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Productivity, Welfare and Reallocation : Theory and Firm-Level Evidence

Basu, Susanto; Pascali, Luigi; Schiantarelli, Fabio; Serven, Luis
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
56.13%
A considerable literature has focused on the determinants of total factor productivity (TFP), prompted by the empirical finding that TFP accounts for the bulk of long-term growth. This paper offers a deeper reason for such focus: the welfare of a representative consumer is summarized by current and anticipated future Solow productivity residuals. The equivalence holds for any specification of technology and market structure, as long as the representative household maximizes utility while taking prices parametrically. This result justifies total factor productivity as the right summary measure of welfare, even in situations where it does not properly measure technology, and makes it possible to calculate the contributions of disaggregated units (industries or firms) to aggregate welfare using readily available data. Based on this finding, the authors compute firm and industry contributions to welfare for a set of European countries (Belgium, France, Great Britain, Italy, Spain) using industry-level and firm-level data. With additional assumptions about technology and market structure (specifically...

What Drives Firm Productivity Growth?

Anos-Casero, Paloma; Udomsaph, Charles
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
66.1%
This paper presents new evidence on the causal links between changes in the business environment and firm productivity growth. It contributes to the literature in three important aspects. First, it constructs a unique database merging information from two large firm-level databases. The samples of both databases are merged on four criteria-country, sub-national location, firm size, and year-producing a panel of 22,004 firms in eight economies of Eastern Europe and the former Soviet Union: Bulgaria, Croatia, Czech Republic, Estonia,, Poland, Romania, Serbia, and Ukraine. Second, the paper addresses shortcomings of earlier studies, namely reverse causation, multicollinearity, and unreliable productivity estimates. Firm productivity growth is estimated drawing on corporate financial data from manufacturing firms included in the AMADEUS database. Changes in the business environment are estimated from the World Bank Enterprise Surveys conducted in 2002 and 2005. Multicollinearity problems in the full model regression are mitigated by constructing a set of six aggregate indicators of the business environment (using principal component analysis). The paper finds that...

Innovation, Inclusion, and Integration : From Transition to Convergence in Eastern Europe and the Former Soviet Union

Mitra, Pradeep
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
EN_US
Relevância na Pesquisa
56.15%
Since the fall of the Berlin Wall the transition countries of Eastern Europe and the former Soviet Union have witnessed dramatic changes in outputs, the nature of jobs, standards of living, patterns of trade and the quality of education and health services. Yet, during much of this period, institutions that shape firm behavior and outcomes, most notably the business environment, have been converging toward those in developed market economies. The countries that acceded to the European Union in 2004 are the furthest advanced in this process. The countries of the Commonwealth of Independent States (CIS) are followers but are some distance behind. The six regional flagship studies produced by the Europe and Central Asia Region of the World Bank during the last five years, of which this volume is a synthesis and culmination, attest to this evolution from their particular perspectives. Those studies have covered productivity growth, the enhancement of job opportunities, trade and integration, migration and remittances, poverty and inequality and the challenges posed by aging populations. All the reports in this series offer specific policy recommendations that are intended to help the countries of Eastern Europe and the former Soviet Union promote economic growth and foster higher living standards in the rapidly changing world in which they are undertaking the transition to a market economy.

Labor Market Adjustment, Reform and Productivity in Colombia : What are the Factors that Matter? Volume 2 : Technical Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.11%
This report carries out a detailed evaluation of the 2002 labor reform in Colombia, and in doing so, it also assesses the performance of the Colombian urban labor market and identifies the main policy challenges faced in this area. The report has three broad goals: First, to provide additional evidence to inform the intense debate taking place in the country around labor market issues, especially the reform. Second, to shed light on the key factors preventing a swift recuperation of the labor market. Third, to offer sensible policy alternatives that complement the step taken with the labor reform and address those key factors. The analyses are carried out for the key labor market outcomes: employment, unemployment, formality and wages, as well as productivity. Through the analysis of these variables the report tries to enhance the understanding of issues such as informality, labor market rigidities, job creation, protection against shocks and private sector performance. By and large, these determine whether people can find gainful employment, be adequately protected against shocks and whether firms are profitable so that, on the one hand, investment and technology adoption take place and, on the other, employment and wages grow, which are the truly important concerns for policy makers. The report illustrates key problems faced by Colombia: slow growth reflecting poor productivity performance...

