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Ascent after Decline : Regrowing Global Economies after the Great Recession

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  • Otaviano Canuto
  • Danny M. Leipziger
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    Abstract

    This volume combines the analyses of leading experts on the various elements affecting economic growth and the policies required to spur that growth. Ascent after Decline: Regrowing Global Economies after the Great Recession identifies the main challenges to the economic recovery, such as rising debt levels, reduced trade prospects, and global imbalances, as well as the obstacles to growth posed by fiscal conundrums and lagging infrastructure. It also examines the way forward, beginning with the role of the state and then covering labor markets, information technology, and innovation. The common thread throughout the book is the view that economic re-growth will depend in large measure on smart policy choices and that the role of government has never been more crucial than at any time since the great depression. As members of the World Bank community, these issues are of particular importance to us, since without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poorer developing countries is dampened. This is troubling because we have seen progress in many parts of the globe in the past decade, including in Africa, and these gains will be arrested as long as the global economy is in disarray. Donors will withdraw, investment will retrench, and prospects will dim. This immiserizing welfare outcome is to be avoided. The volume is intended to shed light on those areas of policy that reduce the prospects of a prolonged period of stress and decline by 'regrowing growth.'

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2233/664500PUB0EPI00ecline09780821389423.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 2233 and published in 2012.

    ISBN: 978-0-8213-8942-3
    Handle: RePEc:wbk:wbpubs:2233

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Finance and Financial Sector Development - Debt Markets Finance and Financial Sector Development - Banks & Banking Reform Finance and Financial Sector Development - Currencies and Exchange Rates Private Sector Development - Emerging Markets Environment - Environmental Economics & Policies;

    References

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    1. Robert Inklaar & Mary O'Mahony & Marcel Timmer, 2005. "ICT AND EUROPE's PRODUCTIVITY PERFORMANCE: INDUSTRY-LEVEL GROWTH ACCOUNT COMPARISONS WITH THE UNITED STATES," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 51(4), pages 505-536, December.
    2. Trajtenberg, M. & Bresnahan, T.F., 1992. "General Purpose Technologies: "Engines of Growth"," Papers 16-92, Tel Aviv.
    3. Bayoumi, Tamim & Laxton, Douglas & Pesenti, Paolo, 2004. "Benefits and spillovers of greater competition in Europe: a macroeconomic assessment," Working Paper Series 0341, European Central Bank.
    4. Paul Schreyer, 2000. "The Contribution of Information and Communication Technology to Output Growth: A Study of the G7 Countries," OECD Science, Technology and Industry Working Papers 2000/2, OECD Publishing.
    5. Paul Krugman, 2009. "The Increasing Returns Revolution in Trade and Geography," American Economic Review, American Economic Association, vol. 99(3), pages 561-71, June.
    6. Christopher Gust & Jaime Marquez, 2002. "International comparisons of productivity growth: the role of information technology and regulatory practices," International Finance Discussion Papers 727, Board of Governors of the Federal Reserve System (U.S.).
    7. Trinh Le & John Gibson & Les Oxley, 2005. "Measures of human capital: A review of the literature," Treasury Working Paper Series 05/10, New Zealand Treasury.
    8. Brynjolfsson, Erik & Hitt, Lorin M., 2004. "Computing Productivity: Firm-Level Evidence," Working papers 4210-01, Massachusetts Institute of Technology (MIT), Sloan School of Management.
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    Cited by:
    1. Barbara Fritz & Daniela Prates, 2013. "Beyond capital controls: the regulation of foreign currency derivatives markets in South Korea and Brazil after the global financial crisis," Competence Centre on Money, Trade, Finance and Development 1307, Hochschule fuer Technik und Wirtschaft, Berlin.
    2. Otaviano Canuto & Danny M. Leipziger, 2012. "Ascent After Decline : Challenges of Growth," World Bank Other Operational Studies 10055, The World Bank.

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