Growth and Development

SM82.09: Growth and Development [3 Credits]
Semester: August


Banking operates in the context of an economy and by extension in the context of a global economy. In most emerging economies banks are the key sources of finance to stimulate economic growth and development. Professionals seeking to develop a career in banking need to understand the linkages between banking and economic growth and development.

This course will enable participants to:

  • Develop the analytical skills to understand theoretical developments in modern economic growth theory.
  • Develop the ability to match theory with empirical evidence via the interpretation of econometric studies on the experience of economic growth and development across countries.
  • Develop the ability to highlight the implications of theoretical and empirical research for policy design.

Catalog Description:

Modern growth theory, economic growth and development, economic studies, crisis and economic growth, public economics.

Pre-requisite(s): None

Course Outline:

I. Introduction

  • What is economic growth?
  • What is economic development?
  • Situation in Asian economies

II. Determinants of Economic Growth: Theory and Empirics

  • Growth accounting
  • Growth and Technological Progress
  • Knowledge, human capital and endogenous growth
  • Fiscal Policy and growth
  • Trade and Openness
  • Macroeconomic Stability (Economic Crisis)
  • Financial Development
  • Political Factor and Institution

III. Economic Growth and Development: Theory and Empirics

  • Growth and Standards of Living
  • Growth, Saving and Investment
  • Growth, inflation, and financial deepening
  • Growth, poverty and inequality


Lecture notes and handouts provided by the instructor.

Reference Books:

Agenor, Pierre-Richard:
The Economies of adjustment and growth, San Diego, CA, Academic Press, 2000.

Van Den Berg, H.:
Economic growth and development, New York: McGraw-Hill (2nd Edition), 2007.

Barro, R., and Sala-i-Martin, X.:
Economic growth, Cambridge, MA, MIT Press, 2003.

Helpman, E.:
The mystery of economic growth, Cambridge, MA, Harvard University Press, 2004.

Acemoglu, D.:
Introduction to modern economic growth, Princeton, NJ, Princeton University Press (1st Edition), 2009.

Journals and Magazines:

Journal of Economics
Journal of Econometrics
International Journal of Economic Theory
Journal of Economic Development
International Journal of Economics Science and Applied Research
Harvard Business Review.

Grading System: The final grade will be computed from the following constituent parts: mid-term exam (30%), final exam (40%), assignments (30%). Open/closed-book examination is used for both mid-term and final exam.

Instructor(s): Dr. Juthathip Jongwanich