Growth escalators and growth convergence

Ejaz Ghani 17 August 2014

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The literature on global growth convergence and divergence is vast and deep. And it is still evolving. Some have argued that global growth is actually diverging across countries. Pritchett (1977) called this “divergence, big time”, whereby the living standards of a few countries pulled away from the rest in the aftermath of the industrial revolution. Others have found evidence in favour of growth convergence.

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Topics:  Development

Tags:  growth, Africa, convergence

African growth looking forward

Marco Annunziata 16 August 2014

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Views on Africa’s growth prospects have jumped from utter pessimism to extreme enthusiasm. The latter has been centre-stage with the US–Africa Summit hosted in Washington DC from 4–6 August 2014, with the participation of top political and business leaders. My coauthors Todd Johnson and Shlomi Kramer and I have tried to take a sober assessment of Africa’s progress and prospects, looking beyond the current hype and the inevitable frustration that doing business in the region still generates (Annunziata et al. 2014).

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Topics:  Development

Tags:  development, growth, Africa, human capital, trade, innovation, infrastructure, commodity boom

Protection of intellectual property to foster innovations in the service sector

Masayuki Morikawa 20 July 2014

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Given the declining labour force due to population ageing, accelerating the productivity growth of industries – especially the service industries – is an important element of the growth strategy in Japan and most advanced countries. While there are a variety of factors affecting productivity, innovation is one of the key determinants of productivity growth. However, innovation in the service sector has not been studied well. I present findings on innovation in the service sector by focusing on the effect of intellectual property rights on innovation.

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Topics:  Productivity and Innovation

Tags:  R&D, growth, productivity, patents, Japan, innovation, services, intellectual property, trade secrets

Connecting Brazil to the world

Patricia Ellen, Jaana Remes 12 July 2014

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Despite a decade of rapid growth and falling poverty rates, Brazil has failed to match the global average for income growth – let alone to achieve the kind of impressive gains posted by other rapidly transforming emerging economies. As of 2012, Brazil had become the world’s seventh-largest economy, but it ranked only 95th in the world for gross national income per capita (IHS Economics and Country Risk data). To raise household living standards, Brazil needs to find a new formula for accelerating productivity growth.

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Topics:  Development International trade Productivity and Innovation

Tags:  development, growth, productivity, globalisation, MERCOSUR, trade, openness, Brazil, global value chains

Growing through cities in India

Ejaz Ghani, William Kerr, Ishani Tewari 11 July 2014

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Urbanisation and development are tightly linked (Duranton and Puga 2013). Developing countries are urbanising at a much faster pace than developed countries. For instance, China’s and India’s economic transformation and urbanisation is happening at 100 times the scale of the first country in the world to urbanise – the UK – and in just one-tenth of the time.

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Topics:  Development

Tags:  growth, India, urbanisation

Institutions, trade shocks, and regional differences in long-run educational and development trajectories

André Carlos Martínez, Aldo Musacchio, Martina Viarengo 09 July 2014

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Understanding the determinants of long-run socio-economic development is a major concern for academics and policymakers in many countries around the world. In particular, beyond understanding differences in development or educational and other outcomes across countries, the origins of within-country inequality are now a fundamental issue, given the impact inequality has on the long-run prosperity of nations.

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Topics:  Development Economic history Education

Tags:  development, education, growth, institutions, Inequality, Brazil, colonialism, trade shocks, extractive institutions

The Great Recession’s long-term damage

Laurence Ball 01 July 2014

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According to macroeconomics textbooks, a fall in aggregate demand causes a recession in which output drops below potential output – the normal level of production given the economy’s resources and technology. This effect is temporary, however. A recession is followed by a recovery period in which output returns to potential, and potential itself is not affected significantly by the recession.

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Topics:  Global crisis

Tags:  growth, unemployment, OECD, potential output, Great Recession, hysteresis

Has the Great Recession harmed the long-term growth prospects of the Eurozone economy?

Philippe Weil interviewed by Viv Davies,

Date Published

Fri, 06/20/2014

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See Also

CEPR Business Cycle Dating Committee (2014), "Eurozone mired in recession pause", VoxEU.org, 17 June.

CEPR Business Cycle Dating Committee (2014), "Euro Area Mired in Recession Pause", www.cepr.org, 11 June.

 

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Topics

Europe's nations and regions Global crisis
Tags
eurozone, growth, GDP, recession, business cycles, CEPR, trough, business cycle dating, expansion, peak

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Recoveries: The missing third phase of the business cycle When did the Eurozone recession end? The US recession ended in May Eurozone in recession since 3rd quarter 2011
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Eurozone mired in recession pause

CEPR Business Cycle Dating Committee 17 June 2014

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The CEPR Business Cycle Dating Committee met on 11 June 2014 to determine whether the Eurozone is out of the recession that started after 2011Q3. The duty of the Committee – comprised of Philippe Weil (Chair), Domenico Giannone, Refet Gürkaynak, Monika Merz, Richard Portes, Lucrezia Reichlin, Albrecht Ritschl, Barbara Rossi, and Karl Whelan – is to date peaks and troughs of the Eurozone business cycle, marking recessions and expansions – a role similar to that of the NBER Business Cycle Dating Committee in the US.

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Topics:  Europe's nations and regions Global crisis

Tags:  eurozone, growth, GDP, recession, business cycles, CEPR, trough, business cycle dating, expansion, peak

Lacklustre investment in the Eurozone: Is there a puzzle?

Marco Buti, Philipp Mohl 04 June 2014

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On the importance of investment for the Eurozone economy

According to the European Commission’s most recent forecast, real economic activity in the Eurozone is expected to recover at a moderate pace until 2015, and to remain significantly weaker than in the US (European Commission 2014a).

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Topics:  EU policies Macroeconomic policy

Tags:  eurozone, growth, European Commission, investment, uncertainty, structural reforms, Bankruptcy, Eurozone crisis, public investment, banking union, financial fragmentation

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