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The Sources of Economic Growth in OECD Countries

image of The Sources of Economic Growth in OECD Countries

Understand growth disparities between OECD countries over the past twenty years through identification and analysis of underlying factors.

Growth patterns through the 1990s and into this decade have turned received wisdom on its head. For most of the post-war period, OECD countries with relatively low GDP per capita grew faster than richer countries. Since the late 1990s, however, that pattern has broken down with the United States notably drawing further ahead of the field. This publication provides a comprehensive overview of growth drivers across the OECD and the extent to which disparities are attributable to factors like new technology and R&D, macroeconomic policy, education and training, labour market flexibility, product market competition, and barriers to business start-up and closure.

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Policy Settings, Institutions and Aggregate Economic Growth

A Cross-country Analysis

This chapter sheds some light on the possible policy determinants of the observed growth disparities across the OECD countries discussed in the previous chapter. In addition to the "primary" influences of capital accumulation and skills embodied in human capital, the econometric analysis confirms the importance for growth of R&D activity, the macroeconomic environment, trade openness and welldeveloped financial markets. The empirical results also confirm that many of the policy influences operate not only "directly" on growth but also via the mobilisation of resources for fixed investment.

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