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What Explains Developing Country Growth?

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Author Info
Magnus Blomstrom
Robert E. Lipsey
Mario Zejan

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Abstract

Among developing countries, there was no gross relationship between real income per capita in 1960 and subsequent growth in per capita income. However, once other significant influences, such as education, changes in labor force participation rates, inflows of foreign investment, price structures, and fixed investment ratios are taken into account, the lower the 1960 income level, the faster the income growth. This "conditional" convergence was particularly strong among the poorest half of the developing countries, contradicting the idea of a "convergence club" confined to relatively well-off countries. Inflows of direct investment were an important influence on growth rates for higher income developing countries, but not for lower income ones. For the latter group, secondary education, changes in labor force participation rates, and initial distance behind the United States were all major factors.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4132.

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Date of creation: Dec 1994
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Handle: RePEc:nbr:nberwo:4132

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F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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  1. Eichengreen, Barry & Uzan, Marc, 1992. "The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Former USSR," CEPR Discussion Papers 638, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Kravis, Irving B, 1970. "Trade as a Handmaiden of Growth: Similarities between the Nineteenth and Twentieth Centuries," Economic Journal, Royal Economic Society, vol. 80(323), pages 850-72, December. [Downloadable!] (restricted)
  3. Baumol, William J, 1986. "Productivity Growth, Convergence, and Welfare: What the Long-run Data Show," American Economic Review, American Economic Association, vol. 76(5), pages 1072-85, December. [Downloadable!] (restricted)
  4. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  6. John F. Helliwell & Alan Chung, 1992. "Convergence and Growth Linkages Between North and South," NBER Working Papers 3948, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Sen, Amartya, 1983. "Development: Which Way Now?," Economic Journal, Royal Economic Society, vol. 93(372), pages 742-62, December.
  8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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