01900cas a2200241 a 4500 AALejournalIMF003463 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451965780 1018-5941 BD-DhAAL BD-DhAAL Villanueva, Delano. Openness, Human Development, and Fiscal Policies : Effectson Economic Growth and Speed of Adjustment / Delano Villanueva. Washington, D.C. : International Monetary Fund, 1993. 1 online resource (36 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The model developed here postulates that learning through experience plays a critical role in raising labor productivity over time, 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 is faster, 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 exogenous rates of technical change and population growth. Simulation results confirm the model's faster speed of adjustment, while regression analysis explains a large part of divergent growth patterns across countries in terms of the extent of openness and human development and of the quality of fiscal policies. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1993/059 Full text available on IMF http://elibrary.imf.org/view/journals/001/1993/059/001.1993.issue-059-en.xml IMF e-Library