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What are the Drivers of TFP Growth? An Empirical Assessment

In: International Macroeconomics in the Wake of the Global Financial Crisis

Author

Listed:
  • Iván Kataryniuk

    (Banco de España)

  • Jaime Martínez-Martín

    (Banco de España)

Abstract

This chapter builds upon the related research that grapples with determinants of TFP, as the driving force of potential growth. In particular, we empirically estimate, in a homogenous and systematic manner, cross-country contributions of cyclical and structural determinants of aggregate TFP growth. Under a growth accounting framework, we compute TFP growth estimates for 41 economies over the 1992–2014 period. After selecting its main drivers by means of a Bayesian Model Averaging (BMA) approach, we exploit panel estimates to conclude that a substantial share of the growth underperformance in recent years was related to cyclical factors, mainly the output gap, but also: (i) over-indebtedness for advanced economies; and (ii) the decline in commodity prices for commodity exporters. In addition, the growth of IT capital and the convergence towards the technological frontier appear to be significant structural drivers of TFP productivity growth in emerging market economies.

Suggested Citation

  • Iván Kataryniuk & Jaime Martínez-Martín, 2018. "What are the Drivers of TFP Growth? An Empirical Assessment," Financial and Monetary Policy Studies, in: Laurent Ferrara & Ignacio Hernando & Daniela Marconi (ed.), International Macroeconomics in the Wake of the Global Financial Crisis, pages 59-72, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-79075-6_4
    DOI: 10.1007/978-3-319-79075-6_4
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    Cited by:

    1. Khan, Muhammad Salar, 2022. "Absorptive capacities and economic growth in low- and middle-income economies," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 156-188.

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