Abstract

Abstract
This paper assesses Brazil's real convergence (1822-2019) through unit root tests and Markov Regime-Switching (MS) models in three different scenarios: towards (i) other six Latin American countries (LA6); (ii) Portugal; and (iii) the technological frontier country, the US. The extended unit root test results favour Brazil's very long-run real convergence towards LA6 and Portugal, but not the US. The estimated MS models, involving two different regimes, real convergence and real non-convergence/divergence, capture institutional quality's positive effect in promoting Brazil's real convergence.

Abstract
PurposeThis study aims to estimate the impact of refugee inflows on host countries' entrepreneurial rates. The refugee crisis led to an increased scientific and public policy interest in the impact of refugee inflows on host countries. One important perspective of such an impact, which is still underexplored, is the impact of refugee inflows on host countries entrepreneurial rates. Given the high number of refugees that flow to some countries, it would be valuable to assess the extent to which such countries are likely to reap the benefits from increasing refugee inflows in terms of (native and non-native) entrepreneurial talent enhancement. Design/methodology/approachResorting to dynamic (two-step system generalized method of moments) panel data estimations, based on 186 countries over the period between 2000 and 2019, this study estimates the impact of refugee inflows on host countries' entrepreneurial rates, measured by the total early-stage entrepreneurial activity (TEA) rate and the self-employment rate. FindingsIn general, higher refugee inflows are associated with lower host countries' TEA rates. However, refugee inflows significantly foster self-employment rates of medium-high and high income host countries and host countries located in Africa. These results suggest that refugee inflows tend to enhance necessity related new ventures and/ or new ventures (from native and non-native population) operating in low value-added, low profit sectors. Originality/valueThis study constitutes a novel empirical contribution by providing a macroeconomic, quantitative assessment of the impact of refugee from distinct nationalities on a diverse set of host countries' entrepreneurship rates in the past two decades resorting to dynamic panel data models, which enable to address the heterogeneity of the countries and deal with the endogeneity of the variables of the model.

Abstract
A growing body of empirical literature has considered very long-time horizons when studying the sources of a country's economic growth. Nevertheless, the growth experiences of emerging economies (EEs) have been overlooked. This study examines to what extent human capital, structural change, and institutional quality contribute to the economic growth of one of the largest EEs in the world, Brazil, between 1822 and 2019. Resorting to the ARDL cointegration technique, the results suggest that years of schooling (human capital) have a positive and long-lasting impact on Brazil's economic growth. Moreover, there is solid evidence that sectoral changes toward more advanced and sophisticated manufacturing basis is growth-enhancing in the country. Finally, institutional quality does not constitute over the very long-run, a significant booster of Brazilian economic growth.

Abstract

Abstract