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The New Economy in Europe, 1992--2001

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Author Info
Francesco Daveri

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Abstract

Despite the fast catching up in the diffusion of information and communication technologies (ICT) experienced by most EU countries in the last few years, information technologies have so far delivered few productivity gains in Europe. In the second half of the past decade, the growth contributions from ICT capital rose in six EU countries only (the UK, Denmark, Finland, Sweden, Ireland, and Greece). Unlike in the USA, this has not generally been associated with higher labour or total factor productivity (TFP) growth rates, the only exceptions being Ireland and Greece. Particularly worrying, the large countries in Continental Europe (Germany, France, Italy, and Spain) showed stagnating or mildly declining growth contributions from ICT capital, together with definite declines in TFP growth compared to the first half of the 1990s. It looks as though the celebrated 'Solow paradox' on the lack of correlation between ICT investment and productivity growth has fled the USA and come to Europe. Copyright 2002, Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 18 (2002)
Issue (Month): 3 ()
Pages: 345-362
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Handle: RePEc:oup:oxford:v:18:y:2002:i:3:p:345-362

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jeremy Greenwood & Boyan Jovanovic, 1999. "The Information-Technology Revolution and the Stock Market," American Economic Review, American Economic Association, vol. 89(2), pages 116-122, May. [Downloadable!] (restricted)
  2. Stephen D. Oliner & Daniel E. Sichel, 2002. "Information technology and productivity: where are we now and where are we going?," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 15-44. [Downloadable!]
    Other versions:
  3. Gruber, Harald & Verboven, Frank, 2001. "The diffusion of mobile telecommunications services in the European Union," European Economic Review, Elsevier, vol. 45(3), pages 577-588, March. [Downloadable!] (restricted)
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  4. William D. Nordhaus, 2001. "Productivity Growth and the New Economy," NBER Working Papers 8096, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Roeger, W., 2001. "The Contribution of Information and Communication Technologies to Growth in Europe and the US: A Macroeconomic Analysis," European Economy - Economic Papers 147, Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN).
  6. Bart van Ark, 2001. "The Renewal of the Old Economy: An International Comparative Perspective," OECD Science, Technology and Industry Working Papers 2001/5, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
  7. Erik Brynjolfsson & Lorin M. Hitt, 2000. "Beyond Computation: Information Technology, Organizational Transformation and Business Performance," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 23-48, Fall. [Downloadable!] (restricted)
  8. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Carolina Castaldi & Giovanni Dosi, 2008. "Technical Change and Economic Growth: Some Lessons from Secular Patterns and Some Conjectures on the Current Impact of ICT Technology," LEM Papers Series 2008/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  2. Martin Woerter & Stephen Roper, 2008. "Openness and Innovation - Home and Export Demand Effects on Manufacturing Innovation: Panel Data Evidence for Ireland and Switzerland," Working papers 08-210, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  3. Sanghamitra Bandyopadhyay, 2006. "Knowledge-Driven Economic Development," Economics Series Working Papers 267, University of Oxford, Department of Economics. [Downloadable!]
  4. Marcin Piatkowski, 2004. "Does ICT Investment Matter for Growth and Labor Productivity in Transition Economies?," Development and Comp Systems 0402008, EconWPA. [Downloadable!]
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