“…In addition to endogenous growth studies, growth and development studies have focused on regional differences, influence of socio-economic variables, and distinctions between domestic and external variables in globalization. Other literatures on growth and development have touched on financial liberalization, capital flow, trade, regional features, human capital, business cycles development, fiscal policy and income distribution, development through stages and institutional advancement (Miller and Blair, 2009;Solow, 1957;Douglas, 1976;Li and Liu, 2011;Aghion and Howitt, 1998;Barro, 1999;Deininger and Squire, 1996;Bhagwati, 2004;Tamura, 2006;Li and Zhou, 2010;Zhou and Li, 2011;Li, 2012;Panzironi and Gelber, 2012;Bekaert, et al, 2005;Grossman and Helpman, 1990;Lucas, 1988Lucas, , 1990Kenny and Williams, 2001;Acemoglu and Robinson, 2012;Galor, 2000;Easterly and Rebelo, 1993;King, et al, 1988;Young, 1994;Kejak, 2003;Kosempel, 2004).…”