This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
Papers on Policy Analysis and Assessment, a new series of research papers, are intended to make staff work in the area of policy design available to a wide audience. A list of all PPAAs issued in 1993:4 follows. Papers may also be considered for inclusion in the journal.
“The World Market for Natural Gas: Macroeconomic and Financial Implications,” by Thomas P. Enger [93/15]
“Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls,” by R. Barry Johnston [93/16]
“Selective Government Interventions and Economic Growth: A Survey of the Asian Experience and Its Applicability to New Zealand,” by Jonathan D. Ostry [93/17]
“The Structural Crisis in the Swedish Economy: Role of Labor Markets,” by Ramana Ramaswamy [93/18]
“The Taxation of High Income Earners,” by Parthasarathi Shome [93/19]
“International Capital Transactions: Should They Be Restricted?” by Norman S. Fieleke [93/20]
An annual subscription to IMF Working Papers is available for US$200.00. It includes 12 monthly shipments and priority mail delivery. Requests should be made to:
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In statistical matter throughout this issue,
dots (…) indicate that data are not available;
a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
a single dot (.) indicates decimals;
a comma (,) separates thousands and millions;
“billion” means a thousand million, and “trillion” means a thousand billion;
a short dash (–) is used between years or months (for example, 1992–94 or January–October) to indicate a total of the years or months inclusive of the beginning and ending years or months;
a stroke (/) is used between years (for example, 1993/94) to indicate a fiscal year or a crop year;
a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1994:1);
components of tables may not add to totals shown because of rounding.