The Global Productivity Slump: Common and Country-Specific Factors

Barry Eichengreen, Donghyun Park, Kwanho Shin

Research output: Contribution to journalArticle

1 Citation (Scopus)

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 19962006 and 0.5 percent in 200712. 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.

Original languageEnglish
Pages (from-to)1-41
Number of pages41
JournalAsian Economic Papers
Volume16
Issue number3
DOIs
Publication statusPublished - 2017 Nov 1

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Political Science and International Relations

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