Pending Issues in Protection, Productivity Growth, and Poverty Reduction

Arias, Omar; Blom, Andreas; Bosch, Mariano; Cunningham, Wendy; Fiszbein, Ariel; Lopez Acevedo, Gladys; Maloney, William; Saavedra, Jaime; Sanchez-Paramo, Carolina; Santamaria, Mauricio; Siga, Lucas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
66.03%
This paper selectively synthesizes much of the research on Latin American and Caribbean labor markets in recent years. Several themes emerge that are particularly relevant to ongoing policy dialogues. First, labor legislation matters, but markets may be less segmented than previously thought. The impetus to voluntary informality, which appears to be a substantial fraction of the sector, implies that the design of social safety nets and labor legislation needs to take a more integrated view of the labor market, taking into account the cost-benefit analysis workers and firms make about whether to interact with formal institutions. Second, the impact of labor market institutions on productivity growth has probably been underemphasized. Draconian firing restrictions increase litigation and uncertainty surrounding worker separations, reduce turnover and job creation, and poorly protect workers. But theory and anecdotal evidence also suggest that they, and other related state or union induced rigidities, may have an even greater disincentive effect on technological adoption, which accounts for half of economic growth. Finally, institutions can affect poverty and equity, although the effects seem generally small and channels are not always clear. Overall...

Belarus Country Economic Memorandum : Eeconomic Transformation for Growth

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.14%
The last decade in Belarus was marked by an average economic growth rate of close to 8 percent annually and an impressive eight-fold reduction in poverty. Economic growth was initially driven by external factors, but after 2005 expansionary domestic demand became the prevalent contributor to growth. Growth was backed by large state support to the economy, sizeable public investments, and huge expansion of credit, particularly under government directed lending programs. Simultaneously, the external balance shifted from a surplus of 1.4 percent of growth development product (GDP) in 2005 to a deficit of 15.0 percent of GDP in 2010. Throughout the period 2001-10, the economic model relied on underpriced energy resources from Russia, with an annual average size of the imputed subsidy of over 13 percent of GDP. However, the existing growth model has reached its limits and cannot ensure growth sustainability without structural reforms. Going forward, the growth model will have to rely on significant productivity gains driven by structural reforms in an environment of macroeconomic stability. Macroeconomic adjustment which effectively combats the sources of external imbalances in Belarus is a critical and necessary...

Productivity Growth and Sustainability in Post-Green Revolution Agriculture : The Case of the Indian and Pakistan Punjabs

Murgai, Rinku; Ali, Mubarik; Byerlee, Derek
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.06%
This article attempts to determine the long-term productivity and sustainability of irrigated agriculture in the Indian and Pakistan Punjabs by measuring trends in total factor productivity for production systems in both states since the advent of the green revolution. These measurements over time and across systems have resulted in three major findings. First, there were wide spatial and temporal variations between the two Punjabs. Although output growth and crop yields were much higher in the Indian Punjab, productivity growth was higher by only a small margin. Moreover, the lowest growth in productivity took place during the initial green revolution period and in the wheat-rice system in both states. The time lag between adoption of green revolution technologies and realization of productivity gains is related to learning induced efficiency gains, better utilization of capital investments over time, and problems with the standard methods of productivity measurement that downwardly bias estimate, particularly during the green revolution period. Second...

Structural Change in Ethiopia : An Employment Perspective

Martins, Pedro
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.22%
This paper investigates whether the Ethiopian economy is undergoing a virtuous process of structural change. In particular, it assesses the relative contributions of within-sector and between-sector productivity to output per capita growth. Based on data disaggregated into eight sectors for the period 1996-2011, the analysis suggests that the structure of output has changed considerably -- predominantly from agriculture to services -- but changes in the composition of employment have lagged behind. Labor productivity growth has been strong across most sectors, albeit mainly driven by within-sector productivity improvements. Nonetheless, the pace of structural change is accelerating and its relative contribution to output growth is increasing.

