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The Aftermath of the "New Economy" Bust : a Case Study of Five OECD Countries

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    Abstract

    Few things have been said about the nature of the aftermath of the "new economy" bust. This paper aims to add to the debate. Our study focuses on five OECD countries: the United States, Ireland and Finland for their obvious status of leader ICT countries; the Netherlands for their similarities with the above mentioned countries and France as a national reference. For a better understanding of how each country has been performing since the Internet bubble burst, we first describe the importance of the ICT sector in these countries through a set of variables: the contribution of the ICT sector to GDP growth and productivity growth; the surge in information processing equipment and software investment; the contribution of the ICT sector to jobs growth and the ICT share in foreign trade and direct investment. We then describe the timing of the downturn in terms of synchronization between the countries and in terms of adjustment of macroeconomic variables. The ICT sector has been strongly hit by the correction of the excesses of the sunnier days during the second half of the nineties, and is still restructuring. But its growth potential is also still high.

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    Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2002-08.

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    Date of creation: 2002
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    Handle: RePEc:fce:doctra:0208

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    Keywords: New Economy; ICT; Productivity;

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    1. Dirk Pilat & Frank C. Lee, 2001. "Productivity Growth in ICT-producing and ICT-using Industries: A Source of Growth Differentials in the OECD?," OECD Science, Technology and Industry Working Papers 2001/4, OECD Publishing.
    2. Alessandra Colecchia & Paul Schreyer, 2001. "ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case? A Comparative Study of Nine OECD Countries," OECD Science, Technology and Industry Working Papers 2001/7, OECD Publishing.
    3. Stephen D. Oliner & Daniel E. Sichel, 2002. "Information technology and productivity: where are we now and where are we going?," Finance and Economics Discussion Series 2002-29, Board of Governors of the Federal Reserve System (U.S.).
    4. Hélène Baudchon & Olivier Brossard, 2003. "Definitions and Measures of ICT Impact on Growth: What is Really at Stake?," Documents de Travail de l'OFCE 2003-01, Observatoire Francais des Conjonctures Economiques (OFCE).
    5. Koski, H. & Rouvinen, P. & Yla-Anttila, P., 2002. "ICT clusters in Europe The great central banana and the small Nordic potato," Information Economics and Policy, Elsevier, vol. 14(2), pages 145-165, June.
    6. Jalava, Jukka & Pohjola, Matti, 2001. "Economic Growth in the New Economy. Evidence from Advanced Economies," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    7. Bart van Ark, 2001. "The Renewal of the Old Economy: An International Comparative Perspective," OECD Science, Technology and Industry Working Papers 2001/5, OECD Publishing.
    8. Evan F. Koenig & Thomas F. Siems & Mark A. Wynne, 2002. "New economy, new recession," Southwest Economy, Federal Reserve Bank of Dallas, issue Mar, pages 11-16.
    9. Ho, Mun & Jorgenson, Dale & Stiroh, Kevin, 2002. "Projecting Productivity Growth: Lessons from the U.S. Growth Resurgence," Discussion Papers dp-02-42, Resources For the Future.
    10. Bill Martin, . "The New Old Economy," Economics Policy Note Archive 01-7, Levy Economics Institute.
    11. Jorgenson, Dale W. & Ho, Mun S. & Stiroh, Kevin J., 2003. "Lessons from the US growth resurgence," Journal of Policy Modeling, Elsevier, vol. 25(5), pages 453-470, July.
    12. Dale W. Jorgenson, 2001. "Information Technology and the U.S. Economy," American Economic Review, American Economic Association, vol. 91(1), pages 1-32, March.
    13. Dale W. Jorgenson, 2001. "Information Technology and the U. S. Economy," Harvard Institute of Economic Research Working Papers 1911, Harvard - Institute of Economic Research.
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