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Author: Suthikul Khaodhiar Publisher: ISBN: Category : Commerce Languages : en Pages : 184
Book Description
The relationship of openness, growth and total factor productivity is investigated empirically using panel regressions for 48 countries. This study tests a variety of openness measures, including the ratio of trade (exports plus imports), imports, exports and primary exports to GDP. We also study the effects of the interaction of openness and other variables on growth. Two approaches are used and lead to consistent empirical findings. First, we estimate the relationship between the growth rate and a number of potential variables. Second, we estimate total factor productivity (TFP) from production function estimates, then estimate the determinants of TFP such as inflation, terms of trade, money supply, human capital, and various measures of openness. In addition, this study explores the sources of growth and determinants of total factor productivity in rich, poor and middle-income countries. Although the main emphasis of this study is empirical, a theoretical discussion on the linkage between openness and growth is provided. Finally, we summarize results. The principal finding is that there is a positive association between openness, growth and total factor productivity, although exports of primary products have a negative effect on TFP, as some theory suggests. In addition, the sources of growth are different among country groups: openness seems to benefit growth and total factor productivity in low-and middle-income economies but not in high-income economies.
Author: Suthikul Khaodhiar Publisher: ISBN: Category : Commerce Languages : en Pages : 184
Book Description
The relationship of openness, growth and total factor productivity is investigated empirically using panel regressions for 48 countries. This study tests a variety of openness measures, including the ratio of trade (exports plus imports), imports, exports and primary exports to GDP. We also study the effects of the interaction of openness and other variables on growth. Two approaches are used and lead to consistent empirical findings. First, we estimate the relationship between the growth rate and a number of potential variables. Second, we estimate total factor productivity (TFP) from production function estimates, then estimate the determinants of TFP such as inflation, terms of trade, money supply, human capital, and various measures of openness. In addition, this study explores the sources of growth and determinants of total factor productivity in rich, poor and middle-income countries. Although the main emphasis of this study is empirical, a theoretical discussion on the linkage between openness and growth is provided. Finally, we summarize results. The principal finding is that there is a positive association between openness, growth and total factor productivity, although exports of primary products have a negative effect on TFP, as some theory suggests. In addition, the sources of growth are different among country groups: openness seems to benefit growth and total factor productivity in low-and middle-income economies but not in high-income economies.
Author: Alistair Dieppe Publisher: World Bank Publications ISBN: 1464816093 Category : Business & Economics Languages : en Pages : 552
Book Description
The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Author: Cristina Constantinescu Publisher: International Monetary Fund ISBN: 1498399134 Category : Business & Economics Languages : en Pages : 44
Book Description
This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
Author: Lili Yan Ing Publisher: Routledge ISBN: 1351061534 Category : Business & Economics Languages : en Pages : 502
Book Description
The book provides theoretical and empirical evidence on how world trade evolves, how trade affects resource allocation, how trade competition affects productivity, how China shock affects world trade and how trade affects large and small countries. It is a useful reference which focuses on new approaches to international trade by looking into country-specific as well as firm-product level-specific cases. “The Open Access version of this book, available at http://www.taylorfrancis.com/books/10.4324/9781351061544, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.”
Author: Bart van Ark Publisher: Springer Science & Business Media ISBN: 1475731612 Category : Business & Economics Languages : en Pages : 408
Book Description
Productivity, Technology and Economic Growth presents a selection of recent research advances on long term economic growth. While the contributions stem from both economic history, macro- and microeconomics and the economics of innovation, all papers depart from a common viewpoint: the key factor behind long term growth is productivity, and the latter is primarily driven by technological change. Most contributions show implicitly or explicitly that technological change is at least partly dependent on growth itself. Furthermore, technology appears to interact strongly with investment in physical and human capital as well as with changes in historical, political and institutional settings. Together these papers are an up-to-date account of the remarkable convergence in theoretical and empirical work on productivity and growth over the past decades. The first part deals with the characteristics of growth regimes over longer periods, ranging from 20 years to two centuries. The next four chapters study the determinants of productivity growth and, in some cases, productivity slowdown during the last quarter of the twentieth century. The final five chapters focus on the role of technology and innovation as the key determinants of growth. Productivity, Technology and Economic Growth is, therefore, a welcome collection for academic scholars and graduate students in economics, history and related social sciences as well as for policy makers.
Author: Elhanan Helpman Publisher: Harvard University Press ISBN: 067425435X Category : Business & Economics Languages : en Pages : 252
Book Description
Far more than an intellectual puzzle for pundits, economists, and policymakers, economic growth--its makings and workings--is a subject that affects the well-being of billions of people around the globe. In The Mystery of Economic Growth, Elhanan Helpman discusses the vast research that has revolutionized understanding of this subject in recent years, and summarizes and explains its critical messages in clear, concise, and accessible terms. The tale of growth economics, as Helpman tells it, is organized around a number of themes: the importance of the accumulation of physical and human capital; the effect of technological factors on the rate of this accumulation; the process of knowledge creation and its influence on productivity; the interdependence of the growth rates of different countries; and, finally, the role of economic and political institutions in encouraging accumulation, innovation, and change. One of the leading researchers of economic growth, Helpman succinctly reviews, critiques, and integrates current research--on capital accumulation, education, productivity, trade, inequality, geography, and institutions--and clarifies its relevance for global economic inequities. In particular, he points to institutions--including property rights protection, legal systems, customs, and political systems--as the key to the mystery of economic growth. Solving this mystery could lead to policies capable of setting the poorest countries on the path toward sustained growth of per capita income and all that that implies--and Helpman's work is a welcome and necessary step in this direction.
