ABSTRACT

Until today, the great majority of the relevant literature is dominated by growth models that assume common structural parameters and Total Factor Productivity (TFP) evolution across countries. In the context of the modified Solow convergence equation, the role of the present paper is to highlight the importance of incorporating cross–country differences, both in observables and unobservables, in the investigation of the defense–growth nexus. Special attention is paid to the heterogeneity in TFP growth and the cross–country dependence induced by global shocks. Furthermore, it analyzes the econometric issues involved by providing a brief review of various heterogeneous dynamic panel estimators. The presented estimators are then applied to two alternative panel specifications of the Solow model. Overall, the empirical application revealed that the Dynamic Common Correlated Effects (DCCE) estimator seems to be the most reliable option among the various dynamic panel estimators employed.

摘要

直到今天，绝大多数相关文献都以假设共同结构参数和各国全要素生产率 (TFP) 演变的增长模型为主。在修改后的索洛收敛方程的背景下，本文的作用是强调在国防-增长关系调查中纳入可观察和不可观察的跨国差异的重要性。特别关注全要素生产率增长的异质性和全球冲击引起的跨国依赖。此外，它通过简要回顾各种异构动态面板估计量来分析所涉及的计量经济学问题。然后将提出的估计量应用于 Solow 模型的两个替代面板规范。全面的，