Productivity Growth and Product Variety : Gains from Imitation and Education

Addison, Douglas M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
66.19%
Is there a correlation between productivity and product variety? Certainly it appears that the rich countries are more productive and have more product variety than the poor nations. In fact, the relationship is quite strong when measured in levels. Does this same correlation hold up when measured in growth rates? If so, can poor countries imitate the success of the rich? Addison provides theoretical and empirical reasons to believe the answer to both questions is yes. Recent economic theory suggests that rising variety in factor inputs can help avoid diminishing marginal returns. Product variety can also sustain learning-by-doing which would otherwise be exhausted in a fixed number of products. Finally, invention or imitation adds to the stock of non-rival knowledge. There have been only two previous empirical tests of the correlation between growth in product variety and productivity growth. Both were affirmative but neither examined a wide range of developing countries and neither looked deeper to test what might drive product variety. This research is based on a cross-country sample of 29 countries (13 rich and 16 poor). The data display a statistically significant and positive relationship between growth in product variety and productivity growth when condition on other variables such as research and development (R&D) employment...

Azerbaijan : Inclusive Growth in a Resource-Rich Economy

Onder, Harun
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
56.21%
Azerbaijan experienced a 'golden age' in the last decade, during which the average growth rate reached record high levels and poverty decreased significantly. On average, the economy grew by 15.3 percent per year in real terms during this period, mainly driven by the oil sector (21.5 percent growth per year), but with a significant contribution from the non-oil sector (11.1 percent per year). As a result, poverty declined dramatically from 49.6 percent in 2001 to 15.8 percent in 2008 the latest year for which household survey data was available when this report was prepared. This report takes an inclusive growth approach to investigating the ways in which the country's high growth was translated into significant poverty reduction. First chapter summarizes the sources of growth in Azerbaijan with an emphasis on structural transformation and discusses highlights of the inclusive growth methodology. Second chapter explores how growth helped to reduce poverty. Third chapter analyzes the sustainability and inclusiveness of the recent growth. Finally...

Bulgaria - Accelerating Bulgaria's Convergence : Volume 2. The Challenge of Rasing Productivity

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
56.18%
The report aims to assist the Bulgarian authorities in identifying options for policies and reforms that would help to boost productivity and employment and thereby economic growth and income convergence. To achieve this, the report looks at Bulgaria's product and labor markets, human resource development, and R&D and innovation system. The reform options are arranged along a time dimension, ranging from short to medium term. The implications of the proposed policy options for the government's budget are also briefly explored, including the utilization of EU grant funds. The report concentrates mostly on the supply-side aspects of Bulgaria's product and labor markets, its education (primary and general secondary, VET, tertiary) delivery, and its R&D and innovation system.

Local Economic Structure and Growth

Almeida, Rita
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
56.22%
The author tests how the local economic structure-measured by a region's sector specialization, competition, and diversity-affects the technological growth of manufacturing sectors. Most of the empirical literature on this topic assumes that in the long run more productive regions will attract more workers and use employment growth as a measure of local productivity growth. However, this approach is based on strong assumptions about national labor markets. The author shows that when these assumptions are relaxed, regional adjusted wage growth is a better measure of regional productivity growth than employment growth. She compares the two measures using data for Portugal between 1985 and 1994. With the regional adjusted wage growth, the author finds evidence of Marshall-Arrow-Romer (MAR) externalities in some sectors and no evidence of Jacobs or Porter externalities in most of the manufacturing sectors. These results are at odds with her findings for employment-based regressions, which show that concentration and region size have a negative and significant effect in most of the manufacturing sectors. These employment-based results are in line with most of the existing literature, which suggests that using employment growth to proxy for productivity growth leads to misleading results.

