Links between Policy and Growth: Cross-Country Evidence

• Autorzy: Stefano Scarpetta , Philip Hemmings
• Języki publikacji: EN

Abstrakty

EN

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)

Słowa kluczowe

EN

Economic growth; Economic policy; Factors of economic growth; New economy

PL

Wzrost gospodarczy; Polityka gospodarcza; Czynniki wzrostu gospodarczego; Nowa gospodarka

• Czasopismo: Emergo. Journal of Transforming Economies and Societies
• Rocznik: 2001
• Tom: 8
• Numer: nr 2
• Strony: 50--72

Twórcy

autor

Stefano Scarpetta

• Organization for Economic Co-operation and Development

autor

Philip Hemmings

• Organization for Economic Co-operation and Development

Bibliografia

• Aghion, P. and Howitt, P. (1998) Endogenous Growth Theory. Cambridge, Mass: MIT Press
• Ahn, S. and Hemmings, P. (2000) "Policy Influences on Economic Growth in OECD Countries: an Evaluation of the Evidence". OECD Economics Department Working Paper No. 246
• Akerlof, G. A., Dickens, W. T. and Perry, G. L. (1996) "The Macroeconomics of Low Inflation". Brookings Papers on Economic Activity
• Bassanini, A., Scarpetta, S. and Hemmings, P. (2000) "Economic Growth: the Role of Policies and Institutions - Panel Data Evidence from OECD Countries". OECD Economics Department Working Paper
• Bassanini, A., Scarpetta, S. and Visco, I. (2000) "Knowledge, Technology and Economic Growth: Recent Evidence from OECD Countries". OECD Economics Department Working Paper No. 259
• Benhabib, J. and Spiegel, M. (1994) "The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-country Data". Journal of Monetary Economics 43
• Barro, R. J. and Sala-i-Martin, X. (1995) Economic Growth. McGraw-Hill
• De La Fuente, A. and Domenech, R. (2000) "Human Capital in Growth Regressions. How Much Difference Does Data Quality Make?". OECD Economics Department Working Paper No. 262
• Feldstein, M. (1996) "The Costs and Benefits of Going from Low Inflation to Price Stability". NBER Working Paper No. 5469, Cambridge, Mass
• Grossman, G. M. and Helpman, E. (1991) Innovation and Growth in the Global Economy, Cambridge, Mass.: MIT Press
• Guellec, D. and van Pottelsberghe, B. (2000) "The Impact of Public R&D Expenditure on Business R&D". OECD Science, Technology and Industry (STI) Working Paper, 2000/4
• Kaufmann, D., Kraay, A. and Zoido-Lobaton, P. (1999a) "Aggregating Governance Indicators". World Bank Policy Research Department Working Paper No. 2195
• Kaufmann, D., Kraay, A. and Zoido-Lobaton, P. (1999b) "Governance Matters". World Bank Policy Research Department Working Paper No. 2196
• Kolluri, B. R, Panik M. J. and Wahab, M. S. (2000) "Government Expenditure and Economic Growth: Evidence from G7 Countries". Applied Economics 32
• La Porta, R. Lopez-de-Silanes, E, Shleifer, A. and Vishny, R. W. (1998) "Law and Finance". Journal of Political Economy 106 (6)
• Leahy, M. Schich, S., Wehinger, G., Pelgrin, F. and Thorgeirsson, T. (forthcoming) "Contributions of Financial Systems to Growth in OECD Countries". OECD Economics Department Working Paper
• Levine, R. (1997) "Financial Development and Economic Growth: Views and Agendas"'. Journal of Economic Literature XXXV, June
• Levine, R., Loayza, N. and Beck, T. (2000) "Financial Intermediation and Growth: Causality and Causes". Journal of Monetary Economics 46
• Lucas, R. E. (1988) "On the Mechanics of Economic Development". Journal of Monetary Economics 22
• Nicoletti, G., Scarpetta, S. and Boylaud, O. (1999) "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation". OECD Economics Department Working Paper No. 226
• OECD (2000a) "Science, Technology and Industry Outlook". Paris: OECD
• OECD (2000b) "Economic Outlook" No. 67. Paris: OECD, July
• Romer, P. M. (1990) "Endogenous Technological Change". Journal of Political Economy 98 (5), part 2
• Scarpetta, S., Bassanini, A., Pilat, D. and Schreyer, P. (2000) "Economic Growth in the OECD Area: Recent Trends at the Aggregate and Sectoral Level". OECD Economics Department Working Paper No. 248
• Temple, J. (1999) "The New Growth Evidence". Journal of Economic Literature XXXVII, March
• Uzawa, H. (1965) "Optimum Technical Change in an Aggregative Model of Economic Growth". International Economic Review 6