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Institutions and Total Factor Productivity Convergence

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Author Info
McGuinness, Anne (Central Bank and Financial Services Authority of Ireland)
Abstract

The paper examines the effect that institutions have on Total Factor Productivity (TFP) growth. This is done by creating a TFP gap between the leader and each of the following countries. The global leaders used are the USA and an average of OECD members. The coefficient on the gap measures each country's ability to learn or absorb new technology from the more advanced leader. The results show that institutions do not seem to have as significant a role in TFP growth as other literature has suggested. The most influential variables are country-specific factors: this would indicate that a one size fits all model will not help developing nations to catchup. When institution variables were added to the model they manage to only explain 31 per cent of TFP difference. This implies that there is still a large portion of TFP growth that is random and not explicable using current economic models.

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Paper provided by Central Bank & Financial Services Authority of Ireland (CBFSAI) in its series Research Technical Papers with number 9/RT/07.

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Length: 34 pages
Date of creation: Dec 2007
Date of revision:
Handle: RePEc:cbi:wpaper:9/rt/07

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  1. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Easterly, William & Kremer, Michael & Pritchett, Lant & Summers, Lawrence H., 1993. "Good policy or good luck?: Country growth performance and temporary shocks," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 459-483, December. [Downloadable!] (restricted)
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  3. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December. [Downloadable!] (restricted)
    Other versions:
  4. Bernard, Andrew B & Jones, Charles I, 1996. "Technology and Convergence," Economic Journal, Royal Economic Society, vol. 106(437), pages 1037-44, July. [Downloadable!] (restricted)
  5. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  6. Kieran McQuinn & Karl Whelan, 2007. "Conditional convergence and the dynamics of the capital-output ratio," Journal of Economic Growth, Springer, vol. 12(2), pages 159-184, June. [Downloadable!] (restricted)
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