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Rapid Growth in Transition Economies

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  • Garbis Iradian
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    Abstract

    This paper uses the growth-accounting approach to determine the sources of growth in transition economies. The central conclusion is that the estimated total factor productivity (TFP) growth for the former Soviet Union republics were significantly higher than other fast growing economies. A key question for prospective growth is whether the TFP gains achieved thus far have already eliminated most of the inefficiencies of central planning-and will therefore soon fade away. Underutilized labor combined with the recent trend of faster capital accumulation may play a more important role in the medium-term growth.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/164.

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    Length: 34
    Date of creation: 01 Jul 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/164

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    Related research

    Keywords: Economic growth; Transition economies; Productivity; Former Soviet Union; growth rates; real gdp; growth accounting; growth rate; total factor productivity; gdp growth; output growth; transition countries; private consumption; fixed capital formation; per capita income; factor accumulation; factor markets; capital formation; endogenous growth theory; commodity prices; gross fixed capital formation; domestic demand; elasticity of substitution; endogenous growth; gross domestic product; gdp growth rate; constant elasticity of substitution; trade shocks; gdps; per capita income growth; world market; unemployment rate; fixed investment; exporting countries; integrated markets; growth rate of output; oil prices; trade liberalization; metal products; net exports; export prices; economic cooperation; factor shares;

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    References

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    1. Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers.
    2. Benhabib, Jess & Spiegel, Mark M., 1994. "The role of human capital in economic development evidence from aggregate cross-country data," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 143-173, October.
    3. Shekhar Aiyar & Carl-Johan Dalgaard, 2004. "Total Factor Productivity Revisited: A Dual Approach to Development Accounting," EPRU Working Paper Series 04-07, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    4. International Monetary Fund, 2000. "The Great Contractions in Russia, the Baltics and the Other Countries of the Former Soviet Union," IMF Working Papers 00/32, International Monetary Fund.
    5. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
    6. Nienke Oomes & Oksana Dynnikova, 2006. "The Utilization-Adjusted Output Gap," IMF Working Papers 06/68, International Monetary Fund.
    7. Fare, Rolf & Shawna Grosskopf & Mary Norris & Zhongyang Zhang, 1994. "Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries," American Economic Review, American Economic Association, vol. 84(1), pages 66-83, March.
    8. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
    9. Shigeru Iwata & Mohsin S. Khan & Hiroshi Murao, 2003. "Sources of Economic Growth in East Asia: A Nonparametric Assessment," IMF Staff Papers, Palgrave Macmillan, vol. 50(2), pages 1.
    10. Abdelhak Senhadji, 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 6.
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    Cited by:
    1. Marta C. N. Simões, 2011. "Education Composition and Growth: A Pooled Mean Group Analysis of OECD Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 455-471, December.
    2. Gianluca Salsecci & Antonio Pesce, 2008. "Long-term Growth Perspectives and Economic Convergence of CEE and SEE Countries," Transition Studies Review, Springer, vol. 15(2), pages 225-239, September.
    3. Pääkkönen, Jenni, 2010. "Economic freedom as driver of growth in transition," Economic Systems, Elsevier, vol. 34(4), pages 469-479, December.
    4. Fink, Gerhard & Haiss, Peter & Vuksic, Goran, 2009. "Contribution of financial market segments at different stages of development: Transition, cohesion and mature economies compared," Journal of Financial Stability, Elsevier, vol. 5(4), pages 431-455, December.
    5. Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
    6. C. Veeramani, 2008. "Impact of imported intermediate and capital goods on economic growth: A Cross country analysis," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2008-029, Indira Gandhi Institute of Development Research, Mumbai, India.
    7. Garbis Iradian, 2007. "Rapid Growth in Transition Economies," IMF Working Papers 07/170, International Monetary Fund.
    8. C Veermani, 2009. "Impact of Imported Intermediate and Capital Goods on Economic Growth: A Cross Country Analysis," Working Papers id:1968, eSocialSciences.
    9. Alexander Salhi & Andreas Kern & Martin Rößler, 2010. "Growth Patterns in the CIS-8: A Political Economy Approach," Transition Studies Review, Springer, vol. 17(4), pages 686-708, December.

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