Author: Aaditya Mattoo Publisher: World Bank Publications ISBN: Category : Languages : en Pages : 38
Book Description
The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services.
Author: John Haltiwanger Publisher: University of Chicago Press ISBN: 022645407X Category : Business & Economics Languages : en Pages : 488
Book Description
Measuring Entrepreneurial Businesses: Current Knowledge and Challenges brings together and unprecedented group of economists, data providers, and data analysts to discuss research on the state of entrepreneurship and to address the challenges in understanding this dynamic part of the economy. Each chapter addresses the challenges of measuring entrepreneurship and how entrepreneurial firms contribute to economies and standards of living. The book also investigates heterogeneity in entrepreneurs, challenges experienced by entrepreneurs over time, and how much less we know than we think about entrepreneurship given data limitations. This volume will be a groundbreaking first serious look into entrepreneurship in the NBER's Income and Wealth series.
Author: D. S. Prasada Rao Publisher: Edward Elgar Publishing ISBN: 1781953554 Category : Business & Economics Languages : en Pages : 443
Book Description
ÔNot only is this excellent collection of papers a fitting tribute to Angus Maddison, it is also a great resource for thinking about future patterns of global economic growth Ð both in the BRICS and the OECD Ð based on key insights from historical experience.Õ Ð Nicholas Crafts, University of Warwick, UK ÔAngus Maddison may no longer be with us, but his spirit is very much alive. This collection of essays Ð including one by Maddison himself Ð shows how the methods he pioneered continue to shed new light on the comparative performance of nations and inspire successive generations of scholars.Õ Ð Barry Eichengreen, University of California at Berkeley, US ÔThe distinguished editors, leading authorities in the field of comparative quantitative economic development, have gathered a stellar group of authors to address arguably the most challenging question of our time: understanding development dynamics over time and across countries. They are to be congratulated for this comprehensive, stimulating and insightful volume. It is a fitting tribute to the late Angus Maddison, an intellectual giant in the study of long-term economic development, to whom the book is dedicated.Õ Ð Hal Hill, Australian National University World economic performance over the last 50 years has been spectacular. The post-war period has witnessed impressive growth rates in Western Europe and Japan, and in recent times, China and India. This new book discusses these issues and tackles topical questions such as: what are the socio-economic and institutional factors that have contributed to this impressive performance? Will China and India continue to grow at the same rate over the next two decades? What are the prospects for Japan, the US and other advanced economies? The book brings together contributions by eminent scholars including the late Angus Maddison, Professors Justin Lin, Bob Gordon, Ross Garnaut, Bart van Ark and others to provide answers to these fascinating questions. The chapters analyse the economic performance of selected countries including China, India, Japan, Indonesia and the US, as well as Western Europe, Latin America and developing countries as a group. The time period of the study is from 1850 to the present and includes forecasts to 2030. This well-documented book will be of considerable interest to development economists and country specialists working on countries such as China and India, economic historians who are interested in explaining the growth performance of countries, economists and economic statisticians who are interested in the measurement issues, and international organizations such as the OECD, World Bank and the UN. General readers and non-specialists who are interested in the world economic performance will also find much to interest them in this book.
Author: Michael J Andrews Publisher: University of Chicago Press ISBN: 022681078X Category : Business & Economics Languages : en Pages : 633
Book Description
"Innovation and entrepreneurship are ubiquitous today, both as fields of study and as starting points for conversations among experts in government and economic development. But while these areas on continue to attract public and private investments, many measurements of their resulting economic growth-including productivity growth and business dynamism-have remained modest. Why this difference? Because not all business sectors are the same, and the transformative gains of some industries have been offset by stagnation or contraction in others. Accordingly, a nuanced understanding of the economy requires a nuanced understanding of where innovation and entrepreneurship occur and where they matter. Answering these questions allows for strategic public investment and the infrastructure for economic growth.The Role of Innovation and Entrepreneurship in Economic Growth, the latest entry in the NBER conference series, seeks to codify these answers. The editors leverage industry studies to identify specific examples of productivity improvements enabled by innovation and entrepreneurship, including those from new production technologies, increased competition, new organizational forms, and other means. Taken together, the volume illuminates whether the contribution of innovation and entrepreneurship to economic growth is likely to be concentrated, be it selected sectors or more broadly"--
Author: Suthikul Khaodhiar
Author: Suthikul Khaodhiar
Author: Alistair Dieppe
Author: Cristina Constantinescu
Author: Lili Yan Ing
Author: Bart van Ark
Author: Elhanan Helpman
Author: Aaditya Mattoo
Author: John Haltiwanger
Author: D. S. Prasada Rao
Author: Michael J Andrews