Determinants of economic growth: Different time different answer?

Abstract

Almost all studies that use Bayesian model averaging to identify robust growth determinantsfocusonthegrowthperiodbetween1960andthe1990s.WeapplyBayesianModelAveragingtoa rolling time window of 20 and 35 years using a newly compiled dataset with 37 growth de-terminants for the years 1960 to 2010. Our findings indicate instabilities in the inferences ongrowth determinants across growth periods. In line with prior research, we find support forrobustambiguityinearlygrowthperiods,thatis,cross-countrygrowthregressionsprovidelittlesupportforsomegrowthdeterminantsbeingmoreimportantthanothers.However,determinantsrelatedtodemography,education,trade,investmentandtosomeextentreligionseemtomatterinthesubsequentgrowthperiodswitheducationanddemographybeingmostimportantinre-centgrowthperiods.