Markups, Returns to Scale, and Productivity: A Case Study of Singapore's Manufacturing Sector

Kee, Hiau Looi
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
76.27%
The results of this paper challenge the conventional wisdom in the literature that productivity plays no role in the economic development of Singapore. Properly accounting for market power and returns to scale technology, the estimated average productivity growth is twice as large as the conventional total factor productivity (TFP) measures. Using a standard growth accounting (production function) technique, Young (1992, 1995) found no sign of TFP growth in the aggregate economy and the manufacturing sector of Singapore. Based on Young's results, Krugman (1994) claimed that there was no East Asia miracle as all the economic growth in Singapore could be attributed to its capital accumulation in the past three decades. Citing evidence on nondiminishing market rates of return to capital investment in Singapore during the period of fast growth as an indication of high productivity growth, Hsieh (1999) challenged Young's findings using the dual approach. But all of these papers maintained the assumptions of perfect competition and constant returns to scale and used only aggregate macro-level data. Kee uses industry level data and focuses on Singapore's manufacturing sector. She develops an empirical methodology to estimate industry productivity growth in the presence of market power and nonconstant returns to scale. The estimation of industry markups and returns to scale in this paper combines both the production function (primal) and the cost function (dual) approaches while controlling for input endogeneity and selection bias. The results of a fixed effect panel regression show that all industries in the manufacturing sector violate at least one of the two assumptions. Relaxing the assumptions leads to an estimated productivity growth that is on average twice as large as the conventional TFP calculation. Kee concludes that productivity growth plays a nontrivial role in the manufacturing sector.

Productivity Growth and Resource Degradation in Pakistan's Punjab : A Decomposition Analysis

Ali, Mubarik; Byerlee, Derek
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.07%
The introduction of green revolution technologies in wheat, and rice production in Asia, in the mid 1960s reversed the food crisis, and stimulated rapid agricultural, and economic growth. But the sustainability of this intensification strategy is being questioned, in light of the heavy use of external inputs, and growing evidence of a slowdown in productivity growth, and degradation of the resource base. The authors address the critical issue of long-term productivity, and the sustainability of Pakistan's irrigated agriculture. To estimate changes in total factor productivity in four production systems of Punjab province, they assemble district-level data on 33 crops, 8 livestock products, and 17 input categories. They find that average annual growth in total factor productivity was moderately high (1.26 percent) for both crops, and livestock for the period 1966-94, but observe wide variation in productivity growth by cropping system. A second, disaggregated data set on soil, and water quality reveals significant resource degradation. The authors use the two data sets to decompose the effects of technical change...

Learning versus Stealing How Important are Market-Share : Reallocations to India’s Productivity Growth?

Harrison, Ann E.; Martin, Leslie A.; Nataraj, Shanthi
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
66.11%
Recent trade theory emphasizes the role of market-share reallocations across firms ("stealing") in driving productivity growth, while the older literature focused on average productivity improvements ("learning"). The authors use comprehensive, firm-level data from India's organized manufacturing sector to show that market-share reallocations did play an important role in aggregate productivity gains immediately following the start of India's trade reforms in 1991. However, aggregate productivity gains during the overall period from 1985 to 2004 were driven largely by improvements in average productivity, which can be attributed to India's trade liberalization and FDI reforms.

Productivity Growth in Europe

Dall'Olio, Andrea; Iootty, Mariana; Kanehira, Naoto; Saliola, Federica
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.05%
This paper tests whether structural or firm-specific characteristics contributed more to (labor) productivity growth in the European Union between 2003 and 2008. It combines the Amadeus firm-level data on productivity and firm characteristics with country-level data describing regulatory environments from the World Bank's Doing Business surveys, foreign direct investment data from Eurostat, infrastructure quality assessments from the Global Competitiveness Report, and credit availability from the World Development Indicators. It finds that among the 12 newest members of the European Union, country characteristics are most important for firm productivity growth, particularly the stock of inward foreign direct investment and the availability of credit. By contrast, among the more developed 15 elder European Union member countries, firm-level characteristics, such as industry, size, and international affiliation, are most important for growth. The quality of the regulatory environment, measured by Doing Business indicators...

