A Study About the Effect of the Size and Quality of Government on Long Run Economic Growth;  Using Bayesian Econometric Approach

Mehrara, Mohsen; Kachuei, Mohammad Saleh

doi:10.22096/esp.2013.26169

A Study About the Effect of the Size and Quality of Government on Long Run Economic Growth; Using Bayesian Econometric Approach

Document Type : Original Article

Authors

Mohsen Mehrara ¹

mohammad saleh kachuei ²

¹ Professor in economics, University of Tehran, Iran.

² Master of Economics, University of Tehran

10.22096/esp.2013.26169

Abstract

Identifying the factors that contribute to sustained economic growth is the main concern of economic researches. The present paper employs a Bayesian econometrics approach based on Bayesian Model Averaging (BMA) method to investigate the effect of size and quality of government on economic growth in developing economies. The empirical findings show that the size of government do not have an important role in explaining the long run economic growth, where as quality of government positively affects the economic growth of developing countries. Despite, improving in one of the good governance index such as Voice and Accountability in absence of increasing in government quality might decrease the economic growth in long run.

Keywords

economic growth

Government’s size

Government’s Quality

Panel models

Bayesian Model Averaging (BMA)

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