Resumen de Determinants of Economic Growth: A Bayesian panel data approach
Model uncertainty hampers consensus on the key determinants of economic growth. Some recent cross-country cross-sectional analyses have employed Bayesian Model Averaging to tackle the issue of model uncertainty. This paper extends that approach to panel data models with country-specifi c fi xed effects in order to simultaneously address model uncertainty and endogeneity issues. The empirical fi ndings suggest that in a panel setting the most robust growth determinants are the price of investment goods, distance to major world cities, and political rights.
