The Global Productivity Slump: Common and Country-Specific Factors
- Authors
- Eichengreen, Barry; Park, Donghyun; Shin, Kwanho
- Issue Date
- 2017
- Publisher
- MIT PRESS
- Citation
- ASIAN ECONOMIC PAPERS, v.16, no.3, pp.1 - 41
- Indexed
- SSCI
SCOPUS
- Journal Title
- ASIAN ECONOMIC PAPERS
- Volume
- 16
- Number
- 3
- Start Page
- 1
- End Page
- 41
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/81085
- DOI
- 10.1162/ASEP_a_00544
- ISSN
- 1535-3516
- Abstract
- Productivity growth is slowing around the world. In 2015, the growth of total factor productivity (TFP) hovered around zero for the fourth straight year, down from 1 percent in 1996-2006 and 0.5 percent in 2007-12. In this paper we identify previous episodes of sharp and sustained decelerations in TFP growth using data for a large sample of countries and years. TFP slumps are ubiquitous: We find as many as 77 such episodes, depending on definition, in low-, middle- and high-income countries. Low levels of educational attainment and unusually high investment rates are among the significant country-specific correlates of TFP slumps, and energy-price shocks are among the significant global factors.
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