External Linkages and Growth in Small Economies


Book Description

Although external economic linkages are not risk free, it appears that a certain amount of foreign involvement is necessary for successful economic development and improvement of conditions for small emerging nations.
















External Linkages and Economic Growth in Colombia: Insights from A Bayesian VAR Model


Book Description

This paper investigates the sensitivity of Colombian GDP growth to the surroundingmacroeconomic environment. We estimate a Bayesian VAR model with informative steady-statepriors for the Colombian economy using quarterly data from 1995 to 2007. A variancedecomposition shows that world GDP growth and government spending are the most importantfactors, explaining roughly 17 and 16 percent of the variance in Colombian GDP growthrespectively. The model, which is shown to forecast well out-of-sample, can also be used toanalyse alternative scenarios. Generating both endogenous and conditional forecasts, we showthat the impact on Colombian GDP growth of a substantial downturn in world GDP growthwould be non-negligible but still a mild decline by historical standards.







Universities and Economic Development in Africa


Book Description

"Universities and economic development in Africa presents the synthesisesand key findings of eight African countries and universities. The analysis and discussions presented in the book draw the following three main conclusions: 1. There is a lack of clarity and agreement (pact) about a development model and the role of higher education in development, at both national and institutional levels. There is, however, an increasing awareness, particularly at government level, of the importance of universities in the global context of the knowledge economy. 2. Research production at the eight African universities is not strong enough to enable them to build on their traditional undergraduate teaching roles and make a sustained contribution to development via new knowledge production. A number of universities have manageable student-staff ratios and adequately qualifi ed staff, but inadequate funds for staff to engage in research. In addition, the incentive regimes do not support knowledge production. 3. In none of the countries in the sample is there a coordinated effort between government, external stakeholders and the university to systematically strengthen the contribution that the university can make to development. While at each of the universities there are exemplary development projects that connect strongly to external stakeholders and strengthen the academic core, the challenge is how to increase the number of these projects. The project on which this report is based forms part of a larger study on Higher Education and Economic Development in Africa, undertaken by the Higher Education Research and Advocacy Network in Africa (HERANA). HERANA is coordinated by the Centre for Higher Education Transformation in South Africa"--Back cover.




Early Development Economics Debates Revisited


Book Description

Abstract: Development economics in its early years created the image of a fierce fight between advocates of contrasting theories or approaches- "balanced growth" vs. "unbalanced growth" or "program loans" vs. "project loans." This view has the merit to highlight such conflicts in great detail; yet it fails to take into account the reality of development economics as it was practiced in the field. This paper reassesses these old conflicts by complementing the traditional focus on theoretical debates with an emphasis on the practice of development economics. A particularly interesting example is the debate between Albert Hirschman, one of the fathers of the "unbalanced growth" approach, and Lauchlin Currie, among the advocates of "balanced growth" on how to foster iron production in Colombia in the 1950s. An analysis of the positions held by these two economists shows that they were in fact much less antithetical than is usually held and, indeed, were in some fundamental aspects surprisingly similar. Debates among development economists during the 1950s thus must be explained-at least partially-as the natural dynamics of an emerging discipline that took shape when different groups tried to achieve supremacy-or at least legitimacy-through the creation of mutually delegitimizing systemic theories.




Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas


Book Description

In a global economy beset by concerns over a growth recession, financial volatility, and rising inflation, countries in the Western Hemisphere have been among the few bright spots in recent years. This has not come as a surprise to those following the significant progress achieved by many countries in recent years, both in macroeconomic management and on the structural and institutional front. Hence, there can be little doubt, as this book argues, that economic and financial linkages between Latin America, the United States, and other important regions of the world economy have undergone profound change.