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Growing Apart? A+L3954 Tale of Two Republics

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  • Thorvaldur Gylfason
  • Eduard Hochreiter

Abstract

We compare and contrast the economic growth performance of Estonia and Georgia since the collapse of the Soviet Union in 1991 in an attempt to understand better the extent to which the growth differential between the two countries can be traced to increased efficiency in the use of capital and other resources (intensive growth) as opposed to brute accumulation of capital (extensive growth). On the basis of a simple growth accounting exercise, we infer that advances in education at all levels, good governance, and institutional reforms have played a more significant role in raising economic output and efficiency in Estonia than in Georgia which remains marred by various problems related to weak governance in the public and private spheres.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/235.

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Length: 28
Date of creation: 01 Oct 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/235

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Related research

Keywords: Economic growth; Governance; Transition economies; Economic reforms; Labor markets; labor force; labor market; labor force participation; gross domestic product; growth accounting; national income; labor market institutions; capital formation; gdp per capita; total factor productivity; labor organization; growth rates; labor productivity; growth rate; per capita income; average unemployment; growth analysis; job training; labor market variables; labor market ? rigidity; rapid economic growth; on-the-job training; per capita incomes; average unemployment rates; rigid labor markets;

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Cited by:
  1. Kowalski, Tadeusz, 2009. "Comparative analysis of economic transformation in Poland and selected central European countries," MPRA Paper 16610, University Library of Munich, Germany, revised 2011.

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