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J-Curve of Productivity and Growth

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Author Info

  • Arvind Virmani
  • Danish A Hashim

Abstract

Most estimates of Indian manufacturing productivity find a slowdown in the 1990s. This has puzzled analysts, given that 1990s reforms were deeper and wider than the 1980s reforms that raised the growth rate of the Indian economy by 2 per cent points. This paper tests the hypothesis of the J curve of Productivity and Growth following major liberalization and finds it to be broadly supported by the data: Technological obsolescence, gradual adoption of new technology and learning by doing result in negative effects on measured productivity.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/163.

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Length: 34
Date of creation: 01 Jul 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/163

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Related research

Keywords: Economic reforms; Economic growth; Industrial production; productivity growth; output growth; import liberalization; total factor productivity; metal products; competitive pressure; transport equipment; new products; capital intensive technology; average tariffs; quantitative restrictions; dynamic gains; factor shares; protected goods; domestic production; import duties; dynamic effects; skilled labor; trade regimes; access to technology; investment restrictions; scale of production; policy regimes; tariff reduction; bankruptcy law; new materials; foreign trade; tariff reductions; industrial productivity; dynamic efficiency; oil crises; elasticity of substitution; fixed investment; capital intensive production; competitiveness of firms; global competitiveness; service sector; export marketing; intermediate inputs; fixed capital formation; import controls; competitive advantage; tradable goods; domestic producers; open economy; unskilled labor; accelerating growth; tariff reform; costs of production; import protection; comparative disadvantage; trade liberalization; domestic industry;

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References

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  1. Elhanan Helpman & Antonio Rangel, 1998. "Adjusting to a New Technology: Experience and Training," Harvard Institute of Economic Research Working Papers 1833, Harvard - Institute of Economic Research.
  2. Arvind Virmani, 2006. "India's Economic Growth History: Fluctuations, Trends, Break Points and Phases," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 41(1), pages 81-103, July.
  3. Arvind Virmani & Danish A. Hashim, 2010. "Factor Employment, Sources and Sustainability of Output Growth: Analysis of Indian Manufacturing," Working Papers id:2415, eSocialSciences.
  4. Andreas Hornstein & Per Krusell, 1996. "Can Technology Improvements Cause Productivity Slowdowns?," NBER Chapters, in: NBER Macroeconomics Annual 1996, Volume 11, pages 209-276 National Bureau of Economic Research, Inc.
  5. Arvind Virmani, 2011. "The Dynamics of Competition: Phasing of Domestic and External Liberalisation in India," Working Papers id:3556, eSocialSciences.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. India’s economy: Shooting star or sprinter?
    by Editor in India at LSE on 2012-06-27 08:15:50
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Cited by:
  1. Ghani, Ejaz & Kerr, William R. & O’Connell, Stephen D, 2011. "Who Creates Jobs?," World Bank - Economic Premise, The World Bank, issue 70, pages 1-7, November.
  2. Ghosh, Saibal, 2013. "Do economic reforms matter for manufacturing productivity? Evidence from the Indian experience," Economic Modelling, Elsevier, vol. 31(C), pages 723-733.
  3. Arvind Virmani, 2012. "Accelerating And Sustaining Growth," IMF Working Papers 12/185, International Monetary Fund.
  4. Ghani, Ejaz & Kerr, William R. & O'Connell, Stephen D., 2013. "The exceptional persistence of India's unorganized sector," Policy Research Working Paper Series 6454, The World Bank.

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