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Is Growth an Information Technology Story in Europe Too?

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  • Francesco Daveri

Abstract

While the return to growth in the US is largely credited to the rapid spreading of information technology, a key policy concern everywhere, and notably in Europe, is whether and when the US economic boom will extend abroad, and what role new technologies are about to play. In this paper, I collect and supplement data on the extent and the contribution to growth of ‘new economy’ activities in Europe, and in a sample of OECD countries at large, in the 1990s. Available evidence indicates that capital accumulation in information technologies did make a contribution to growth in the EU too, though not equally everywhere. The contribution of new technologies was substantial in the UK and the Netherlands, and rapidly increasing over time in Finland, Ireland and Denmark. These were also the fast EU growing countries in the 1990s. New technologies contributed less in France, Germany, Belgium and Sweden, and marginally in Italy and Spain. Most of these countries were also ‘slow growers’. I conclude that the growth gaps between the EU and the US, as well as within the EU, can (also) be associated to the diverse pace of adoption of new technologies across countries.

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Paper provided by Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics in its series EPRU Working Paper Series with number 00-12.

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Handle: RePEc:kud:epruwp:00-12

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Cited by:
  1. Barry P. Bosworth & Jack E. Triplett, 2001. "What's New About the New Economy? IT, Economic Growth and Productivity," International Productivity Monitor, Centre for the Study of Living Standards, vol. 2, pages 19-30, Spring.
  2. Nicholas Oulton, 2001. "ICT and productivity growth in the United Kingdom," Bank of England working papers 140, Bank of England.
  3. Matteo Bugamelli & Patrizio Pagano, 2001. "Barriers to investment in ICT," Temi di discussione (Economic working papers) 420, Bank of Italy, Economic Research and International Relations Area.
  4. Jesús Rodríguez López & Diego Martínez López, 2006. "New technologies and economic growth: a regional approach. The case of Andalucia," Working Papers 06.27, Universidad Pablo de Olavide, Department of Economics.
  5. Hannes Leo, 2001. "ICT Investment and Growth of Output and Productivity," WIFO Working Papers 162, WIFO.
  6. Daniel Gros, 2005. "Perspectives for the Lisbon Strategy: How to increase the competitiveness of the European economy?," CASE Network Studies and Analyses 0308, CASE-Center for Social and Economic Research.
  7. Diego Martínez López & Jesús Rodríguez López, 2006. "The role of new technologies in the economic growth of Andalucia," Economic Working Papers at Centro de Estudios Andaluces E2006/19, Centro de Estudios Andaluces.
  8. Samoilenko, Sergey & Osei-Bryson, Kweku-Muata, 2008. "An exploration of the effects of the interaction between ICT and labor force on economic growth in transition economies," International Journal of Production Economics, Elsevier, vol. 115(2), pages 471-481, October.
  9. Slevin, Geraldine, 2002. "Is There a "New Economy" in Ireland?," Research Technical Papers 3/RT/02, Central Bank of Ireland.
  10. Sakellaris, Plutarchos & Vijselaar, Focco, 2004. "Capital quality improvement and the sources of growth in the euro area," Working Paper Series 0368, European Central Bank.
  11. Ark, Bart van, 2000. "Therenewal of th old economy: Europe in an internationally comparative perspective," CCSO Working Papers 200012, University of Groningen, CCSO Centre for Economic Research.
  12. C�cile Denis & Kieran Mc Morrow & Werner R�ger, 2002. "Production function approach to calculating potential growth and output gaps - estimates for the EU Member States and the US," European Economy - Economic Papers 176, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  13. Werner Roeger, 2001. "The contribution of information and communication technologies to growth in Europe and the US: A macroeconomic analysis," European Economy - Economic Papers 147, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  14. Meijers,Huub & Hollanders,Hugo, 2003. "Sources of Growth: Measuring the Knowledge Based Economy," Research Memorandum 032, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  15. A. Houben & J. Kakes, 2001. "Fostering the `New Economy': the role of financial intermediation," MEB Series (discontinued) 2001-7, Netherlands Central Bank, Monetary and Economic Policy Department.
  16. Andreas Kuhlmann, 2006. "German Productivity - A Reassessment via the New Ifo Productivity Database," Ifo Working Paper Series Ifo Working Papers No. 35, Ifo Institute for Economic Research at the University of Munich.
  17. Argandoña, Antonio, 2001. "Nueva economía y el crecimiento económico, La," IESE Research Papers D/437, IESE Business School.
  18. Il Houng Lee & Yougesh Khatri, 2003. "Information Technology and Productivity Growth in Asia," IMF Working Papers 03/15, International Monetary Fund.
  19. Slevin, Geraldine, 2005. "Y a-t-il une nouvelle économie en Irlande?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 81(1), pages 111-142, Mars-Juin.
  20. Kieran Mc Morrow & Werner Roeger, 2001. "Potential Output: Measurement Methods, "New" Economy Influences and Scenarios for 2001-2010 - A comparison of the EU-15 and the US," European Economy - Economic Papers 150, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  21. C�cile Denis & Daniel Grenouilleau & Kieran Mc Morrow & Werner R�ger, 2006. "Calculating potential growth rates and output gaps - A revised production function approach," European Economy - Economic Papers 247, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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