CORRUPTION AND GROWTH UNDER WEAK IDENTIFICATION

The goal of this paper is to revisit Paolo Mauro's influential paper on corruption and growth focusing on the strength of his results under weak identification. The instrument used in his original paper is found to be “weak” as defined by the literature on weak instruments. Our results suggest that there is a high probability that the parameters of interest are locally almost unidentified. We also investigate other instruments commonly used in the corruption literature and obtain similar results. After identifying an instrument with sufficient strength, we fail to reject a zero effect of corruption on investment and economic growth. (JEL C31, D73)     

从地缘经济学看香港结构转型及发展前景

透过国际化及地缘经济学这两个层面,分析了香港与大珠三角、泛珠三角、长三角以及内地其他区域合作,以带动华南、东南亚以至环南海经济圈的融合及发展的必要性。剖析了香港的结构转型及固有优势,并探讨了中国核心区域的合作前景,周边地区对国家未来经济增长的影响。呼吁地区之间应把握良机,排除协调上的困难,在互惠互利的基础上,发挥网络优势及协调周边地区的经贸合作,共同促进中国经济繁荣发展。