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The main areas of failure are in Asia, where the region in the early part of the 2000-2010 period was still recovering from the Asian crisis. 32 China India Russia US UK Brazil Japan Germany France Italy Spain Canada Mexico Australia S. 5% abc Economics Global 4 January 2011 Creating the base scenario forecasts A3. Model’s projections assuming the ‘economic infrastructure’ doesn’t improve US Japan China Germany UK France Italy India Brazil Canada S. 1% A4. Model’s projections assuming the ‘economic infrastructure’ improve to the highest possible level US Japan China Germany UK France Italy India Brazil Canada S.
Lloyds, 360 Risk Insight: Sustainable Energy Security, 2010 The Economics of Ecosystems and Biodiversity, Mainstreaming the Economics of Nature, 2010 31 abc Economics Global 4 January 2011 Appendix 1 Barro’s growth model A1. The model Variable Log GDP Male schooling Log GDP * schooling Log life expectancy Log fertility Government consumption ratio Rule of law index Democracy index Democracy index squared Inflation rate A2. 043 Source: Barro with HSBC adjustment to schooling To test whether the model was too simplistic we used the data on the economic infrastructure for our forty countries in 2000 and predicted the average per capita income over the past ten years.
1989. Economic Growth in a Cross Section of Countries. NBER Working Paper No. 3120. Barro, R. , 1991. Economic Growth in a Cross Section of Countries. The Quarterly Journal of Economics, Vol. 106 (2), pp. 407-443. Barro, R. , Lee, J. , 2001. International data on educational attainment: updates and implications. Oxford Economic Papers, Vol 3, pp. 541-563. Barro, R. , Lee, J. , 1994. Sources of economic growth. Carnegie-Rochester Conference Series on Public Policy, Volume 40, June 1994, pp. 1-46.