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2001 | 8 | nr 2 | 50--72
Tytuł artykułu

Links between Policy and Growth: Cross-Country Evidence

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Języki publikacji
This paper discusses some of the main factors shaping the growth process in the OECD countries. It draws on empirical evidence from a sample of OECD countries over the past three decades. The paper follows on from some previous OECD work on growth (in particular, the OECD's "Economic Outlook" No. 67, July 2000) which showed widening disparities in growth rates of output per capita in the 1990s, resulting from a continued slowdown in many OECD countries, but also a significant acceleration in a few, most notably the US. The first section of the paper focuses on the basic factors driving the growth process, namely the accumulation of various kinds of capital: physical, human and knowledge. The role of the public sector as a provider, or funder, of infrastructure, education and research, and implications for growth, are also discussed here. The second section extends the analysis to a number of other policy and institutional factors that could influence output growth via their impact on the accumulation of physical capital or via their impact on economic efficiency and allocation of resources. The third section explores the implications of the empirical evidence for the interpretation of the observed cross-country differences in output per capita, as well as the evolution of growth rates over time in each country. The section also sheds some light on the current debate on the "new economy" by looking at two aspects that may be of particular importance in the current period of rapid technological change: financial market conditions and product-market regulations. (fragment of text)
Opis fizyczny
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