry in factor endowments between resource-rich and resource-poor countries on equilibrium bias of technology development and adoption possibilities. First, we show that the bias in equilibrium technology in the resource-poor North is determined by its relative abundance of human capital and physical capital. Secondly, we show that the equilibrium bias in technology in the resource abundant South is dependent positively (negatively) on the relative abundance (scarcity) of skilled (unskilled) labour and the relative abundance (scarcity) of physical (natural) capital in the North. This force is dampened by the relative scarcity of skilled labour and physical capital in the South. These forces drive wage inequality, high cost of capital and skill technology mismatch in the South, all of which are bad for growth. These effects cumulatively, explains part of the observed differences in growth performance between resource -rich and resource-poor countries. Paper III investigated the relationship between long run economic growth in Ghana and natural resource abundance using time series econometric techniques. Using a number of indicators that could proxy for resource abundance in eight alternative specifications, the results rejected the resource curse hypothesis. Paper IV provides an empirical analysis of the factors accounting for inflation dynamics in Ghana using the bounds test and other econometric approaches. We find that real output, nominal exchange rate, broad money supply, nominal interest rate and fiscal deficit play a dominant role in the inflationary process in Ghana.

Authors/Creators:Adu, George
Title:Studies on economic growth and inflation
Subtitle:theory and empirics
Series/Journal:Acta Universitatis agriculturae Sueciae (1652-6880)
Year of publishing :3 May 2012
Volume:2012:14
Number of Pages:26
Papers/manuscripts:
NumberReferences
I.Adu, G. Effects on Growth of environmental policy in a small open economy (Submitted to the Journal of Environmental Economics and Policy Studies)
II.Adu, G. Directed technical change, technology adoption and the resource curse hypothesis (Submitted to the Journal of International Trade and Economic Development)
III.Adu, G. Natural resource abundance and economic growth: the case of Ghana (Submitted to the Journal of Resources Policy)
IV.Adu, G. and Marbuah, G. (2011). Determinants of inflation in Ghana: an empirical investigations. South African Journal of Economics, 79(3), 251-269
Place of Publication:Uppsala
Publisher:Department of Economics, Swedish University of Agricultural Sciences
ISBN for printed version:978-91-576-7650-4
ISSN:1652-6880
Language:English
Publication Type:Doctoral thesis
Full Text Status:Public
Agris subject categories.:P Natural resources > P01 Nature conservation and land resources
X Agricola extesions > X70 Economics and management
Subjects:(A) Swedish standard research categories 2011 > 5 Social Sciences > 502 Economics and Business > Economics
Agrovoc terms:economic growth, innovation adoption, new technology, inflation, pollution, resource management, environmental policies, ghana
Keywords:Economic growth, Environmental policy, Directed technical change
URN:NBN:urn:nbn:se:slu:epsilon-e-367
Permanent URL:
http://urn.kb.se/resolve?urn=urn:nbn:se:slu:epsilon-e-367
ID Code:8618
Department:(NL, NJ) > Dept. of Economics
Deposited By: Mr. George Adu
Deposited On:08 Mar 2012 14:30
Metadata Last Modified:02 Dec 2014 10:49

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