Tunisia - Development Policy Review : Towards Innovation-driven Growth; Tunisienne - Revue des politiquesde developpement : vers une croissance tireepar l'innovation

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Development Policy Review (DPR)
ENGLISH
Relevância na Pesquisa
56.11%
Tunisia must move from a low value-added and low cost economy to a higher value-added, knowledge intensive economy in order to significantly reduce unemployment, its overriding challenge. This Development Policy Review (DPR) provides a discussion of the key issues and challenges that are involved in achieving this goal. Towards this end, it discusses trade integration, innovation policies and enabling environment reforms (macro stability, economic regulation and governance, financial sector and labor market reforms and capital account opening) that could facilitate the structural transformation of the economy. The DPR is organized as follows: chapter one reviews growth and employment outcomes and challenges; chapter two discusses the rationale for increasing the pace of structural transformation of the economy in order to boost growth and reduce unemployment; chapter three examines the strengths and weaknesses of Tunisia's innovation system and strategies and proposes reform options in light of the international experience; chapter four discusses key aspects of Tunisia's global integration that could further contribute to innovation and productivity growth; chapters five discusses the key improvement in the enabling environment needed to support innovation and productivity growth (economic regulation...

Unleashing Prosperity : Productivity Growth in Eastern Europe and the Former Soviet Union

Alam, Asad; Anós Casero, Paloma; Khan, Faruk; Udomsaph, Charles
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
76.17%
The analysis presented in this report assembles, for the first time, evidence from a variety of sources in the countries of Eastern Europe and the former Soviet Union to show that policy and institutional reforms are important in achieving higher productivity growth. However, significant challenges remain in sustaining that growth. Many countries that started the reform process early, such as the new member states of the European Union, have come to resemble advanced market economies and face challenges in competing successfully in the global economy that are similar to the challenges faced by other European countries. For these new European Union members, the report argues, policies that facilitate innovation and firm expansion will be a key. But for other countries that started the reform process later, such as the countries of Southeastern Europe and the former Soviet Union, there is still a need to address the legacy of transition. For these countries, policies that accelerate restructuring and ease the entry and exit of firms will continue to be essential. This report - part of a series of regional studies of the World Bank's Europe and Central Asia region that has already covered poverty and inequality...

Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth

Hiau Looi Kee
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.14%
The author provides sectoral evidence that sheds new light on the current debate regarding the sources of growth of the East Asian miracle. The author tests both the productivity-driven and endowment-driven hypotheses using Hong Kong's sectoral data. The results show that most of the growth in the services sector is driven by the rapidly accumulating capital endowments, and not by productivity growth. In addition, productivity growth in the manufacturing sector is also unimpressive. The manufacturing sector is more labor intensive and its growth is hindered by the reallocation of resources into the services sector as a result of the growth of capital endowments and imports. Overall, sectoral evidence supports the endowment-driven hypothesis for Hong Kong's aggregate growth.

Learning versus Stealing : How Important Are Market-Share Reallocations to India's Productivity Growth?

Harrison, Ann E.; Martin, Leslie A.; Nataraj, Shanthi
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Journal Article; Publications & Research :: Journal Article
EN_US
Relevância na Pesquisa
66.09%
Recent trade theory emphasizes the role of market-share reallocations across firms (“stealing”) in driving productivity growth, whereas previous literature focused on average productivity improvements (“learning”). We use comprehensive, firm-level data from India’s organized manufacturing sector to show that market-share reallocations were briefly relevant to explain aggregate productivity gains following the beginning of India’s trade reforms in 1991. However, aggregate productivity gains during the period from 1985 to 2004 were largely driven by improvements in average productivity. We show that India’s trade, FDI, and licensing reforms are not associated with productivity gains stemming from market share reallocations. Instead, we find that most of the productivity improvements in Indian manufacturing occurred through “learning” and that this learning was linked to the reforms. In the Indian case, the evidence rejects the notion that market share reallocations are the mechanism through which trade reform increases aggregate productivity. Although a plausible response would be that India’s labor laws do not easily permit market share reallocations, we show that restrictions on labor mobility cannot explain our results.